Security News > 2020 > January > Insight Partners Acquires IoT Security Firm Armis at a $1.1 Billion Valuation
Venture Capital and private equity investment firm Insight Partners has agreed to acquire IoT security firm Armis in a cash deal valuing the firm at $1.1 billion.
Armis offers an enterprise-grade agentless platform designed to help organizations address problems related to unmanaged and unprotected IoT devices.
Since being founded, Armis has raised roughly $112 million in funding, including a $65 million Series C round in April 2019.
Under the terms of the agreement, Insight will acquire the company for cash at a valuation of $1.1 billion, with participation from CapitalG for $100 million and rollover from certain existing stockholders.
"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," said Nadir Izrael, CTO and co-founder at Armis.