Armis, the leading enterprise IoT security company, announced 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.
“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.
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.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.