Armis, which is based in San Francisco, was founded by veterans of Israeli military cyber intelligence. It specialises in identifying and tracking security threats on devices, working across a range of industries, including medical, financial services and defence. In early August, the company’s chief executive officer Yevgeny Dibrov said Armis had reached US$300 million in annual recurring revenue, up from US$200 million a year ago.
The deal follows a slew of acquisitions in the cyber security sector, a trend fuelled by the growing use of artificial intelligence to detect hacking threats. In March, Google parent Alphabet Inc agreed to acquire cloud security firm Wiz Inc for US$32 billion in cash. In July, Palo Alto Networks Inc agreed to buy CyberArk Software Ltd in a deal valuing the Israeli company at about US$25 billion.
In 2020, Insight Partners agreed to acquire Armis in a US$1.1 billion deal that included other investors, such as Alphabet’s CapitalG.
Private equity giant Thoma Bravo had previously eyed a potential deal with Armis, and the start-up’s executives said in September that they’d been weighing around six to seven offers from investors for a stake in the company.
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