IoT security firm, Armis, recently announced that it has closed its latest investment round and increased its valuation to $3.4 billion. One Equity Partners (“OEP”), in conjunction with existing investors, made a combined $300 million investment to accelerate strategic platform development and global GTM initiatives, and to support future acquisitions. OEP will also be joining the board of directors.
“One Equity Partners is the exact type of investors we need at this juncture. They deeply understand our sector and their acquisition expertise will help support us in achieving our expansion goals and objectives,” said Yevgeny Dibrov, Chief Executive Officer and Co-Founder, Armis. “We look forward to OEP joining our board and working with our investor group to continue to scale and to acquire a number of strategically important assets.”
Armis’ tremendous growth has been fueled by capturing an ever-increasing market share in a rapidly growing market and by expanding into new verticals and regions. Prior to this investment, Armis raised $300 million in total financing. Over the past 3 years, Armis drove a staggering 8,826% increase in revenue and is among the fastest-growing cybersecurity companies globally. In recognition of the rapid expansion, Deloitte recently ranked Armis as the 25th fastest-growing technology company in North America in the 2021 Deloitte Technology Fast 500™. Armis is the only cybersecurity company to provide complete visibility, vulnerability detection, and risk management to all assets across the IT, enterprise, medical, operational technology, ICS, IoT, and IIoT environments. Armis has the most robust partner ecosystem, supercharging hundreds of existing IT and security investments with real-time threat detection using the world’s largest device knowledgebase, tracking more than one billion devices and growing.
“Armis is the industry leader when it comes to asset visibility and security,” said Ori Birnboim, Managing Director, OEP. “We see a growing need for enterprises in a unified offering, and we are excited to work together with our partners to further accelerate the growth trajectory of the company and safeguard assets around the world.”
The close alignment of the OEP portfolio and the capabilities of Armis across healthcare, industrial OT, and technology will drive significant investments in customer acquisition and expansion. Allegro MicroSystems, a global leader in sensing and power semiconductor technology for motion control and energy efficiency, will be the first OEP portfolio company to deploy Armis protection throughout their networks.
Armis is the No. 1 leader with the most comprehensive asset visibility and security intelligence for all assets, all industries, and all environments with the deepest context to detect vulnerabilities and reduce risk. Only the Armis platform spans multiple verticals and can cater to the convergence of IT & OT. No other cybersecurity provider can secure OT, ICS, IT, IoT, IIoT & IoMT across multiple industries and sectors. Armis was rated in Gartner’s Market Guide for OT Security, named a Leader in OT Security by ISG, and most recently secured top marks in the MITRE ATT&CK Evaluations for ICS, delivering 100% visibility across both IT and OT.
“OEP and Armis see great value in quickly deploying the industry-leading asset security capabilities of Armis across global companies within the OEP portfolio,” said Andrew Dunn, Managing Director, OEP. “Given our experience in the cybersecurity market, we also plan to assist Armis in quickly extending its asset security leadership through strategic acquisitions.”
OEP will join the board of directors and lead acquisitions initiatives alongside existing investors Insight Partners, Brookfield Asset Management, Georgian, CapitalG, Alphabet’s independent growth fund, and RedDot. Insight Partners will remain the majority owner, and Armis will continue to operate independently, fully managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and the executive team.
“Armis continues expansion into Healthcare, Federal, SLED, and OT sectors in addition to our traditional IoT, IT, Medical, and Enterprise services and capabilities. The investment by One Equity Partners will fuel platform development, regional expansion, and an enhanced go-to-market team,” said Nadir Izrael, Chief Technology Officer and Co-Founder, Armis. “We are winning market share in all our new verticals and have become the leading cybersecurity player when it comes to seeing all assets and devices.“