Insight Venture Management LLC, also known as Insight Partners, is set to acquire cybersecurity company Armis Inc. at a valuation of $1.1 billion in cash.

The deal includes a $100 million investment from Alphabet Inc.'s venture capital arm, CapitalG Management Co. LLC, and rollover from certain existing Armis shareholders. Insight founder Jeff Horing and Managing Director Teddie Wardi, as well as Cyberstarts founder Gili Raanan will serve on Armis' board.

Armis will stay independent once the deal closes, expected in February, pending customary conditions and approvals. The company will continue to be managed by the existing executive team, led by co-founders Yevgeny Dibrov and Nadir Izrael, who serve as CEO and chief technology officer, respectively. Insight's scale-up division, Onsite, will also support Armis' management.

Palo Alto, Calif.-based Armis, which also has an office in Tel Aviv, Israel, provides an agentless, enterprise-class security platform designed to address new threats facing unmanaged and internet-of-things devices.