More consolidation is playing out in the security industry as platform players scoop up technology to give them deeper expertise in growing business areas. On Thursday, Armis, a $4.2 billion specialist in cyber-exposure management, said it would be acquiring Otorio, a specialist in securing industrial and physical environments. Terms of the deal are not being disclosed, but sources close to the transaction tell TechCrunch that Armis — which is based in San Francisco but has roots in Israel — is paying $120 million in cash and shares for Otorio. Previously, the Tel Aviv-based startup had raised $50 million from one...