Armis: The $7.75B ServiceNow Acquisition

Cyber exposure management platform · Founded 2015 by Yevgeny Dibrov and Nadir Izrael · HQ San Francisco, R&D Tel Aviv · $1.17B raised · $340M ARR · Acquired by ServiceNow for $7.75B (December 2025) — the largest cybersecurity acquisition since Wiz-Google.

Armis at a Glance

Company	Armis Security Ltd.
Founded	2015, Israel
Co-founders	Yevgeny Dibrov (CEO) · Nadir Izrael (CTO)
Headquarters	San Francisco, California
R&D center	Tel Aviv, Israel
Product	Cyber exposure management — asset discovery, vulnerability prioritization, and protection across IT, OT, IoT, and medical devices
Total funding	$1.17B across 7 rounds
Revenue	$340M ARR at time of acquisition (growing 50%+ YoY)
Customers	40%+ of Fortune 100 including 7 of the Fortune 10
Acquirer	ServiceNow · $7.75B cash · Announced December 23, 2025
Prior ownership	Insight Partners (majority stake acquired 2020 at ~$1.1B)

Dibrov and Izrael: Unit 8200 to Enterprise Security

Yevgeny Dibrov and Nadir Izrael are both alumni of the IDF's Unit 8200 — the Israeli military intelligence unit that has produced the founding teams behind Wiz, CyberArk, NSO Group, SentinelOne, and a substantial share of the global cybersecurity industry. Dibrov served as CEO from founding; Izrael, a computer science graduate of the Technion, served as CTO. The founding thesis was that the rapid proliferation of connected devices — IoT sensors, operational technology controllers, medical equipment, building-management systems — had created an asset-visibility gap that traditional IT security tools were architecturally unable to close.

The company launched with agentless device-discovery technology that could identify and classify every connected asset on a network without requiring software installation — a critical capability in environments like hospitals, manufacturing floors, and airports where installing agents on devices is either technically impossible or operationally prohibited.

The Valuation Ladder: $1.1B to $7.75B in Five Years

Armis's valuation trajectory was among the fastest in Israeli cybersecurity. In 2020, Insight Partners acquired a majority stake at approximately $1.1 billion. By early 2021, the valuation had risen to $2 billion, and by November 2021, a $300 million round led by One Equity Partners pushed it to $3.4 billion. A $200 million Series D in October 2024, led by Alkeon Capital and General Catalyst, brought the valuation to $4.2 billion. An employee tender offer shortly after marked $4.5 billion. Then, in November 2025, a $435 million pre-IPO round led by Growth Equity at Goldman Sachs Alternatives valued Armis at $6.1 billion.

One month later, ServiceNow agreed to acquire Armis for $7.75 billion in cash — a 27 percent premium over the pre-IPO round and a roughly 7x return on Insight Partners' 2020 entry. Dibrov had told TechCrunch the month before that an IPO was his "personal dream." The ServiceNow offer changed the calculus.

The ServiceNow Acquisition

ServiceNow announced the acquisition on December 23, 2025 — the enterprise-software company's largest deal. The strategic logic: ServiceNow's IT service management platform is the system of record for enterprise IT operations, but it historically relied on third-party integrations for real-time asset discovery and vulnerability data. Armis gives ServiceNow a proprietary asset-intelligence layer that feeds directly into its workflow-automation engine, closing the gap between knowing what assets exist and acting on their risk posture.

At $340 million ARR growing at over 50 percent year-over-year, Armis was one of the fastest-growing cybersecurity platforms at the time of the acquisition. The implied revenue multiple of approximately 23x trailing ARR reflects the strategic premium ServiceNow was willing to pay for an asset-intelligence platform that its competitors — Salesforce, Microsoft, BMC — do not have in native form.

The Acquisition Trail: CTCI, Silk Security, Otorio

Before being acquired itself, Armis executed three acquisitions in 2024–2025 that broadened its platform from device visibility to full exposure management. CTCI, an OT security company, was acquired for a reported $20 million. Silk Security, a risk-prioritization platform, went for a reported $150 million. Otorio, an Israeli OT security firm co-founded by former IDF cyber commander Brigadier General (Res.) Daniel Bren, was acquired for a reported $120 million. The combined acquisitions added vulnerability prioritization, industrial-control-system security, and remediation-orchestration capabilities to Armis's core asset-discovery engine.

Armis in the Israeli Cyber Exit Sequence

The Armis acquisition sits in a direct lineage of Israeli cybersecurity mega-exits. The $57 billion year — Wiz ($32 billion to Google, March 2026) and CyberArk ($25 billion to Palo Alto Networks, February 2026) — established the ceiling. Armis at $7.75 billion is the third-largest Israeli cybersecurity exit behind those two, ahead of Adallom ($320 million, 2015), Demisto ($560 million, 2019), and Cato Networks' pending public-market trajectory. The cumulative Israeli cybersecurity exit value since 2020 now exceeds $70 billion.

Dibrov and Izrael join a cohort of Israeli cyber founders who built category-defining companies and exited to US enterprise-platform acquirers: Gil Shwed (Check Point — remained independent), Udi Mokady (CyberArk to Palo Alto Networks), Assaf Rappaport (Wiz to Google), and Shalev Hulio (NSO to Dream Security, the third-act founder path).

The Gartner Recognition

Armis was named a Leader in the 2026 Gartner Magic Quadrant for Cyber-Physical Systems Protection Platforms — the analyst category covering OT, IoT, and medical-device security. The company also holds leadership positions in Gartner evaluations for vulnerability management and exposure management. The analyst recognition, combined with the customer base (40 percent of the Fortune 100, including seven of the Fortune 10), made Armis one of the few cybersecurity companies simultaneously attractive to both IPO investors and strategic acquirers.

Frequently Asked Questions

Who founded Armis?
Yevgeny Dibrov (CEO) and Nadir Izrael (CTO), both Israeli and Unit 8200 alumni, co-founded Armis in 2015.

Who acquired Armis?
ServiceNow acquired Armis for $7.75 billion in cash, announced December 23, 2025.

What does Armis do?
Armis provides a cyber exposure management platform that discovers, classifies, and protects IT, OT, IoT, and medical devices across enterprise networks — without requiring agents on the devices.

How much did Armis raise?
$1.17 billion across seven funding rounds, including a $435 million pre-IPO round at $6.1 billion in November 2025.

What was Armis's revenue?
$340 million ARR at the time of the ServiceNow acquisition, growing at over 50 percent year-over-year.

Is Armis an Israeli company?
Armis was founded in Israel by two Israeli entrepreneurs. R&D is in Tel Aviv; headquarters are in San Francisco.

How does the Armis acquisition compare to other Israeli exits?
At $7.75 billion, Armis is the third-largest Israeli cybersecurity exit behind Wiz ($32B) and CyberArk ($25B).

Primary Sources

ServiceNow M&A announcement (December 23, 2025). Armis company disclosures on funding rounds (Series A–pre-IPO). TechCrunch, SecurityWeek, and Reuters reporting on valuation trajectory and IPO plans. Gartner Magic Quadrant for CPS Protection Platforms (2026). Forbes company profile. Crunchbase and Tracxn funding data.