Insight Partners has agreed to acquire internet-of-things security business, Armis, in a $1.1bn deal.
The deal represents the largest-ever enterprise IoT security software acquisition, the company claimed in a statement.
The proposed deal will also see a $100m investment from CapitalG and rollover from some stockholders.
Armis, which was founded in 2017, is an enterprise-class security platform for unmanaged and IoT devices.
The company’s technology can be used to analyse devices like laptops and smartphones as well as unmanaged smart devices like smart TVs, webcams, printers, HVAC systems and industrial control systems.
“Armis is one of the most ground-breaking enterprise data-centric security solutions that is actively protecting modern businesses today,” said Insight managing director Jeff Horing.
“Having achieved exponential growth to date, we are proud to be the partner Armis can leverage to help execute their vision of protecting unmanaged devices proliferating every vertical around the world. We see the huge problem they are solving.
“Armis has established themselves as the leader in the enterprise IoT security space, and we believe this team and their technology will continue to transform the way unmanaged devices are secured.”
Insight hit a $6.3bn final close for its tenth flaghip private equity fund last year.
The firm said it will use the oversubscribed Fund X to invest in the growth-stage software, software-enabled services, and internet business sectors.
Insight Partners recently launched its first international office in Israel as it looked to profit from the country’s prolific startup culture in the sector.
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