HARMAN has reached yet another milestone after successfully completing its acquisition of TowerSec, a premier global provider of advanced automotive cyber security, specializing in onboard network protection for connected vehicles.
In a statement, Dinesh C. Paliwal, HARMAN Chairman, President and CEO, said that the connected car’s integrity, and ultimately the autonomous car, is dependent upon secure systems that safeguard automobiles and their motorists from unauthorized intrusions at any angle. He claimed that TowerSec improves HARMAN’s automotive cyber security platform and technologies, which are already the most complete in the industry today. “We are pleased to bring their solutions in house as well as their deep bench of talent and expertise”.
TowerSec’s ECUSHIELD and TCUSHIELD embedded automotive software security products are slated to be incorporated into HARMAN’s 5+1 security architecture, to safeguard the important vehicle systems and functions from hacking and intrusions, a requirement in all connected and autonomous vehicles. The company is an award-winning global automotive cyber security firm that has been acknowledged by leading automotive trade groups. Last year, it was named the North American International Auto Show’s Hottest Startup, and bagged the 2016 New Product Innovation Award from industry analyst company, Frost and Sullivan.
Without transaction costs and purchase accounting adjustments, the company anticipates the transaction to be dilutive to operational earnings by nearly 0.05 in fiscal year 2016.
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