Insight Partners snaps up IoT security startup Armis for $1.1B
Insight Partners today said it has acquired “internet of things” security startup Armis Inc. for $1.1 billion in a all-cash deal.
Founded in 2015, Armis offers an agentless IoT security solution that lets enterprises see and control any device or network. Its security platform is designed to address a threat landscape of unmanaged and IoT devices through a platform that uses sensing technology to discover and analyze devices ranging from laptops and smartphones to smart devices such as smart TVs, webcams, printers, heating and air conditioning systems, and industrial control systems.
Armis is built around a “device knowledge base” that contains information about the behavior patterns of several million internet-enabled devices. Its platform draws on the data to identify potential security issues with the hardware in a company’s network and the software is designed to catch a wide range of potential problems.
The platform can detect devices that have been connected to a company’s infrastructure without authorization or contain malware, as well as hardware vulnerable to future attacks. The platform’s algorithms lookout for insecure connections and when they find a violation, the software can disconnect the offending device from the corporate network.
“One of the biggest challenges keeping chief information officers and chief information security officers up at night is how to secure the unmanaged devices proliferating through their businesses, from manufacturing floors to hospital rooms, from airports to boardrooms,” Nadir Izrael, chief technology officer and co-founder at Armis, said in a statement. “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.”
As part of the acquisition, Insight Founder Jeff Horing, Insight Managing Director Teddie Wardi and Cyberstarts Founder Gili Raanan will serve on the Armis board.
The acquisition is notable because it’s said to be the largest enterprise IoT security software acquisition on record as well as the largest acquisition of a private Israeli cybersecurity company ever.
Coming into the deal, Armis had raised $112 million over four rounds including $65 million in April, $30 million in April 2018 and $17 million in June 2017. Investors included Sequoia Capital, Bain Capital Ventures, Insight Partners, Red Dot Capital Partners, Tenaya Capital and Intermountain Healthcare Innovation Fund.
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