Insight Partners to buy cybersecurity firm Armis at $1.1 billion valuation

(Reuters) - U.S.-based private equity firm Insight Partners will buy cybersecurity firm Armis at a valuation of $1.1 billion, the companies said on Monday.

Armis will continue to operate independently and will be fully managed by its two co-founders and executive team. (https://reut.rs/2SYB4vP)

Insight Partners in April participated in a $65 million funding round for Armis that brought the company's total funding to $112 million. That round was led by Sequoia Capital.

Armis says its enterprise security platform protects Internet of Things (IoT) devices — like medical infusion pumps or those used in production lines at car manufacturers — from attacks by identifying suspicious or malicious devices and quarantining them.

Insight, a venture capital and private equity firm, opened its Tel Aviv office in October.

Israeli financial news website Calcalist reported that the two firms were in deal talks, earlier on Monday.

(Reporting by Ari Rabinovitch and Shanti S Nair; Editing by Tova Cohen and Shounak Dasgupta)

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