Cybersecurity firm Armis in £1bn takeover talks
Israeli-based Armis specialises in IoT security
Cybersecurity firm Armis is reported to be in $1bn (£764m, €897m) takeover talks with New York-based venture capital and private equity firm Insight Partners.
Armis, which is headquartered in Tel Aviv, Israel with offices in California and Colorado, has not commented on the reports from an Israeli financial news website.
The report says negotiations are at an advanced stage with Armis, which specialises in protection for the Internet of Things (IoT), being valued at between $800m and $1.2bn. In April, Armis raised $65m in Series C funding, bringing the company’s total funding to $112m. Insight Partners is reported to have taken part in the funding round.
Armis was founded in 2015 by Nadir Izrael, Tomer Schwartz and Yevgeny Dibrov. Its systems aim to eliminate IoT security blind spots so allowing businesses to embrace IoT as part of their digital transformation.
Armis says its systems allow users full control over the IoT devices that operate within their networks by identifying risks and potential cyber attacks. If such an attack is identified, it sends the IoT device to quarantine, so protecting the overall network.
Customers include Mondelēz, Sysco Foods, Allergan and Samsung Research America.
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