Armis will continue to operate independently and will be managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, the company said.

Insight Partners is set to buy Armis at a company valuation of between $800 million and $1.2 billion.

Founded in 2015, Armis developed a security solution to address the growing problem of unmanaged and unprotected IoT devices.