Insight Partners has agreed to acquire IoT security firm Armis in a cash deal valuing the company at $1.1 billion.

Armis provides an agentless application of business quality designed to help enterprises tackle unmanaged and vulnerable IoT applications problems. The software, operated by a cloud-based platform that tracks millions of devices globally, offers access to the machines of an organization, detects vulnerabilities and challenges, and defends processes.

The company claimed its annual revenue had grown by 700 percent in April 2019. The company says 25 percent of Fortune 50 firms are using its services, with clients including Samsung North America, Allergan, Sysco Foods, and Mondelēz, and Oracle. 

Armis has received nearly $112 million in funding since its founding, including a $65 million Series C round in April 2019. 

Under the terms of the agreement, Insight would purchase the firm for $1.1 billion worth of cash, with a contribution of $100 million from CapitalG (formerly Google Capital) and rollover from some current stockholders. 

The company will continue to operate independently, with co-founders Yevgeny Dibrov, CEO, and Nadir Izrael, CTO overseeing the company.

In June 2017, Armis discovered potentially serious Bluetooth and DNS vulnerabilities and discovered critical vulnerabilities in the Wind River VxWorks real-time operating system (RTOS), collectively referred to as’ Urgent/11.’

“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.

Insight Ceo Jeff Horing, Insight Managing Director Teddie Wardi, and Cyberstarts Creator Gili Raanan will work on the board of directors of Armis as part of the takeover. 

The agreement is scheduled to be signed in February and is subject to standard terms and conditions.

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