Armis Acquisition, Valuation, Funding & Investors

Armis was acquired by ServiceNow for $7.8B in December 2025, a 22.8x multiple on $340M of revenue.

See full Armis profile

Armis acquisition price

$7.8B

Acquired by ServiceNow · Dec 2025

Armis revenue at acquisition

$340M

Last twelve months · Dec 2025

Armis revenue multiple at acquisition

22.8x

EV/Revenue · Dec 2025

Cumulative funding Armis raised

$1.2B

across 7 funding rounds

Armis Overview

About Armis

Armis is a cybersecurity company that provides cyber exposure management and asset visibility software. It was founded in 2015 and is headquartered in San Francisco, with significant operations in Israel. Its platform discovers and profiles managed and unmanaged devices across IT, operational technology, medical and connected environments, and assesses vulnerabilities and threats against them. Customers are large enterprises, healthcare providers, industrial operators and government bodies, who pay software subscriptions. Armis expanded its product range through acquisitions of Cyber Threat Cognitive Intelligence, Silk Security and OTORIO. ServiceNow agreed to acquire the company in December 2025 and completed the deal in April 2026.


Founded

2015

HQ

United StatesSan Francisco

Website

armis.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$300M (Nov 2025)

Valuation

$6.1B (Nov 2025)

Armis Acquisition

Armis was acquired by ServiceNow for $7.8B on 23 December 2025.

The acquisition price implies a 22.8x revenue multiple on $340M of revenue.

Before the acquisition Armis had raised $1.2B across 7 funding rounds.

Armis, an Israeli-founded cybersecurity company specializing in agentless cyber exposure management and cyber-physical security for IT, OT, medical devices, and critical infrastructure, provides real-time asset discovery, risk prioritization, and protection to Fortune 500 companies, governments, and sectors like manufacturing and healthcare. ServiceNow, an enterprise software provider known for IT service management, workflow automation, and a burgeoning security and risk business exceeding $1 billion in annual contract value by Q3 2025, agreed to acquire Armis for $7.75 billion in an all-cash deal announced in late December 2025 or early January 2026. The strategic rationale centers on integrating Armis' device intelligence with ServiceNow's AI-native platform, CMDB, and workflows to deliver end-to-end proactive cybersecurity, tripling ServiceNow's addressable market in security by addressing AI-driven threats and expanding visibility across expanding attack surfaces. Deal terms include $7.75 billion in cash, funded by ServiceNow's cash on hand and debt, with closure expected in the second half of 2026 pending regulatory approvals; Armis' team will join ServiceNow post-close. Armis had achieved $340 million in annual recurring revenue with over 50% year-over-year growth, following a $435 million pre-IPO funding round in late 2025 valuing it at $6.1 billion—up from $4.5 billion in July 2025 and $4.3 billion earlier that year—led by Goldman Sachs Alternatives, CapitalG, and others, totaling $1.45 billion in VC from investors like Sequoia and Insight Partners. The acquisition reflects OT cybersecurity market consolidation, mirroring deals like Mitsubishi Electric's purchase of Nozomi Networks, and shifts Armis from an IPO path in 2026-2027 to M&A amid volatile public markets.

Armis acquisition details
AcquirerDateTypePriceEV/Revenue
23 Dec 2025Strategic M&A$7.8B22.8x

Sources: securityweek.com, techcrunch.com

Armis Valuation

Armis is currently valued at $6.1B, based on its undisclosed-stage round in November 2025. Read the announcement ↗

The $435M round was led by Goldman Sachs, with participation from Evolution Equity Partners and CapitalG.

Armis' valuation has grown 3.0x from $2B at its undisclosed-stage round in February 2021 to $6.1B in November 2025, across 5 priced rounds.

Armis valuation by funding round

Revenue multiple
Armis valuation by funding round
DateStageValuationRevenue Multiple
Nov 2025Undisclosed stage$6.1B20.3x
Jul 2025Secondary$4.5B15.0x
Oct 2024Series D$4.2B21.0x
Nov 2021Undisclosed stage$3.4B-
Feb 2021Undisclosed stage$2B-

Armis Revenue

Armis' latest recorded revenue is $300M, as of its undisclosed-stage round in November 2025. At a $6.1B valuation, that implies a 20.3x revenue multiple.

Revenue grew from $200M in October 2024 to $300M in November 2025, while the revenue multiple moved from 21.0x to 20.3x.

