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HARMAN to Acquire Towersec Automotive Cyber Security

January 05, 2016 08:00 AM Eastern Standard Time

LAS VEGAS--(BUSINESS WIRE)--HARMAN (NYSE:HAR), the premier connected technologies company for automotive, consumer and enterprise markets, today announced it is acquiring TowerSec, a global automotive cyber security company specializing in network protection for connected vehicles. TowerSec’s technology will be integrated into HARMAN’s 5+1 security architecture aimed at protecting the critical points of vulnerability in the connected and autonomous car, including hardware, network and Over The Air (OTA) updates.

“The demand for connected – and eventually autonomous – cars is accelerating quickly with OEMs and consumers understanding the enormous benefits that cloud, data and analytics produce for enhanced safety, productivity and entertainment. At the same time, we cannot sacrifice security for functionality”

“The demand for connected – and eventually autonomous – cars is accelerating quickly with OEMs and consumers understanding the enormous benefits that cloud, data and analytics produce for enhanced safety, productivity and entertainment. At the same time, we cannot sacrifice security for functionality,” said Dinesh C. Paliwal, HARMAN Chairman, President and CEO. “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.

TowerSec has developed real-time, embedded software security products to protect vehicles from hacking and intrusions. Founded in Israel with a strong base in Michigan and Germany, TowerSec’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.

The transaction is subject to customary closing conditions and regulatory approvals.

“OEMS around the world choose HARMAN for our innovations, services and integration expertise. With security a critical component of connected cars and autonomous driving, HARMAN is again at the forefront, investing in cutting edge technologies to lead the industry,” added Paliwal.

Recognizing the convergence of automotive, home, enterprise and mobile connectivity, last year, HARMAN acquired Redbend, a premier provider of OTA updates for automotive and mobile, and Symphony Teleca, the software services company with deep expertise in cloud applications, mobility and analytics. Among its hundreds of automotive, enterprise and software clients are Microsoft, Google, Intel and Cisco.

About TowerSec

TowerSec, a global automotive cyber security supplier, delivers on-board cyber security technology to OEMs, suppliers and the aftermarket that will stop cyber threats now and in the future. Founded in 2012, TowerSec combines auto industry knowledge with Israeli cyber security expertise to deliver its on-board solutions. Headquartered in Ann Arbor, Michigan, TowerSec also has an office in Annapolis Junction, Maryland, and Berlin, Germany, and an R&D center in Israel. For more information please visit www.tower-sec.com

About HARMAN

HARMAN (harman.com) designs and engineers connected products and solutions for automakers, consumers and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions and connected services. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson® and Revel®, HARMAN is admired by audiophiles, musicians and the entertainment venues where they perform around the world. More than 25 million automobiles on the road today are equipped with HARMAN audio and connected car systems. The Company's software services power billions of mobile devices and systems that are connected, integrated and secure across all platforms, from work and home to car and mobile. HARMAN has a workforce of approximately 28,000 people across the Americas, Europe, and Asia and reported sales of $6.4 billion during the 12 months ended September 30, 2015. The Company’s shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.

© 2015 HARMAN International Industries, Incorporated. All rights reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are trademarks of HARMAN International Industries, Incorporated, registered in the United States and/or other countries. AKG is a trademark of AKG Acoustics GmbH, registered in the United States and/or other countries.

Contacts

HARMAN
Darrin Shewchuk, 203-328-3500
Senior Director, Corporate Communications
[email protected]

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