Harman International Industries Inc. (NYSE: HAR) is buying automotive cybersecurity company TowerSec for an undisclosed amount.
TowerSec, based in Ann Arbor, Michigan, and founded in 2012, makes cybersecurity technology for automotive manufacturers. The target is known for its Ecushield and Tcushield software products. TowerSec also has operations in Maryland, Germany and Israel. Harman, located in Stamford, Conneticut, produces speakers, audio systems and other electronics for cars.
“The demand for connected and eventually autonomous car is accelerating quickly with OEMS and consumers understanding the enormous benefits that cloud, data and analytics produce for enhanced safety, productivity and entertainment,” says Harman CEO Dinesh Paliwal.
Demand for automotive parts continues to pick up as car sales rise. According to J.D. Power and LMC Automotive, U.S. sales of light vehicles and trucks are expected to reach 17.5 million in 2015.