Software company ServiceNow (NOW) is reportedly in advanced talks to buy privately held cybersecurity startup Armis, which was last valued at $6.1 billion U.S.
The deal, which could reach $7 billion U.S. in value, would be ServiceNow’s largest acquisition to date. Talks remain ongoing and no deal has been announced.
Armis helps companies secure and manage internet-connected devices and protect them against cyber threats. It last raised $435 million U.S. in a funding round about a month ago.
Management at Armis had previously discussed taking the company public but now appear to have opted to be acquired instead.
Founded in 2016, Armis has more than $300 million U.S. in annual recurring revenues. Its last funding round was led by investment bank Goldman Sachs (GS), with participation from Alphabet’s (GOOGL) venture capital arm.
Previous backers of Armis have included Sequoia Capital and Bain Capital Ventures.
ServiceNow is a software company based in Silicon Valley that supplies a cloud computing platform for the creation and management of automated business workflows.
NOW stock has declined 18% this year to trade at $865.06 U.S. per share.
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