(JNS.org) The German automotive manufacturing company Continental AG announced that it will acquire Israel’s Argus Cyber Security for $430 million.
Argus specializes in developing technology that prevents digital security breaches of vehicles that enable hackers to overtake a vehicle and control it remotely.
“Only secure mobility is intelligent mobility,” said Helmut Matschi, a member of the executive board at Continental and head of the company’s Interior Division.
“With the acquisition of Argus Cyber Security, we are enhancing our abilities to directly develop and offer solutions and services with some of the world’s leading automotive cyber security experts to our customers around the globe in order to truly make mobility more intelligent and secure,” he said.
Argus was founded in 2013 and has around 70 employees, the majority of whom are based in Tel Aviv. Three of the Israeli company’s four founders are graduates of the IDF’s elite Unit 8200, which specializes in computer security.
“Argus was founded with a vision to protect all vehicles on the road from cyber threats. To this end, we have developed the most comprehensive automotive cyber security offering in the industry and enjoy global recognition of our leadership,” said Argus CEO Ofer Ben-Noon. “Joining forces with Continental…will enable us to further accelerate the realization of that vision.”
More than $1 billion has been invested in Israeli automotive technology companies in 2017, in addition to Intel’s $15.3 billion acquisition of Israel’s Mobileye, a developer vision-based advanced driver-assistance systems.