Two weeks after "Globes" revealed that private equity firm Thoma Bravo is in negotiations to buy Israeli cybersecurity company Armis at a company valuation of $5 billion, cofounder Yevgeny Dibrov spoke with "Globes" high-tech editor Assaf Gilead at the "Globes" Investments Conference today.
He said, We believe that the end of 2026 will be good timing for an IPO, when we will have a good valuation. He says that if the company has crossed the $300 million revenue threshold and annual growth is 55%, we can estimate where it will stand. "I believe that in order to hold an IPO, you need to have an IPO with the right numbers, the right situation, and with significant volume. Do at least six good quarters, and give an accurate forecast. We do a lot of work in this context to get the best possible multiple. Not to reach an IPO where on the first day you jump 50% and then after a day or two you start falling."
There is talk about the sale of your company for $5 billion.
"Such publications are flattering and there was also other talk. There is a lot of demand because the company is growing fast, we are growing at a high rate, we protect the most critical infrastructure, and we have expanded significantly into new assets in the cloud, and code. There are many offers on the table, but the target is $1 billion revenue within three years. We are aiming to reach the target quickly, and we believe that there will be an IPO on the way."
Regarding the IPO, Dibrov says it needs to happen at the right time for investors, employees, and the company. "We're not in a hurry, it's a marketing event and liquidity is good for employees. In terms of liquidity, we had a major secondary offering for employees. We did it a year ago. Creating liquidity for employees is important. Employees who work hard for years earn big. People work day and night, maintaining a culture of hard work, just as when we were 20, so it is even now we are 900 people, and we need to show that they are being rewarded."
"AI is everywhere"
Dibrov was, among other things, one of the first investors in cybersecurity company Wiz, which was bought by Google earlier this year for $32 billion, with the acquisition awaiting regulatory approval. On Armis's activities, Dibrov says that he talks on average to 10 customers a day, five existing and five expected. Regarding the ecosystem of the cybersecurity industry and the personal challenges as a manager, he explains, "Since we founded Armis, we have passed a series of milestones up to $300 million, and on many of them I did not have many people to consult on milestones along the way. I am happy to pass on knowledge to entrepreneurs."
The cybersecurity industry led capital raising in Israel in the first half of 2025 while there was more than $1 billion from generative AI. At the same time, CyberArk, which protects against AI cybersecurity threats, will be delisted from Nasdaq after its sale to Palo Alto Networks for about $25 billion. "If you look at the acquisitions and what is happening, you see a return to a variety of areas in cybersecurity with great hype. AI security is interesting. There are still no clearly defined budgets, but we understand that something needs to be done. Therefore, there are also acquisitions of a lot of companies at an early stage."
The Armis cofounder notes that AI is everywhere in the company, including in R&D and marketing. "You see this already on the product side, in terms of how we detect an attack when using AI. You see this in critical infrastructures when you start thwarting simple attacks, but these could be ten thousand times larger. Assuming that the person protecting assets knows how to use AI correctly, then he has an advantage, because he knows his environment."
"There is a huge opportunity at Armis"
Looking ahead, Dibrov says there are certain signs of a lot of companies emerging, and this is expected to lead to significant consolidation in the market. "The market is growing, continues to grow, because there are more attacks, including because of AI. The geopolitical situation means that Iran, Russia and all these guys are not resting on their laurels, and there is more action."
Recently, senior industry veterans have stepped aside, and the Armis cofounder spoke about his good friend, CyberArk founder and former CEO Udi Mokady. "These are founding fathers of Israeli and even global cybersecurity. Great respect for Nir Zuk (Palo Alto Networks founder) and Udi. I got to know Udi a little better. He worked very hard, 25 years at CyberArk, most of them as CEO, through ups and downs, including days when money was less available. They managed to hold an IPO, reach a billion dollars in revenue, and the Palo Alto deal is amazing."
Will you be at Armis for 20 years?
"I love what I do, with a platform of five products, and next week in New York we will introduce two more products. There is a huge opportunity here, I enjoy it and see myself here for many years to come."
Full disclosure: The Conference was in partnership with Phoenix Group and sponsored by Mizrahi Tefahot Bank, Keystone Fund, and Aura Investments.
Published by Globes, Israel business news - en.globes.co.il - on September 3, 2025.
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