Armis revenue by funding round

Armis revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2025$300M$6.1B20.3xUndisclosed stage
Jul 2025$300M$4.5B15.0xSecondary
Oct 2024$200M$4.2B21.0xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Armis Funding History

Armis has raised a total of $1.2B across 7 funding rounds, plus 1 secondary share sale.

Armis' first fundraising round was a $17M Series A in June 2017. The most recent completed round was a $435M undisclosed-stage round in November 2025.

Armis funding rounds

Armis funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Undisclosed stageGoldman Sachs (lead); Evolution Equity Partners; CapitalG$435M$6.1BArmis is a San Francisco-based cybersecurity company specializing in cyber exposure management and security, offering the Armis Centrix platform that provides continuous visibility, intelligence, and control over connected assets from ground to cloud, including IT, OT, cloud, and AI environments. It serves major enterprises across manufacturing, finance, healthcare, government, aviation, and financial services, working with over 40% of the Fortune 100, including seven of the Fortune 10. Founded in 2016, Armis has expanded through three M&A deals in the past two years, adding capabilities in cloud, AI, and operational technology security, which are generating millions in incremental revenue. On November 5, 2025, Armis closed a $435 million pre-IPO funding round led by Growth Equity at Goldman Sachs Alternatives, with major participation from CapitalG and new investor Evolution Equity Partners, alongside existing investors, bringing its post-money valuation to $6.1 billion. This marks a significant increase from its prior $4.2 billion valuation after a $200 million Series D in October 2024 and a $4.5 billion tender offer in August 2025. The round followed rejection of multiple acquisition offers, including a potential $5 billion bid from Thoma Bravo, as Armis pursues an IPO targeted for late 2026 or early 2027. The funding will support Armis' three-year plan to reach $1 billion in ARR, fuel product innovation, global go-to-market expansion, and strategic acquisitions for organic and inorganic growth. At the time of the round, Armis reported annual recurring revenue of $300 million, having grown by $100 million in less than a year, with plans to hit $500 million ARR and achieve cash-flow positivity before IPO while behaving like a public company by meeting quarterly financial targets.
Jul 2025SecondaryGeorgian (lead); G Squared$100M$4.5BArmis completed a USD 100 million secondary transaction in July 2025, funded by G Squared and Georgian, both of which had invested in earlier rounds. Calcalist reported on July 23, 2025 that the sale was aimed entirely at giving hundreds of long-serving employees in Israel and elsewhere liquidity, with participants selling about 15 percent of their holdings, rather than buying shares from investors or founders. The transaction valued the company at approximately USD 4.5 billion, slightly above the valuation of its USD 200 million Series D in October 2024, which was led by General Catalyst and Alkeon Capital. It echoed a similar employee secondary sale the company carried out in April 2024. Armis provides a cyber exposure management platform that discovers and secures IT, operational technology, IoT, medical and cloud assets for large enterprises and governments, and it expanded during this period through acquisitions including Silk Security, CTCI and Otorio. The company was founded in 2015 by Yevgeny Dibrov and Nadir Izrael. Four months after this sale it raised USD 435 million at a USD 6.1 billion valuation, and in December 2025 ServiceNow agreed to acquire it for USD 7.75 billion in cash.
Oct 2024Series DAlkeon Capital (lead); General Catalyst (lead); Georgian; Brookfield Growth$200M$4.2BArmis is a San Francisco-based cyber exposure management and security company that provides comprehensive visibility and protection across organizations' entire attack surfaces, including IT, IoT, OT, and cloud assets. The company develops a device detection and protection platform for enterprise customers seeking an asset-centric approach to cybersecurity. Armis announced the close of a $200 million Series D funding round in October 2024, valuing the company at $4.2 billion. The round was led by General Catalyst and Alkeon Capital, with participation from existing investors Brookfield Technology Partners and Georgian. General Catalyst and Alkeon Capital joined prior investors including Insight Partners, CapitalG, and One Equity Partners. The funding represents a $900 million increase since the company's previous round in November 2021, when it raised $300 million at a $3.4 billion valuation led by One Equity Partners. At the time of the Series D close, Armis had surpassed $200 million in annual recurring revenue, having grown ARR by an additional $100 million in less than 18 months. The company disclosed plans to reach $500 million in ARR by 2026 and target an IPO in 2026. The new capital will fuel Armis's five-year strategy to build a multi-generational cybersecurity company through organic product innovation, global go-to-market expansion, and strategic acquisitions. In 2024, the company completed two acquisitions: Silk Security for $150 million (a platform for sustainable cyber risk resolution) and CTCI (Cyber Threat Cognitive Intelligence), an AI-powered pre-attack threat hunting platform, for approximately $20 million.
Nov 2021Undisclosed stageOne Equity Partners (lead)$300M$3.4BArmis is a cybersecurity company providing an agentless platform for asset intelligence and security, protecting Internet of Things (IoT) devices, operational technology (OT), and IT assets across enterprises, healthcare, federal, and industrial sectors. The platform identifies vulnerabilities, blocks hacking attempts, and manages critical infrastructure for Fortune 500 companies and governments. Founded in 2015 and headquartered in Palo Alto, California, with roots in Israel, Armis was previously acquired by Insight Partners in January 2020 for $1.1 billion and continues to operate under its co-founders Yevgeny Dibrov (CEO) and Izrael (CTO). On November 29, 2021, Armis closed a $300 million growth funding round led by One Equity Partners (OEP), with participation from existing investors including Insight Partners, which retained a majority stake. The round valued Armis at a post-money $3.4 billion, more than tripling from the $1.1 billion acquisition valuation and up from $2 billion in a prior round. This brought total funding to $600 million. OEP joined the board to support platform development, global go-to-market expansion into sectors like healthcare, federal, SLED, and OT, and strategic acquisitions leveraging OEP's expertise in cybersecurity M&A. The investment aimed to fuel rapid growth amid expanding market share in asset security for unmanaged devices. Armis planned to invest in go-to-market initiatives, regional expansion, and enhanced sales teams while pursuing acquisitions to extend leadership in IoT, IT, medical, and enterprise security. OEP Managing Director Andrew Dunn highlighted deploying Armis's capabilities across their portfolio and accelerating via M&A. Later developments included a 2025 pre-IPO round of $435 million at $6.1 billion valuation and a planned $7 billion sale to ServiceNow announced December 2025, where Armis had reached over $300 million ARR with 50% YoY growth, serving over 40% of Fortune 100 including 7 of the top 10. During OEP's four-year hold, Armis executed three acquisitions in cloud, AI, and OT security.
