JERUSALEM: Cybersecurity firm Armis, which specializes in protection for the Internet of Things (IoT), is in talks to be bought by a U.S. tech firm for around US$1 billion, Israeli financial media outlets reported on Monday.
The Calcalist financial news website said that Armis was in advanced negotiations with an unnamed potential buyer to be acquired at a valuation of US$800 million to US$1.2 billion.
Officials at Armis could not be reached for immediate comment.
The company says its enterprise security platform protects IoT devices - like medical infusion pumps or those used in production lines at car manufacturers - from attacks by identifying suspicious or malicious devices and quarantining them.
In April, Armis said it raised US$65 million in Series C funding, bringing the company’s total funding to US$112 million. The round was led by Sequoia Capital.
(Reporting by Ari Rabinovitch; Editing by Tova Cohen)