Armis Raises Cash at $2 Billion Valuation in Brookfield Deal
(Bloomberg) -- Armis Inc., the device security firm founded by veterans of Israeli military cyber intelligence, has raised funds at a $2 billion valuation in a deal with Brookfield Asset Management Inc.
As part of the deal, Armis’s products will be deployed throughout Brookfield’s businesses, the companies said in a statement on Tuesday. The company raised $125 million in the round, which included Brookfield and existing investors, a person familiar with the matter said. A representative for Armis declined to comment on the size of the round.
Armis -- whose technology helps companies secure electronic devices from laptops and phones to televisions and cameras -- said it will use some of the cash on product development and to expand its sales and marketing teams.
“We have to make massive investments,” Armis Chairman Gili Raanan said in an interview. “Armis has a clear path to profitability, but the focus of the company now, since we have such a market opportunity, is on growth and market share.”
The company’s products that protect medical devices and equipment for workers stuck at home helped drive sales and attract new customers during the pandemic. Revenue has risen more than 750% in the past two years while the number of new customers has increased more than 425% in that span, the company said in the statement.
Insight Partners, which bought Palo Alto, California-based Armis for $1.1 billion last year, will remain the majority owner. Existing investors including Insight, Alphabet Inc.’s CapitalG and Georgian also participated in the round, which brings the total amount Armis has raised to $300 million.
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