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Cyber exposure management and security company Armis Inc. today announced that it has acquired internet of things and operational technology cybersecurity startup OTORIO Ltd. for an undisclosed price.
Although the amount of the acquisition was not disclosed, Calcalist suggests that the acquisition could have been about $120 million, based on market estimates.
Founded in 2018, OTORIO specializes in OT cybersecurity with a focus on industrial control systems and cyber-physical systems. The company offers a product and service portfolio designed to manage the entire OT cybersecurity process for industrial enterprises.
OTORIO’s solutions include continuous OT cyber risk management, on-demand OT cyber risk assessments and secure remote access to operational assets. The company’s platform integrates with existing operational and security data sources to enable automated coordination of the entire security process within a user-friendly interface.
The company’s services cater to sectors such as oil and gas, electric utilities, machine manufacturing and pharmaceuticals to help such organizations achieve security maturity and operational resilience. The platform offers scalable asset identification and attribution through passive network monitoring and nonintrusive active querying. It also features exposure management, assessing vulnerabilities by simulating potential attack scenarios and generating actionable recommendations.
Post-acquisition, OTORIO’s features will expand Armis’ platform with broader capabilities, including secure remote access for full zero-trust and full attack-path mapping. With the additional functionality, Armis will be able to support any organization with any requirement, delivering a single, comprehensive solution for critical infrastructure, manufacturing and industrial environments.
“We are seeing unprecedented demand across all industries, but for some specific verticals, customers require a hybrid environment for complete protection,” said co-founder and Chief Executive Yevgeny Dibrov. “Through this acquisition, Armis can now offer an on-premises solution for customers that require a fully air-gapped environment for heavy industry and critical infrastructure like energy or utilities.”
Coming into its acquisition, OTORIO had raised $50 million in one round from Andritz.
The acquisition of OTORIO follows on from Armis’s acquisition of Silk Security Inc. in a $150 million deal in April 2024 and artificial-intelligence pre-attack threat-hunting company CTCI in February 2024. Since those two acquisitions, Armis claims, it has achieved a 2,000% increase in related revenues, “demonstrating its ability to maximize value and accelerate growth as it continues to prepare for an IPO.”
When exactly Armis is planning on an initial public offering is not clear, but the company is ultimately heading for one, having been owned by Insight Partners following a $1.1 billion acquisition in January 2020. Insight Partners generally buys a company such as Armis to turn it around and increase its appeal before later selling it for a profit, so it’s not a question of if but when Armis will go public.
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