Armis lays off over half of Otorio’s staff following $120 million acquisition
The cybersecurity company sheds 45 employees, with 25 based in Israel, as part of restructuring.
Cybersecurity company Armis has laid off more than half of the employees from Israeli startup Otorio, which it acquired earlier this month for $120 million. Calcalist has learned that 45 of Otorio's employees were let go, 25 of whom are based in Israel. As part of the restructuring, Armis will retain only 35 development employees. A minority of those laid off were from the development department, while the rest included personnel from sales, marketing, finance, and human resources.
Armis, a leader in cyber exposure management and security, acquired Otorio to integrate its Titan platform into the Centrix cloud-based suite, enhancing its OT/CPS security capabilities. This acquisition also enables Armis to offer an on-premises CPS security solution for industries requiring air-gapped environments, such as energy, utilities, and manufacturing.
Founded in 2018 by Daniel Bren and Yair Attar, Otorio specializes in cybersecurity for industrial environments, providing proactive protection against cyber threats in critical sectors such as oil and gas, manufacturing, and utilities. The company's expertise in securing air-gapped and converged environments aligns with Armis’ broader vision of securing industrial operations.
Armis has been on an aggressive expansion trajectory, with Otorio marking its third acquisition in less than a year. The company previously acquired AI security startup CTCI and risk prioritization startup Silk Security.
The deal follows Armis’ October 2024 announcement of a $200 million funding round at a $4.3 billion valuation, fueling its rapid growth. Industry analysts speculate that these strategic moves indicate Armis is preparing for an initial public offering (IPO), although the company has not confirmed a timeline.
