Armis plans to go public as early as 2024: CEO Yevgeny Dibrov

Security News

Kyle Alspach

September 12, 2023, 2:59 p.m. EDT

The “asset-centric” cybersecurity company will “definitely be ready” to go public in the second half of next year, Armis’ co-founder and CEO tells CRN.

IPO bound

Armis is ramping up its efforts to prepare for an IPO, targeting a possible IPO timing as early as the second half of 2024, co-founder and CEO Yevgeny Dibrov told CRN on Tuesday.

The company – a leading provider of cybersecurity for IT, medical, IoT and OT assets – has made no secret of its ambitions to eventually go public. In connection with its most recent financing, a $300 million round in November 2021, Armis had received a valuation of $3.4 billion, making the company one of the highest valued cybersecurity “unicorns.” And in February of this year, Armis announced that its annual recurring revenue exceeded $100 million, a key milestone for venture-backed technology providers working toward an IPO.

But alongside its expansion into a full-service cybersecurity platform provider, Armis continues to experience rapid growth and has a “clear path” to becoming cash flow positive by mid-2024 – all of which suggests that an Armis IPO is likely in the foreseeable future. The future is too far away, Dibrov said on Tuesday.

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“In terms of all processes, numbers, everything that we basically control – in the second half of 2024 we will definitely be ready [for an IPO]Dibrov told CRN. “It could be early 25. But we will be ready on our side and choose the best time slot for us.”

The comments came as several major technology companies are reportedly trying to break the IPO drought in the industry. Chip designer Arm could reportedly begin its IPO as early as this week, while marketing automation company Klaviyo and grocery delivery service Instacart have also signaled their intention to go public soon.

Growth dynamics

On Tuesday, Armis also provided updates on its momentum, saying it has seen massive customer growth this year. During the first six months of Armis’ fiscal year, from Feb. 1 to July 31, the company’s customer base grew 80 percent year-over-year, the company said.

Meanwhile, the company on Tuesday unveiled new AI-driven enhancements to its “asset-centric” cybersecurity platform, now known as Centrix. According to Armis co-founder and CTO Nadir Izrael, the updates include the introduction of generative AI capabilities that enable natural language queries on the Armis Centrix platform. The additional AI-powered functionality will be available across all four of Armis’ product categories – asset management and security, OT/IoT security, medical device security, and vulnerability prioritization and remediation, Izrael said.

Armis executives spoke to CRN on Tuesday during interviews at an Armis media event at the Nasdaq Marketsite in New York. In addition to discussing preparations for the IPO, Dibrov also discussed how Armis is expanding its differentiation from competitors and creating opportunities for channel partners.

What follows is an edited portion of CRN’s interview with Dibrov.

Kyle Alspach

Kyle Alspach is a senior editor at CRN focused on cybersecurity. Its coverage includes news, analysis and deep insights into the cybersecurity industry, with a focus on fast-growing segments such as cloud security, application security and identity security. He can be reached at [email protected].