Feb 2021Undisclosed stageBrookfield Growth (lead); Georgian; CapitalG; Insight Partners$125M$2BArmis is an Israel-based (Palo Alto headquartered) agentless device security platform focused on IoT, OT, IT, and connected medical device security, providing visibility and protection without agents across enterprises. In February 2021 (announced 09.02.21), Armis raised $125 million in a growth equity round led by Brookfield Technology Partners (Brookfield Growth arm), with participation from existing investors Insight Partners, CapitalG (Google's growth fund), Georgian, and Alphabet's independent fund. The round brought total funding to $300 million and valued the company at $2 billion post-money, doubling from the prior $1.1 billion valuation when Insight Partners and CapitalG acquired it in January 2020. Insight Partners remained the majority owner, with Armis continuing independently under co-founders Yevgeny Dibrov (CEO) and Nadir Izrael (CTO). The investment funded new product development backlog, marketing and sales team expansion, and strategic partnerships, particularly leveraging Brookfield's global reach across 30+ countries in infrastructure, real estate, renewables, healthcare, and telecom. Armis reported strong traction despite COVID-19, with revenue growth exceeding 750% and customer count up over 425% in the past couple of years prior to the round; the company was on track to double business again in 2021. CEO Dibrov highlighted 100% sales increase since the previous deal, emphasizing platform development and market expansion. Customers included Fortune 100 and Global 2000 firms like Mondelēz, Sysco, Fresenius, Home Depot, Oracle, and DocuSign. Armis earned recognitions as a leader in connected medical device security by Forrester, OT security by ISG, and 2021 IoT Security Company of the Year by IoT Breakthrough Awards, plus inclusion in Gartner's 2020 Market Guide for Medical Device Security. The round positioned Armis for further growth toward potential IPO ambitions, with channel partner expansion via a services-focused program.
Apr 2019Series CSequoia Capital (lead); Tenaya Capital; Intermountain Healthcare Innovation Fund; Bain Capital Ventures; Insight Partners; Red Dot Capital Partners$65M-Armis announced on April 11, 2019 that it had raised USD 65 million in Series C funding, bringing its total funding to USD 112 million. Sequoia Capital led the round, with new investors Insight Venture Partners and Intermountain Ventures joining, and Bain Capital Ventures, Red Dot Capital Partners and Tenaya Capital participating as returning investors. Carl Eschenbach, a partner at Sequoia, joined the board of directors. The company reported roughly 700 percent growth over the previous year, with customers in healthcare, manufacturing, retail, technology and financial services, and said the funds would support further expansion of its agentless device security platform. The Armis platform identifies and monitors managed, unmanaged and IoT devices across enterprise networks using a cloud-based device knowledgebase that at the time tracked more than 80 million devices. Armis was founded in late 2015 by Yevgeny Dibrov and Nadir Izrael and was headquartered in Palo Alto, California. Less than a year later, in January 2020, Insight Partners agreed to acquire the company at a USD 1.1 billion valuation.
Apr 2018Series BBain Capital Ventures (lead); Red Dot Capital Partners (lead); Tenaya Capital; Sequoia Capital; Cerca Partners$30M-Armis, the enterprise IoT security company, announced on April 9, 2018 that it had raised USD 30 million in Series B funding. The round was led by Red Dot Capital Partners, an Israel-based venture fund backed by Singapore's Temasek, with Bain Capital Ventures also taking part alongside existing investors Sequoia Capital and Tenaya Capital. The company said the money would be used to meet demand for new products, expand sales and marketing and invest in research and development, and chief executive Yevgeny Dibrov said Red Dot would help Armis expand in the Asia-Pacific region. Armis sells agentless security software that discovers, analyses and classifies the connected devices operating on enterprise networks, from laptops and phones to printers, smart TVs and medical equipment, in order to identify risks and attacks. The company was founded in late 2015 by Dibrov and chief technology officer Nadir Izrael and emerged from stealth in June 2017 with USD 17 million from Sequoia Capital and Tenaya Capital. It raised a USD 65 million Series C led by Sequoia a year later, in April 2019.
Jun 2017Series AMickey Boodaei; Tenaya Capital; Zohar Zisapel; Rakesh K. Loonkar; Sequoia Capital; René Bonvanie; Cerca Partners$17M-Armis, an enterprise IoT security company, emerged from stealth on June 6, 2017 with USD 17 million in funding from Sequoia Capital and Tenaya Capital. Gili Raanan of Sequoia Capital was the first investor to partner with the company, and Tom Banahan of Tenaya Capital joined to close the round. Additional backers included Zohar Zisapel, founder and chairman of RAD Technologies, René Bonvanie, then chief marketing officer of Palo Alto Networks, and Mickey Boodaei, founder of Imperva and Trusteer. The capital was raised to build out an agentless platform that lets enterprises see and control unmanaged, compromised and IoT devices and rogue networks connecting to their systems, a blind spot that traditional endpoint and network security tools did not cover. Armis was founded in late 2015 by chief executive Yevgeny Dibrov and chief technology officer Nadir Izrael, both veterans of the Israeli military's Unit 8200 intelligence unit, and was then based in Palo Alto, California. The company went on to raise a USD 30 million Series B in 2018 and a USD 65 million Series C in 2019 before Insight Partners acquired it at a USD 1.1 billion valuation in January 2020.

