The cybersecurity firm Armis is being acquired for $7.75 billion by software giant ServiceNow.

ServiceNow announced the deal on Tuesday, explaining the acquisition will expand its security offerings and help it to advance “AI-native, proactive cybersecurity and vulnerability response.”

Founded by Israeli military veterans in 2015, Armis started out as an IoT and operational technology security company before expanding to cyber exposure management.

Armis co-founder Yevgeny Dibrov said Armis was created to protect critical environments and offer real-time intelligence to the public and private sector. The company recently surpassed  $340 million in annual recurring revenue and has about 950 employees. 

ServiceNow plans to fund the deal, which will close in the second half of 2026, through cash and debt.

The deal  has been rumored for weeks as the enterprise workflow company seeks to keep up with rivals that are making similar purchases of cybersecurity firms this year. Google purchased Israeli cybersecurity firm Wiz for $32 billion and Palo Alto Networks bought CyberArk Software for $25 billion. 

ServiceNow has dominated the market for management and automation software, reporting $3.4 billion in revenue last quarter. The company has announced several acquisitions in recent months, including AI company Moveworks and several others. Earlier this month, it agreed to a $1 billion acquisition of identity security platform Veza.