Asset cybersecurity platform Armis has increased its valuation from $2bn to $3.4bn in eight months thanks to a latest $300m investment round led by One Equity Partners.
The company said Armis drove 88x growth over the past three years by capturing an increasing market share in the rapidly growing market and expanding into new verticals and regions.
Armis provides cybersecurity services including visibility, vulnerability detection, and risk management to all assets across IT, enterprise, medical, operational technology, ICS, IoT and IIoT environments. It was recently ranked the 25th fastest-growing technology company in North America in Deloitte’s 2021 Deloitte Technology Fast 500 report.
Ori Birnboim, managing director at OEP, said, “Armis is the industry leader when it comes to asset visibility and security. 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.”
Andrew Dunn, managing director at OEP, added, “OEP and Armis see great value in quickly deploying the industry-leading asset security capabilities of Armis across global companies within the OEP portfolio.
“Given our experience in the cybersecurity market, we also plan to assist Armis in quickly extending its asset security leadership through strategic acquisitions.”
The firm said the close alignment of its portfolio and the capabilities of Armis across healthcare, industrial OT and technology will drive significant investments in customer acquisition and expansion. Its portfolio company Allegro MicroSystems will be the first to deploy ARmis protection throughout its networks.
New York based OEP spun out from JP Morgan in 2015, and has since raised $1.65bn for its debut fund in 2017 and $1.06bn for Fund VII in 2019.
It exited building product manufacturer Merfish United to Reliance Steel & Aluminium in August, and scored a five-times return on its sale of CRM specialist OneLink to Webhelp in July.
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