Continental AG (CON.XE) is buying Israeli startup Argus Cyber Security in a bid to expand its portfolio of secure software for companies that make and supply of cars, it said Friday.
Germany's Continental said that Argus will become part of its wholly-owned software subsidiary, Elektrobit. Together, the companies will develop security solutions and services to minimize the exposure of connected cars and commercial vehicles to cyberattacks, it added.
Connected vehicles are those equipped with mobile Internet technology that allows for the remote control of key functions.
The company didn't disclose the value of the transaction, but earlier this week, Israeli media outlets reported that the deal could be closed for about $400 million.
Argus is based in Tel-Aviv and was founded in 2013. It employs more than 70 people.
"With automotive cybersecurity regulations in the making worldwide and with already millions of connected cars on the road, I can't think of a better time than now to become part of Elektrobit," said Argus Chief Executive Ofer Ben-Noon.
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(END) Dow Jones Newswires
November 03, 2017 09:36 ET (13:36 GMT)