Continental has acquired Argus Cyber Security, which had raised about $30m in venture funding, in a deal that reportedly valued the company at $400m.
Auto parts provider Magna and insurer Allianz will exit Israel-based connected automotive security software developer Argus Cyber Security, which has agreed to an acquisition by automotive components producer Continental.
Financial terms were not disclosed but local media reports last month suggested the deal would value Argus at approximately $400m.
Founded in 2013, Argus provides cybersecurity technology for connected cars and commercial vehicles. Its platform informs car manufacturers about threats and enables them to take appropriate action in real-time.
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