In the biggest-ever acquisition of an Israeli cybersecurity company and the third biggest Israeli tech exit to date, Insight Partners of the U.S. has acquired Israel’s Armis in a $1.1 billion cash deal.
Under the deal, Armis will continue to operate independently and will be fully managed by its two cofounders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and executive team, the companies said. The deal is expected to be finalized in February.
Armis specializes in security for IoT (Internet of Things) devices, enabling security on devices that control everything from streetlights to washing machines. According to the Gartner company, there will be 25 billion connected devices by 2021.
Armis says that up to 90% of those devices are vulnerable, because they are largely unmanaged and unsecured. The company’s technology enables deployment of security on those devices, preventing hackers from taking control of them.
“One of the biggest challenges keeping CIOs and CISOs up at night is how to secure the unmanaged devices proliferating through their businesses, from manufacturing floors to hospital rooms, from airports to boardrooms. These devices – capturing and creating business-critical information, working on production lines, or administering patient care – have no protection and they need a security solution,” said Nadir Izrael, CTO and co-founder 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.”
“Armis is one of the most ground-breaking enterprises, data-centric security solutions that is actively protecting modern businesses today. Having achieved exponential growth to date, we are proud to be the partner Armis can leverage to help execute their vision of protecting unmanaged devices proliferating [in] every vertical around the world. We see the huge problem they are solving,” said Jeff Horing, Managing Director at Insight.
“Armis has established themselves as the leader in the enterprise IoT security space, and we believe this team and their technology will continue to transform the way unmanaged devices are secured.”