Insight Partners has closed its previously announced buyout of Armis at a $1.1 billion valuation. CapitalG also participated in this transaction. Armis is an enterprise IoT security company.
PALO ALTO, Calif., Feb. 11, 2020 /PRNewswire/ — Armis, the leading enterprise IoT security company, announced today that Insight has completed its venture acquisition of the company, which was announced on January 6, 2020, at a valuation of $1.1 billion, with participation from CapitalG for $100 million and rollover from certain existing stockholders.
Armis will continue to operate independently and will be fully managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and its executive team, while leveraging the support of Insight’s industry-leading business strategy and ScaleUp division, Onsite. As part of the acquisition, Insight Co-Founder and Managing Director Jeff Horing, Insight Managing Director Teddie Wardi, Insight Principal Thomas Krane and Cyberstarts Founder Gili Raanan, will be serving on the Armis Board of Directors.
“Today marks an exciting new chapter for Armis, and we are thankful for the support we received from our investors at Sequoia, Tenaya, Bain, and Red Dot,” said Yevgeny Dibrov, co-founder and CEO at Armis. “The exponential growth of Armis to date illustrates just how critical securing unmanaged devices is for businesses. With the backing of Insight, we will continue to expand our world-class technology to help identify devices, track their behavior and respond to the threats that target them.”
“For the last two decades the world has been inundated with data, proliferating from the explosion of connected devices, and while it is powering digital transformation it is also exposing businesses to unprecedented cyber risk, making Armis a non-negotiable for the modern enterprise,” said Insight Partners Managing Director Teddie Wardi. “Armis is the clear market leader in enterprise IoT security, and we are proud to have been selected as their ScaleUp partner as they enter this exciting stage of growth.”
Founded in late 2015, Armis lets organizations safely embrace unmanaged and IoT devices throughout their business without the fear of compromise. Armis grew significantly in 2018 and continued its tremendous growth in its current fiscal year across all verticals, from Fortune 100 (including 25% of the Fortune 50) to Global 2000 to mid-size organizations, across all verticals, including high tech, healthcare, industrial, retail, smart cities/building, transportation, and more. Armis is used by global organizations such as Allergan, Mondelēz, Oracle and Sysco Foods, among others.
Armis is the leading agentless, enterprise-class security platform to address the new threat landscape of unmanaged and IoT devices. Fortune 1000 companies trust our unique out-of-band sensing technology to discover and analyze all managed, unmanaged, and IoT devices—from traditional devices like laptops and smartphones to new unmanaged smart devices like smart TVs, webcams, printers, HVAC systems, industrial control systems, medical devices and more. Armis discovers devices on and off the network, continuously analyzes endpoint behavior to identify risks and attacks, and protects critical information and systems by identifying suspicious or malicious devices and quarantining them. It is headquartered in Palo Alto, California. Follow us on Twitter, LinkedIn and Facebook.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
CapitalG, formerly Google Capital, is the late-stage growth venture capital fund financed by Alphabet Inc., and based in San Francisco, CA. Founded in 2013, it focuses on growth stage technology companies, helping them scale with support from Google’s vast expertise and resources. For further information about CapitalG, please visit www.capitalg.com.