The German automotive giant Continental AG has bought Argus, an Israeli company that protects connected cars from hacking, for an estimated $450 million.

Photo credit: Reuters/Channel 2 News

Israel’s Argus Cyber Security, a company that specializes in protecting connected cars from hacking, was sold to Germany’s Continental AG for an estimated $450 million.

Reports of the expected deal emerged earlier this week. Argus was founded in 2013 by three IDF Intelligence Corps veterans. Among its customers are some of the leading car manufacturing companies from around the world.

Nearly all car models nowadays are equipped with WiFi and it is estimated that hundreds of millions of cars will be connected in a few years’ time. Hacking into cars has become a worldwide problem in recent years.