Highlights:

  • OTORIO provides solutions such as continuous OT cyber risk management, on-demand risk assessments, and secure remote access to operational assets.
  • Following the acquisition, OTORIO’s capabilities will enhance Armis’ platform, introducing secure remote access for full zero-trust implementation and comprehensive attack-path mapping.

A cybersecurity firm specializing in cyber exposure management and security, Armis Inc., has acquired OTORIO Ltd., a startup focused on Internet of Things (IoT) and Operational Technology (OT) cybersecurity, for an undisclosed amount.

While the acquisition amount remains undisclosed, it came to light that estimates have been around USD 120 million based on market projections.

Established in 2018, OTORIO has expertise in OT cybersecurity, particularly in cyber-physical and industrial control systems. The company offers a comprehensive suite of products and services to manage the overall OT cybersecurity lifecycle for industrial enterprises.

OTORIO offers solutions such as on-demand risk assessments, continuous OT cyber risk management, and remote secure access to operational assets. Its platform seamlessly integrates with existing operational and security data sources, enabling automated coordination of the entire security process through an intuitive interface.

OTORIO’s services support industries such as electric utilities, oil and gas, pharmaceuticals, and machine manufacturing, helping them enhance security maturity and operational resilience. Its platform offers attribution through passive network monitoring, scalable asset identification, and nonintrusive active querying. Additionally, it includes exposure management capabilities, evaluating vulnerabilities by simulating potential attack scenarios and delivering actionable recommendations.

Following the acquisition, OTORIO’s capabilities will enhance Armis’ platform, introducing expanded features such as secure remote access for full zero-trust implementation and comprehensive attack-path mapping. These additions will enable Armis to meet diverse organizational needs, providing a unified and all-encompassing solution for critical manufacturing, infrastructure, and industrial environments.

“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 Yevgeny Dibrov, Co-founder and Chief Executive.

Prior to its acquisition, OTORIO secured USD 50 million in a single funding round from Andritz.

OTORIO’s acquisition comes after Armis’ previous acquisitions of Silk Security Inc. for USD 150 million in April 2024 and artificial intelligence-driven pre-attack threat-hunting company CTCI in February 2024. Armis reports a 2,000% increase in related revenues since those acquisitions, “demonstrating its ability to maximize value and accelerate growth as it continues to prepare for an IPO.”

The exact timing of Armis’ initial public offering remains uncertain, but the company is clearly moving in that direction. Since its USD 1.1 billion acquisition by Insight Partners in January 2020, Armis has been positioned for eventual public listing. Insight Partners typically acquires companies like Armis to enhance their value and market appeal before selling them for a profit, making an IPO a matter of when, not if.