Armis Secures $125M Round at $2B Market Cap

February 10, 2021

Brookfield Technology Partners’ investment alongside Georgian increases funding to over $300M at a $2B valuation, supporting Armis' rapid growth across Real Estate, Power, Infrastructure and Healthcare verticals

Brookfield Technology Partners, the technology investing arm of Brookfield Asset Management has entered into a definitive agreement to lead a scaled growth equity investment with meaningful participation from existing investors including Insight Partners, CapitalG, Alphabet's independent growth fund, and Georgian. Brookfield Asset Management will provide the opportunity to bring the industry leading Armis Agentless Device Security Platform to Brookfield-owned businesses and operating industries in more than 30 countries worldwide.

The new investment from Brookfield Technology Partners and Georgian will fund an exciting backlog of new product development and expansion of the marketing and sales teams. To date, Armis has raised $300M in total financing and is valued at $2 billion. Insight Partners will remain the majority owner, and Armis will continue to operate independently and will be fully managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and the executive team.

“It’s very exciting to have Brookfield and Georgian partner with us on this journey,” said Yevgeny Dibrov, co-founder and CEO at Armis. “Brookfield’s footprint spans far and wide, including physical infrastructure and healthcare assets, which are sectors that are increasingly turning to Armis to help them protect the exploitation of blind spots from connected device adoption. Bad actors are taking advantage of the lack of security on these devices – managed, unmanaged, IoT, IoMT, and OT – and attacks on these businesses are growing at exponential rates with severe real-life consequences. In addition, as COVID-19 vaccinations rollout this year, our partnership with Brookfield and its massive real estate footprint of over 500 million square feet in commercial office space provides an opportunity to work with companies to ensure data and information security as they bring employees back to the office with more
devices than ever before.”

“Armis is an industry leader that offers the most comprehensive and effective security solutions for agentless devices,” said Josh Raffaelli, Managing Partner, Brookfield Technology Partners. “Brookfield underwent a thorough yearlong industry evaluation, and it was clear that Armis was the only platform able to serve and scale globally across the vast industries in which we operate whether it be infrastructure, real estate, renewables, healthcare or telecom. We are very excited at the opportunity to partner with Armis at this juncture in their growth trajectory.”

Connected Device Security is More Critical Now Than Ever
According to IDC, there will be more than 40 billion connected devices by 2025. Many of these devices, often referred to as the Enterprise of Things devices, Internet of Medical Things (IoMT), Manufacturing/OT, the Industrial Internet of Things (IIoT), or just the Internet of Things (IoT), have little to no security defense and cannot be protected in the same manner as traditional devices, posing unprecedented risks for organizations of all size and scale. Armis is uniquely positioned to solve this unmet security need with its agentless, enterprise-class device security platform designed to address the new threat landscape of unmanaged and IoT devices. Companies trust its real-time and continuous protection to see and control all managed, unmanaged, and IoT devices. This includes everything from laptops and smartphones to smart TVs, security cameras, HVAC systems, industrial control systems, PLCs, medical devices and more.

“Cybersecurity for the built environment is no longer optional, and the need to secure devices throughout our organization is more critical than ever before,” said Zaki Abbas, Chief Information Security Officer, Brookfield Asset Management. “One of the biggest challenges organizations face is the ability to identify and secure the devices connected across disparate business lines – you can’t protect what you don’t know about. Armis’ ability to monitor both managed and unmanaged devices across IT, IoT, IoMT and OT gives organizations a single pane of glass across all environments and mitigates their risks, as their ability to see everything enables IT teams to put the appropriate security in place to protect them from bad actors.”

Fueling the Pathway to Growth in New Markets
Despite the impact of COVID-19, Armis’ dedication to healthcare systems and continued rapid expansion into OT and IT drove excessive revenue and customer growth. Over the past couple of years, revenue has grown more than 750%, while the number of customers has grown over 425%. As a result, Armis was recognized as a leader in connected medical device security by Forrester, a leader in OT Security by ISG, as well as the 2021 IoT Security Company of the Year by IoT Breakthrough Awards, and named in the Gartner 2020 Market Guide for Medical Device Security Solutions. Armis also launched its channel partner program less than one year ago and already has 130 active partners. In support of the rapid growth experienced, Armis grew its team to over 350 personnel this year, including the appointment of Brian Gumbel as Chief Revenue Officer and Jonathan Carr as Chief Financial Officer.

Fortune 100 and Global 2000 enterprises across all verticals such as Mondelēz, Sysco, Fresenius, Home Depot, Oracle, and DocuSign rely on Armis to help protect their businesses. "Cybersecurity is critical for any healthcare delivery organization - protecting patient information and care services from cyber-attack is the need of the hour," said Abhishek Agarwal, Chief Information Security Officer, Fresenius Medical Care, North America. "Armis’ agentless and passive security platform is exactly what healthcare organizations need. Armis gives us an unprecedented view of connected medical devices, behavioral tracking and adaptive risk scoring, that help reduce the overall cybersecurity risk associated with medical devices." Committed to innovation, Armis continues to expand its offerings and platform. The Armis Device Knowledgebase is a one-of-its-kind cloud-based device behavior database that is now tracking more than 500 million assets daily, up from 200 million in 2019. Armis also recently announced the release of Armis Asset Management, a cybersecurity asset management solution that delivers 5X more visibility than any other solution on the market today.

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