Insight Partners Scoops Up IoT Security Firm Armis in $1.1 Billion Deal
Armis said the acquisition will further strengthen its market dominance in unmanaged device security. This is the largest ever acquisition of a private Israeli cybersecurity company. The deal is expected to close next month subject to customary conditions and approvals.
Armis will continue to operate independently and will be managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and executive team, while leveraging the support of Insight’s business strategy and scale-up division, Onsite.
Dibrov tells us it’s a little early to provide specifics about how Armis’ partners will be affected; however, Armis will remain an independent company and the “value that exists today for our partners will remain — which is the ability to offer the industry-leading enterprise IoT solution to their customers,” he said.
Armis works with reseller and technology partners.
Founded in 1995, Insight has more than $20 billion of assets under management and has cumulatively invested in more than 300 companies globally.
“By partnering with Insight, we have the operational support and benefits of a strategic investor, with the independence of a venture deal — both of which were important factors in our decision to take on a scale-up partner this early in our company journey,” Dibrov said. “We will have the capital and strategic operational support to allow us to scale rapidly and continue to partner with the world’s top companies, helping them mitigate their data risk.”
According to Gartner, there will be 25 billion connected devices by 2021. Armis reports that by 2021, up to 90% of all devices will be unmanaged and unsecured, increasing potential vector points for attack and creating a massive security gap within businesses and organizations.
“Armis is one of the most groundbreaking enterprise data-centric security solutions that is actively protecting modern businesses today,” said Jeff Horing, Insight’s managing director. “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 every vertical around the world. We see the huge problem they are solving. 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.”