(Reuters) - U.S.-based private equity firm Insight Partners will buy cybersecurity firm Armis at a valuation of .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 million funding round for Armis that brought the company's total funding to 2 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.