Armis buys Otorio for $120M to beef up cybersecurity in physical spaces

More consolidation is playing out in the security industry as platform players scoop up technology to give them deeper expertise in growing business areas. On Thursday, Armis, a $4.2 billion specialist in cyber exposure management, said it would be acquiring Otorio, a specialist in securing industrial and physical environments. Terms of the deal are not being disclosed, but sources close to the transaction tell TechCrunch that Armis — which is based in San Francisco but has roots in Israel — is paying $120 million in cash and shares for Otorio. Previously, the Tel Aviv-based startup had raised $50 million from one strategic investor, the industrial firm Andritz, according to PitchBook data. Otorio’s flagship product is called Titan, and it will be integrated into Armis’ Centrix platform. Up to now, Armis’ main focus has been on cloud services and identifying and managing risks across that attack surface. For example, it made headlines earlier this year when it said that its clients w ... Read full article.