Israel’s Argus Cyber Security, which specialises in security solutions for the automotive sector, has been acquired by German car parts giant Continental’s subsidiary Elektrobit (EB). No terms for the deal were disclosed.
The pairing with Elektrobit (EB) will focus on cybersecurity for connected vehicles. Argus has previously worked on a number of partnerships with car manufacturers. The company is based in Tel Aviv and employs 70 people and will be absorbed into Elektrobit, Continental’s software arm.
“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,” said Helmut Matschi, head of the interior division at Continental.
“With automotive cyber security regulations in the making worldwide and with already millions of connected cars on the road, I can’t think of a better time, or a more exciting move, than now to become part of EB,” added Ofer Ben-Noon, CEO of Argus. “Together we will shorten time to market and make it easier for vehicle manufacturers to protect their vehicles from cyber-attacks.”
Argus Cyber Security was founded in 2013 and has raised over $25 million in funding.