Israel’s automotive cyber security sector saw its first big exit of 2016 with US-based HARMAN International Industries buying TowerSec. Market sources put the acquisition deal at $70 million.
HARMAN announced that they intend to integrate the Israeli technology solutions for improving their network protection on connected vehicles.
“By acquiring TowerSec’s best-in-class suite of network protection software and gaining the expertise of their highly experienced security engineers, we will build on HARMAN’s 5+1 security framework, already the most comprehensive in the industry, and ensure that we remain one step ahead to protect existing and future connected systems,” said Dinesh C. Paliwal, HARMAN Chairman, President and CEO.
Technology experts say 2016 will be a year in which Israeli companies shine in cyber security and Internet of Things.
Founded in 2012, TowerSec combines auto industry knowledge with Israeli cyber security expertise to deliver its on-board solutions. TowerSec developed real-time, embedded software security products to protect vehicles from hacking and intrusions.
The Israeli company’s core products, ECUSHIELD and TCUSHIELD, will be integrated into HARMAN’s systems.
The ECUSHIELD is a real-time ready product which embeds to allow any ECU or gateway to detect and prevent hacking, intrusion and critical communication disruptions. TCUSHIELD is integrated into Infotainment systems and telematics units to protect against unintended and potentially harmful wireless communications.
“The TowerSec team has developed innovative, essential and efficient security measures for OEMs and suppliers. 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,” said Saar Dickman, CEO of TowerSec.