Israeli cybersecurity company Armis Security announced today that it had acquired Otorio, a provider of OT (Operational Technology) and CPS (Cyber Physical Systems) security, in a deal estimated to be worth $120 million.
This is Armis’s third acquisition in less than a year, following the acquisitions of Silk Security and CTC last year. The company says that the latest acquisition represents part of its strategy of expanding its capabilities, and is being carried out at the same time as preparations for a possible IPO.
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Otorio was founded in 2018 by Daniel Bren and Yair Attar. Its technology secures heavy industry and critical infrastructure, with customers across the globe in industries like oil and gas, utilities, manufacturing and more. "By expanding Armis’ platform with broader capabilities including Secure remote access (SRA) for full Zero trust and full attack path mapping, Armis can support any organization, with any requirement delivering a single, comprehensive solution for critical infrastructure, manufacturing and industrial environments," the company’s announcement of the acquisition states.
Bren served in the IDF for 22 years in various senior roles, among them the IDF’s first Chief Cyber Defense Commander, commander of the CIO Division ("Lotem"), and head of the Cyber Defense Department. Otorio currently employs 95 people, 64 of them in Israel. The company has raised $50 million to date.
"We are seeing unprecedented demand across all industries but for some specific verticals, customers require a hybrid environment for complete protection. 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," said Armis CEO and co-founder Yevgeny Dibrov.
Armis was founded in 2016 by Dibrov and Nadir Izrael. It employs 850 people in Israel and around the world. Last October, it raised $200 million at a valuation of $4.3 billion.
Published by Globes, Israel business news – en.globes.co.il – on March 6, 2025.
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