Armis, which develops asset visibility and security solutions, announced on Wednesday that it has surpassed the $100 million mark in annual recurring revenue (ARR), growing from $1 million to $100 million in less than 5 years.
“This is a fantastic milestone for the company and shows what we have built here, mainly on the technological side,” Co-Founder and CEO Yevgeny Dibrov told Calcalist. “Reaching $100 million in less than five years places us among the top five cyber companies in the world. We see a very strong demand. We are aiming to reach $200 million already within a year. Our expansion into a large number of new products and markets gives us a lot of optimism. We can sell many products and services to the same customers so it is much healthier for the company than just relying on new customers. We want to reach operational profitability within a year with a positive cash flow. Once we get there we will be masters of our own destiny.”
Dibrov said that the company is being conservative with its forecasts due to the current macroeconomic conditions. “We prefer to be conservative and efficient these days. We are constantly meeting with companies that want to consult and for some of them, we are looking at the possibility of acquisition or partnerships. A large part of our strategy for 2023 is the acquisition of other companies and this is definitely good timing for us to look at the market.”
Armis was acquired by New York-based venture capital and private equity firm Insight Partners and Google’s investment fund Capital G for $1.1 billion in January 2020. Armis raised $300 million at a $3.4 billion valuation in November 2021, taking its total funding to $600 million. The round was led by One Equity Partners, in conjunction with existing investors.
Armis’ growth has been driven by its award-winning asset visibility and security platform which has been adopted by the world’s leading organizations and Fortune 100 companies such as; Colgate-Palmolive, Mondelez International, DocuSign, Allegro Microsystems, Takeda Pharmaceuticals in addition to many national, state, regional and Federal entities across North America, EMEA, and APJ.
Armis was founded in 2015 by CEO Yevgeny Dibrov and CTO Nadir Izrael, who remain at the helm of the company. Armis has developed an agentless, enterprise-class device security platform designed to address the threat landscape of unmanaged IoT devices.
