Israeli IoT security startup Armis is set to be purchased by global venture capital firm Insight Partners at a valuation of $1.1 billion, the company announced on Monday.

Armis provides a security platform that addresses the new kinds of threats emanating from the Internet of Things – smart devices such as printers, webcams and TVs – as well as smartphones and laptops.

The startup’s software discovers such devices, analyzes them to identify risks and quarantines them if necessary.

Headquartered in Palo Alto, California, the company also has Tel Aviv offices and is led by CEO Yevgeny Dibrov and CTO Nadir Izrael. Armis will operate independently after the purchase is finalized in February.

The acquisition comes only one month after another huge buyout in Israel, Intel’s purchase of AI company Habana Labs, and joins a long list of hefty acquisitions in Israeli startup history.

Dibrov and Izrael noted that this will be “the largest acquisition of a private Israeli cybersecurity company ever.”

“A little over four years ago, we saw this challenge coming⁠ – a world exploding with unmanaged devices. Today, connected devices are used in every vertical from manufacturing floors to assembly lines, from oil rigs to power plants, from warehouse to retail stores, from airport kiosks to the badge readers outside every building, from the board room to the emergency room. These devices are at the core of a business transformation,” they said.

“Our mission was and is still clear: Enable enterprises to adopt new types of connected devices without fear of compromise by cyber attack.”