Cybersecurity Firm Armis May Be Acquired By Insight Partners

Cybersecurity firm Armis, which specializes in protection for the Internet of Things (IoT), is in advanced talks to be bought by U.S.-based Insight Partners for around $1 billion (759.47 million pounds), Israeli financial news website Calcalist reported on Monday.

The company employs some 240 people in Palo Alto, California, and in Tel Aviv, according to Calcalist. Insight Partners, a venture capital and private equity firm, opened offices in Tel Aviv in October.

Neither company was reachable for immediate comment.

Armis says its enterprise security platform protects 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 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.―New York Times