Harman International Industries has announced the successful completion of its acquisition of TowerSec, a provider of automotive cyber security, specialising in onboard network protection for connected vehicles.
Harman announced at the CES 2016 show in Las Vegas it was acquiring TowerSec.
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The company sees the move as a boost to its efforts in the area of cyber security, something that is emerging as an area of concern in the automotive industry as vehicles become more connected.
"The integrity of the connected car, and eventually the autonomous car, is dependent upon secure systems that protect automobiles and their drivers from unauthorised intrusions at any angle. TowerSec enhances Harman's automotive cyber security platform and technologies, which are already the most comprehensive in the industry today. We are pleased to bring their solutions in house as well as their deep bench of talent and expertise," said Dinesh C. Paliwal, Harman Chairman, President and CEO.
TowerSec's Ecushield and Tcushield embedded automotive software security products will be integrated into Harman's 5+1 security architecture, to protect the critical vehicle systems and functions from hacking and intrusions, a necessary prerequisite in all connected and autonomous vehicles. TowerSec is an award-winning global automotive cyber security company that has been recognized by leading automotive trade groups. In 2015, TowerSec was named The North American International Auto Show's Hottest Startup, and received the 2016 New Product Innovation Award from industry analyst firm Frost and Sullivan.
Excluding transaction costs and purchase accounting adjustments, Harman expects the transaction will be dilutive to operational earnings by approximately $0.05 in fiscal year 2016. This was previously stated during Harman's second quarter FY16 conference call. The TowerSec acquisition will be reported as part of the Harman Connected Car Division.
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