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Armis Acquisition, Valuation, Funding & Investors
Armis was acquired by ServiceNow for $7.8B in December 2025, a 22.8x multiple on $340M of revenue.
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
About Armis
Armis is a cybersecurity company offering an agentless platform that discovers, monitors, and protects all devices including IoT, OT, and unmanaged assets across IT environments. Using behavioral analysis and risk prioritization, it detects threats in healthcare, manufacturing, and retail sectors while integrating with SIEM and other security tools for compliance and automated remediation. Founded in 2015, Armis provides visibility into shadow IT and network-connected medical devices.
Founded
2015
HQ
Website
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.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 23 Dec 2025 | Strategic M&A | $7.8B | 22.8x |
Armis Valuation
Armis is currently valued at $6.1B, based on its undisclosed-stage round in November 2025.
The $435M round was led by Goldman Sachs Growth Equity, 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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2025 | Undisclosed stage | $6.1B | 20.3x |
| Jul 2025 | Secondary | $6.1B | 20.3x |
| Oct 2024 | Series D | $4.2B | 21.0x |
| Nov 2021 | Undisclosed stage | $3.4B | 10.0x |
| Feb 2021 | Undisclosed 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 moved from $340M in November 2021 to $300M in November 2025, while the revenue multiple moved from 10.0x to 20.3x.
Armis revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2025 | $300M | $6.1B | 20.3x | Undisclosed stage |
| Jul 2025 | $300M | $6.1B | 20.3x | Secondary |
| Oct 2024 | $200M | $4.2B | 21.0x | Series D |
| Nov 2021 | $340M | $3.4B | 10.0x | Undisclosed stage |
* 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Undisclosed stage | Goldman Sachs Growth Equity (lead); Evolution Equity Partners; CapitalG | $435M | $6.1B | Armis 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 2025 | Secondary | Georgian (lead); G Squared | $100M | $6.1B | Armis is a cyber exposure management and security company providing visibility and control over connected assets via its Armis Centrix platform to reduce cyber risks. It serves clients across manufacturing, aviation, financial services, healthcare, and government, including over 40% of the Fortune 100 and 7 of the Fortune 10. In November 2025, Armis closed a $435 million pre-IPO funding round led by Growth Equity at Goldman Sachs Alternatives, with participation from CapitalG, Evolution Equity Partners, and existing investors, achieving a valuation of $6.1 billion. The capital supports product innovation, go-to-market expansion, strategic acquisitions, and preparations for an initial public offering while targeting $1 billion in ARR. Armis recently surpassed $300 million in ARR with growth above 50% and has completed three M&A deals over the past two years in cloud, AI, and OT security, generating millions in incremental revenue. |
| Oct 2024 | Series D | Alkeon Capital (lead); General Catalyst (lead); Georgian; Brookfield Asset Management | $200M | $4.2B | Armis 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 2021 | Undisclosed stage | One Equity Partners (lead) | $300M | $3.4B | Armis 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 2021 | Undisclosed stage | Brookfield Growth (lead); Georgian; CapitalG; Insight Partners | $125M | $2B | Armis 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 2019 | Series C | Sequoia Capital (lead); Tenaya Capital; Intermountain Healthcare Innovation Fund; Bain Capital Ventures; Insight Partners; Red Dot Capital Partners | $65M | - | Armis is a cybersecurity company founded in 2015 and headquartered in San Francisco, specializing in agentless security platforms for device visibility, threat detection, and cyber exposure management across IT, OT, IoT, and cloud environments. The funds were intended to accelerate global expansion and enhance threat detection features. Prior rounds included a $17 million Series A in 2017 led by Insight Partners to build the core platform and onboard early customers, and a $30 million Series B in 2018 also led by Insight Partners to scale sales and expand capabilities. Subsequent funding included a $200 million Series D in 2020, a $300 million Series D extension in 2021 at approximately $3.4 billion valuation led by Tiger Global and Insight Partners, a $200 million growth round in 2022 led by Goldman Sachs Growth Equity, and a $200 million Series D extension in 2024 at $6 billion valuation led by General Catalyst. More recently, in November 2025, Armis secured a $435 million pre-IPO round led by Goldman Sachs Alternatives Growth Equity with participation from CapitalG and Evolution Equity Partners, achieving a $6.1 billion valuation while surpassing $300 million in ARR with over 50% growth, serving over 40% of Fortune 100 companies. |
