LG Electronics has acquired 64 percent stake in Cybellum, a vehicle cybersecurity risk assessment solution provider, for $140 million.
Founded in 2016 in Tel Aviv, Cybellum is a vehicle cybersecurity company with about 50 employees and is collaborating with key industry players, delivering its products to vehicle manufacturers and suppliers worldwide. In addition to Israel, Cybellum has operations in Japan, Germany and North America.
Cybellum will enable LG to secure a sustainable growth engine in the growing automotive cybersecurity industry and deliver more value in key areas such as parts design, development and operation by optimizing software security.
In August 2018, LG acquired Austria’s ZKW Group, a leading player in the automotive lighting market. In July, LG launched a joint venture with Magna International, the world’s third largest auto supplier, to create LG Magna e-Powertrain.
“This latest deal will further strengthen LG’s solid foundation in cybersecurity, enabling us to be even more prepared for the era of connected cars,” Kim Jin-yong, president of the LG Electronics Vehicle component Solutions Company, said.
Founded in 2013, LG’s VS Company recorded sales of USD 5.18 billion in 2020, a 6.1 percent increase over 2019.
Through its investment in vehicle cybersecurity, LG is committing to increasing the competitiveness of its infotainment systems, electric vehicle powertrains and vehicle lighting capabilities, the three pillars of the automotive component industry.