Who has invested in Armis?

20 investors have backed Armis across its funding rounds, including Sequoia Capital, Georgian, Tenaya Capital, Insight Partners, Bain Capital Ventures and CapitalG.

Lead investors include Goldman Sachs, Georgian, Alkeon Capital, General Catalyst, One Equity Partners and 4 other investors.


Armis Investors

Investors in Armis by funding rounds participated
InvestorHQRoundsRoleFirst check
Tenaya CapitalUnited StatesSan Francisco, CA3ParticipantJun 2017
GeorgianCanadaToronto3LeadFeb 2021
Sequoia CapitalUnited StatesSan Francisco, CA3LeadJun 2017
CapitalGUnited StatesSan Francisco, CA2ParticipantFeb 2021
Bain Capital VenturesUnited StatesSan Francisco, CA2LeadApr 2018
Insight PartnersUnited StatesNew York City, NY2ParticipantApr 2019
Brookfield GrowthUnited StatesSan Francisco, CA2LeadFeb 2021
Red Dot Capital PartnersIsraelTel Aviv-Jaffa2LeadApr 2018
Cerca PartnersIsraelRa'anana2ParticipantJun 2017
Mickey BoodaeiIsraelIsrael1ParticipantJun 2017
General CatalystUnited StatesCambridge, MA1LeadOct 2024
Evolution Equity PartnersUnited StatesNew York City, NY1ParticipantNov 2025
Zohar ZisapelIsraelTel Aviv1ParticipantJun 2017

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Acquisitions by Armis

Armis has acquired 3 companies to date.

Last acquisition by Armis was on March 6th 2025. Armis acquired OTORIO for $120M.


