Reports: Conti to Buy Argus Cyber Security

Continental AG is expected to acquire Tel Aviv -based Argus Cyber Security Ltd., a developer of anti-hacking technology for connected cars, according to Israeli media reports. Neither company is commenting.

Reuters says the 4-year-old startup has previously attracted $30 million in backing, primarily from German financial services Allianz, Canadian supplier Magna International, Japanese financial group SBI Group and two Israeli venture capital funds.

Less than two weeks ago Argus and German partner Elektrobit Automotive GmbH unveiled technology that enables secure wireless updates of in-vehicle software. Elektrobit became a wholly owned subsidiary of Conti in June.