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January 6, 2020 10:55 am

Insight Ventures Buys Israeli Cyber Company Armis for Approximately $1 Billion

avatar by Meir Orbach / CTech

Japan is turning to Israeli cybersecurity experts in advance of the 2020 Olympic Games in Tokyo. Photo: Twitter

CTech – New York-based venture capital and private equity firm Insight Partners has agreed to buy Israeli IoT security company Armis, 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 US 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.

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.

Among Insight’s Israeli portfolio companies are cybersecurity company Checkmarx, Jerusalem-based content creation apps developer Lightricks, and team management and productivity startup Monday.com Labs. 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 food service company Sysco, Samsung, and New York-listed pharmaceutical company Allergan. 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.

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