Enterprise Internet of Things security company Armis has agreed to be acquired by US private equity firm Insight Partners for a valuation of $1.1 billion. CapitalG, the investment division of Google parent company Alphabet, also join for $100 million. The deal is expected to close in February.
Armis was co-founded in 2015 by CEO Yevgeny Dibrov and CTO Nadir Izrael. Since then, the company has raised $112 million over four funding rounds and grown to include more than 250 employees. Its agentless platform aims to discover all the devices on a corporate network and identify their type, manufacturer, model, operating system, reputation, username, software, and risk factors, among other data. By tracking behavior and connections, it aims to determine whether a device is acting maliciously.
Gartner anticipates the number of connected devices will reach 25 billion by 2021, creating a challenge for organizations that need to handle them. Unmanaged devices with poor security represent a rapidly growing attack landscape. Armis' customer base includes organizations across vertical industries, including healthcare, high tech, industrial, retail, and transportation.
Following the deal, Armis will continue to operate independently and be fully management by Dibrov and Izrael, along with its executive team. Under Insight, Armis will work to continue along its growth with the support of Insight's business strategy and ScaleUp division, Onsite.
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