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LG to Acquire Vehicle Security Firm Cybellum

LG to Acquire Vehicle Security Firm Cybellum

LG to acquire an approximate 64 percent stake in the tech company valued at USD 140 million

LG Electronics (LG) has announced its intent to acquire an approximate 64 percent stake in Israeli vehicle cybersecurity company Cybellum. The company plans to acquire the remaining shares of Cybellum in the near future.

In addition to this acquisition, LG Electronics has committed to invest $20 million in Cybellum upon the conclusion of the trading process in the fourth quarter.

Cybellum is a leading vehicle cybersecurity company with 50 employees on its payroll and provides its products to key industry players, including vehicle manufacturers, and suppliers worldwide. The company has operations in Japan, Germany, and North America.

"We're excited about this partnership with LG and the great return we've been able to deliver to our stakeholders," said Slava Bronfman, CEO of Cybellum. "Cybellum has developed the most comprehensive product security management offering in the industry and joining forces with LG will enable us to further accelerate the realization of our vision. We expect to grow significantly in the near future."

As cars evolve, so do the connected systems with complex interrelationships between their various components. Cybellum will help LG to preemptively secure a sustainable growth engine in the rapidly growing automotive cybersecurity industry and deliver more value in key areas such as parts design, development and operation by optimizing software security.


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