US company Harman International Industries Inc. has acquired second Israeli automotive cyber security startup TowerSec. No financial details were disclosed but market sources told Israeli media that Harman is paying $70-75 million.
Founded in 2012 by Guy Ruvio, Yuval Weisglass and CEO Saar Dickman, TowerSec has developed real-time, embedded software security products to protect vehicles from hacking and intrusions. TowerSec will be integrated into Harman’s 5+1 security architecture aimed at protecting the critical points of vulnerability in the connected and autonomous car, including hardware, network and Over The Air (OTA) updates.
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Harman, is a premier connected technologies company for automotive, consumer and enterprise markets. President and CEO Dinesh C. Paliwal said: “The demand for connected – and eventually autonomous – cars is accelerating quickly with OEMs and consumers understanding the enormous benefits that cloud, data and analytics produce for enhanced safety, productivity and entertainment. At the same time, we cannot sacrifice security for functionality.”
TowerSec CEO Saar Dickman said, “While we have been partnering with Harman as a supplier, now we will leverage the company’s scale, network and deep connected car domain experience to meet the demands of our target markets, including providers of gateways, body control modules, and TCU’s, as well as automotive OEMs and other Tier 1 suppliers. We are excited to work within Harman to ensure cars on the road today and those designed for tomorrow are protected against cyber attacks and other intrusions.”
TowerSec has developed real-time, embedded software security products to protect vehicles from hacking and intrusions.
This is Harman’s second Israeli acquisition. in 2015, the US company acquired Red Bend Software startup for $200 million. Red Bend has developed software systems for cars.