| Apr 2018 | Series B | Bain Capital Ventures (lead); Red Dot Capital Partners (lead); Tenaya Capital; Sequoia Capital; Cerca Partners | $30M | - | Armis, founded in 2016, specializes in cyber exposure management and security for IT, OT, IoT, and cyber-physical systems via its Centrix platform, serving enterprises in manufacturing, finance, aviation, healthcare, and governments with real-time asset visibility and risk management. The results detail much later funding events, such as a $435 million pre-IPO round at $6.1 billion valuation led by Goldman Sachs Alternatives with CapitalG and Evolution Equity Partners, where Armis reported surpassing $300 million ARR with over 50% growth, protecting 40% of Fortune 100 firms. Another round was a $200 million Series D at $4.2 billion valuation led by Alkeon Capital and General Catalyst, following a $300 million 2021 round at $3.4 billion by One Equity Partners, with ARR at $200 million after doubling in under 18 months. |
| Jun 2017 | Series A | Mickey Boodaei; Tenaya Capital; Zohar Zisapel; Rakesh K. Loonkar; Sequoia Capital; René Bonvanie; Cerca Partners | $17M | - | - |
Who has invested in Armis?
21 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 Growth Equity, Georgian, Alkeon Capital, General Catalyst, One Equity Partners and 4 other investors.
Armis Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jun 2017 | ||
| 3 | Lead | Feb 2021 | ||
| 3 | Lead | Jun 2017 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Lead | Apr 2018 | ||
| 2 | Participant | Apr 2019 | ||
| 2 | Lead | Apr 2018 | ||
| 2 | Participant | Jun 2017 | ||
| 1 | Participant | Jun 2017 | ||
| 1 | Lead | Oct 2024 | ||
| 1 | Participant | Nov 2025 | ||
| 1 | Participant | Jun 2017 | ||
| 1 | Lead | Nov 2021 | ||
This data is available for Pro users. Sign up to see all 21 Armis investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions 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
| 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 Country | |||
| HQ City | Tel Aviv | New York City, NY | Portland, OR |
| Deal Date | 6 Mar 2025 | 17 Apr 2024 | 14 Feb 2024 |
| Valuation | $120M | $150M | undisclosed |
| 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $8B | - | ||
| Publicly listed | $1B | ($267M) | $8.1B | 6.6x | ||
| Private | $180M | - | $7.4B | 41.1x | ||
| Private | $190M | - | $8.6B | - | ||
| Private | $150M | - | $6.8B | 45.3x | ||
| Publicly listed | $1.3B | $70M | $9B | 4.7x |
Armis Public Comps
Armis is no longer listed, but its public comps include SentinelOne, Netskope, Qihoo 360, CommVault Systems, Qualys, Glory View Technology, Varonis Systems, Trend Micro, BlackBerry and Clear Secure.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | ($267M) | 7.4x | 6.6x | (27.7x) | 47.1x | |||
| $709M | ($622M) | 9.4x | 8.1x | (10.8x) | (121.6x) | |||
| $1.3B | $70M | 4.8x | 4.7x | 88.8x | (385.3x) | |||
| $1.2B | $84M | 5.2x | 5.0x | 72.9x | 23.2x | |||
| $669M | $236M | 8.7x | 8.1x | 24.5x | 17.6x | |||
| $176M | $53M | 38.7x | 39.4x | 127.8x | 129.4x | |||
| $624M | ($147M) | 8.5x | 7.5x | (36.0x) | 229.5x | |||
| $1.8B | $488M | 2.2x | 2.1x | 8.0x | 8.1x | |||
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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 Tel Aviv, Israel. |
| 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 Growth Equity. |
| Who are Armis' investors? | Armis' investors include Tenaya Capital, Georgian, Sequoia Capital, CapitalG, Bain Capital Ventures, Insight Partners, Red Dot Capital Partners, Cerca Partners, Mickey Boodaei, General Catalyst and 11 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 Fireblocks, SentinelOne, Snyk, Chainalysis, 1Password and Qihoo 360. |
| 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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