German Giant Buys Israeli Auto Cybersecurity Firm for $430M

YERUSHALAYIM -
Logo of German auto company Continental. (Reuters/Fabian Bimmer/File Photo)

 

German automotive tech giant Continental is acquiring Tel Aviv-based Argus Cyber Security, the company announced. Argus is considered one of the world leaders in advanced cybersecurity for vehicles, and has designed security systems to prevent hackers from hijacking communications networks that are on board many new vehicles. According to industry sources quoted by Globes, the deal was worth about $430 million. Argus will become a part of EB, Continental’s software arm.

Onboard WiFi networks not only allow drivers to communicate with others remotely, but are important for ensuring that the many computer and car components connected to servers are secure. There have been numerous examples in recent years of hackers taking control of vehicles remotely, with drivers unable to control brakes, steering, and other essential components.

Founded in 2013 by Israeli cybersecurity experts, Argus is headquartered in Tel Aviv. With a team of more than 70 people, it has the most comprehensive, market-ready solutions in the industry, based on 38 granted and pending patents. To help vehicle manufacturers rapidly respond to the growing need for cybersecurity solutions, Argus has forged significant collaborations with key industry players and is successfully delivering projects to vehicle manufacturers and suppliers worldwide. Argus also has representation in Japan, Germany and North America.

“Argus was founded with a vision to protect all vehicles on the road from cyberthreats. To this end, we have developed the most comprehensive automotive cybersecurity offering in the industry and enjoy global recognition of our leadership. Joining forces with Continental and EB will enable us to further accelerate the realization of that vision,” said Ofer Ben-Noon, co-founder and CEO of Argus Cyber Security. “With automotive cybersecurity regulations in the making worldwide and with millions of connected cars already on the road, I can’t think of a more exciting move or a better time than now to become part of EB. Together we will shorten the time to market our products and make it easier for vehicle manufacturers to protect their vehicles from cyberattacks.”