It is not a strange fact to know that Israel is not known as a car manufacturing hub. However, one cannot deny the fact that they are one of leaders when it comes to technological advancements. Their transportation technology is discussed all around the world. Continental AG is renowned for their automotive components recently acquired a security firm based in Israel. The name of the company is Argus Cyber Security. This security firm is known for their protection of connected cars against hackers.
Continental AG interior division said that with this acquisition they will be directing developing and offering solutions to customers with the help of leading automotive security experts. The company that Continental AG acquired has presence in Japan, US and Germany with more than 70 employees. With respect to cyber security this Tel-Aviv based company has 38 patents to its name. The deal between the two is said to be around $400 million.
Continental AG software division part Elektrobit leads with the acquired company. This is not the first time when an Israeli company is acquired. Earlier this year Intel also acquired camera based safety company Mobileye for $15 billion. Google also did some purchase community based digital mapping firm Waze back in the year 2013 for around billion dollar. Argus CEO Ofer Ben-Noon said that the collaboration between the two will accelerate the pace of cyber security for connected cars. By joining hands, they will help automotive manufacturers to protect their cars from cyberattacks.