Cybersecurity firm Armis is being acquired by US private equity firm Insight Partners in a deal valuing the company at $1.1bn, a report from Reuters claims.
Upon completion, Armis will continue operations independently and will be managed by its existing team.
The acquisition comes just months after Armis closed a Series C round on $85m, to which, Insight Partners contributed. Other backers in the round included Sequoia Capital, Bain Capital Ventures, Intermountain Ventures, Red Dot Capital Partners and Tenaya Capital.
Its Series C round had brought Armis’ total funding efforts to $112m and was raised to support the growth of its sales and marketing efforts.
Businesses in the finance, healthcare, retail and manufacturing industries can utilise Armis to protect their unmanaged and unprotected IoT devices.
The platform has a cloud-based knowledge bank which monitors over 80 million devices globally. Through this, it can oversee all devices in a business, analyse and classify their behaviour to better identify any risks or attacks.
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