Armis Acuired by Insight Venture Partners for $1.1 Billion
Four years-old IoT security company, Armis Inc. was acquired in January 2020. After the acquisition, it will continue operating independently by its owners. Read more!
New York-based venture capital and private equity firm Insight Partners has agreed to buy Israeli IoT security company Armis Inc., one person familiar with the deal told Calcalist Monday on condition of anonymity. Earlier on Monday, Calcalist reported that Armis had been negotiating its acquisition by a leading U.S. investment firm according to a company valuation of between $800 million and $1.2 billion, citing two sources.
Insight participated in Armis’ most recent funding round in April, in which it raised $65 million according to a company valuation of $400 million.
Jeff Horing. Photo: Orel Cohen
In October, Insight Partners opened a Tel Aviv office, the firm’s first office outside of New York. The firm has over $20 billion in assets under management and has backed more than 300 companies worldwide, according to company statements. In Israel, Insight has invested over $700 million across more than 15 active deals and was an early investor in Tel Aviv-based, Nasdaq-listed website building company Wix.com Ltd. Among Insight’s Israeli portfolio companies are cybersecurity company Checkmarx Ltd., Jerusalem-based content creation apps developer Lightricks Ltd., and team management and productivity startup Monday.com Labs Ltd. In Early 2019, Insight acquired the lion’s share of the portfolio of the fourth fund of Israeli venture capital fund Genesis Partners. In a February statement, Jeff Horing, Insight’s co-founder and managing director, said the acquisition indicated Insight’s commitment to regional innovation in Israel.
Founded in 2015, Armis provides information security software for enterprise IoT systems, analyzing and classifying devices and their behavior to identify risks and protect information and systems. The company’s customers include New York-listed foodservice company Sysco Corp., Samsung, and New York-listed pharmaceutical company Allergan PLC. The company employs some 240 people in Palo Alto, California and in Tel Aviv.
In November, Calcalist reported that Google has invested several million dollars in Armis, citing a source. Prior to that investment, the company had raised $112 million.