Armis was acquired by the venture capital firm Insight Partners in a $1.1 billion cash deal.

The five-year-old Armis, which specializes in enterprise-level IoT security, will operate as an independent entity under the direction of its two co-founders Yevgeny Dibrov, CEO, and Nadir Izrael, CTO and the current executive team.

The acquisition also involved the VC firm CapitalG which contributed $100 million and is expected to close in February. Insight Partners said Armis will have access and the support of its ScaleUp division, Onsite.

“We considered growth rounds and strategic offers, but by partnering with Insight we have the best of both worlds - operational support and independence, both of which were important in our decision to take on a scaleup partner this early in our company journey," Dibrov said.