Latest Acquisitions by Armis

OTORIO
Silk Security
Cyber Threat Cognitive Intelligence
Description
OTORIO is a cybersecurity provider for operational technology in industrial settings, offering the RAM² platform for continuous risk assessment, asset monitoring, and vulnerability management. The spOT tool aids compliance audits for MSSPs, while services cover incident response, serving sectors like manufacturing and energy in Europe and North America.
Silk Security is a Tel Aviv-based developer of an AI-powered cybersecurity platform for vulnerability management. Launched in 2022, the platform aggregates findings from 100+ scanners, prioritizes risks using threat intelligence, and automates remediation workflows. Serving enterprises in finance and healthcare, Silk reduces mean time to remediate by 80%. Backed by $20 million in Series A funding from Bessemer Venture Partners, it integrates with Jira and ServiceNow.
Cyber Threat Cognitive Intelligence is a CVE intelligence provider specializing in weaponized vulnerability detection. CTCI employs an intelligence-driven approach to identify exploits ahead of industry standards. Based in Tel Aviv, Israel, the company analyzes dark web sources and threat actor behaviors to deliver prioritized CVE reports. Founded in 2022, CTCI serves cybersecurity teams at enterprises and governments with automated threat intelligence feeds.
HQ CountryIsraelUnited StatesUnited States
HQ City
Tel Aviv
New York City, NY
Portland, OR
Deal Date6 Mar 202517 Apr 202414 Feb 2024
Valuation$120M$150M$20M
EV/Revenue
EV/EBITDA

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Armis Competitors

Armis competitors include listed companies like SentinelOne and Qihoo 360, and private ones like Fireblocks, Snyk, Chainalysis and 1Password.

Public and private companies comparable to Armis
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SentinelOneUnited StatesUnited StatesPublicly listed$1B($267M)$7.6B6.0x
FireblocksUnited StatesNew York City, NYPrivate--$8B-
SnykUnited StatesBoston, MAPrivate--$7.4B-
ChainalysisUnited StatesNew York City, NYPrivate--$8.6B-
Qihoo 360ChinaChinaPublicly listed$1.3B$70M$8.6B4.3x
1PasswordCanadaCanadaPrivate$400M-$6.8B17.0x

Armis Public Comps

Armis is no longer listed, but its public comps include SentinelOne, Qihoo 360, Netskope, Qualys, CommVault Systems, Varonis Systems, Clear Secure, Trend Micro, BlackBerry and SailPoint.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SentinelOne$1B($267M)6.9x6.0x(25.9x)40.2x
Qihoo 360$1.3B$70M4.5x4.3x82.4x(319.1x)
Netskope$709M($622M)11.8x9.9x(13.4x)(164.9x)
Qualys$669M$236M9.3x8.6x26.3x18.7x
CommVault Systems$1.2B$84M5.5x5.2x77.0x23.8x
Varonis Systems$624M($147M)8.8x7.6x(37.4x)188.2x
Clear Secure$901M$216M5.6x4.6x23.3x13.5x
Trend Micro$1.7B$480M2.2x2.0x8.0x8.5x

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Common questions about Armis

When was Armis founded?Armis was founded in 2015.
Where is Armis headquartered?Armis is headquartered in San Francisco, United States.
Is Armis publicly listed?No, Armis was acquired by ServiceNow in December 2025.
Who acquired Armis?Armis was acquired by ServiceNow in December 2025.
How much was Armis acquired for?Armis was acquired for $7.8B in December 2025, a 22.8x revenue multiple.
What is Armis' valuation?Armis was last valued at $6.1B in its undisclosed-stage round in November 2025.
How much funding has Armis raised?Armis has raised $1.2B across 7 funding rounds.
What was Armis' last funding round?Armis' last funding round was a $435M undisclosed-stage round in November 2025, led by Goldman Sachs.
Who are Armis' investors?Armis' investors include Tenaya Capital, Georgian, Sequoia Capital, CapitalG, Bain Capital Ventures, Insight Partners, Brookfield Growth, Red Dot Capital Partners, Cerca Partners, Mickey Boodaei and 10 others.
What is Armis' revenue?Armis' latest recorded revenue is $300M (November 2025).
What is Armis' revenue multiple?Armis' latest valuation implies a 20.3x revenue multiple ($6.1B valuation on $300M of revenue).
Which companies are comparable to Armis?Companies comparable to Armis include SentinelOne, Fireblocks, Snyk, Chainalysis, Qihoo 360 and 1Password.
How many companies has Armis acquired?Armis has acquired 3 companies, including OTORIO, Silk Security and Cyber Threat Cognitive Intelligence.
What was the largest acquisition by Armis?The $150M acquisition of Silk Security in April 2024 is the largest acquisition Armis has made to date.

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