Insight has completed its venture acquisition of enterprise IoT security company Armis company, which was announced on 6 January, 2020, at a valuation of USD1.1 billion, with participation from CapitalG for USD100 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,” says 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,” says 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 organisations 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 per cent of the Fortune 50) to Global 2000 to mid-size organisations, across all verticals, including high tech, healthcare, industrial, retail, smart cities/building, transportation, and more. Armis is used by global organisations such as Allergan, Mondelēz, Oracle and Sysco Foods, among others.
