Insight Partners acquires IoT security company Armis at $1.1 billion valuation

Recently, venture capital and private equity firm Insight Partners announced the acquisition of IoT security company Armis for a $ 1.1 billion cash transaction.

Armis provides enterprise-grade agentless platform services designed to help businesses address security issues related to unmanaged and unprotected IoT devices. The solution is powered by a cloud-based database that monitors millions of devices worldwide and provides visibility into enterprise devices, identifying risks and threats.

Back in April 2019, Armis claimed to have grown its annual revenue by 700%. The company said that 25% of the Fortune 50 companies use its technology, and customers include Samsung Research America, Allergan, Sysco Foods, Mondelēz, and Oracle. Since its inception, Armis has raised approximately $ 112 million in funding, including $ 65 million in Series C funding in April 2019.

Armis will continue to operate independently after being acquired by Insight Partner and will be managed by co-founder, CEO Yevgeny Dibrov and CTO Nadir Izrael.

Since entering the industry’s perspective in June 2017, Armis has discovered potentially serious Bluetooth and DNS vulnerabilities, and in 2019 discovered critical vulnerabilities in Wind River VxWorks Real-Time Operating System (RTOS).

According to relevant sources, the transaction is expected to be completed in February this year.

Via: lightreading