Insight Partners acquires Armis for $1.1 billion to claim largest enterprise IoT security deal
New York-based private equity firm Insight Partners has acquired California-based enterprise IoT security provider Armis for $1.1 billion (£838.5m).
Armis allows organisations to safely adopt unmanaged and IoT devices throughout their business. As CTO Nadir Izrael puts it: “One of the biggest challenges keeping CIOs and CISOs up at night is how to secure the unmanaged devices proliferating through their businesses, from manufacturing floors to hospital rooms, from airports to boardrooms.
“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,” added Izrael.
Armis will continue to work as an independent organisation after the acquisition. It will be fully managed by its co-founders, CEO Yevgeny Dibrov, Izrael, and the executive team, along with backing from Insight’s industry leading business strategy and ScaleUp division Onsite. The closing of the deal is likely to be finalised in February 2020 and is subject to customary conditions and approvals.
“The exponential growth of Armis to date illustrates just how critical securing unmanaged devices is for businesses,” said Izrael. “With the backing of Insight, we will continue to expand our world-class technology to help identify devices, track their behaviour and respond to the threats that target them.”
In the same week, London-based data security firm Mimecast acquired Tel Aviv-based cybersecurity company Segasec Labs for ‘reportedly’ nearly $40m (£30.4m). Segasec is Mimecast’s second Israeli acquisition after it acquired Solebit LABS in 2018 for $88m (£67m) in an all-cash deal.
Segasec develops cybersecurity service that offers website operators complete protection from consumer phishing scams. Prior to its acquisition, Segasec raised $5m (£3.81m) from Berlin-based VC and private equity firm Innogy Innovation Hub.
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