Harman completes take over of TowerSec automotive cyber security
Issue Date: 2016-03-31

Harman has announced the successful completion of its acquisition of TowerSec, a global provider of automotive cyber security, specializing in onboard network protection for connected vehicles.

"The integrity of the connected car, and eventually the autonomous car, is dependent upon secure systems that protect automobiles and their drivers from unauthorized intrusions at any angle. TowerSec enhances HARMAN's automotive cyber security platform and technologies, which are already the most comprehensive in the industry today. We are pleased to bring their solutions in house as well as their deep bench of talent and expertise," said Dinesh C. Paliwal, Harman Chairman, President and CEO.

TowerSec's ECUSHIELD and TCUSHIELD embedded automotive software security products will be integrated into Harman's 5+1 security architecture, to protect the critical vehicle systems and functions from hacking and intrusions, a necessary prerequisite in all connected and autonomous vehicles. TowerSec is an award-winning global automotive cyber security company that has been recognized by leading automotive trade groups. In 2015, TowerSec was named The North American International Auto Show's Hottest Startup.

Excluding transaction costs and purchase accounting adjustments, HARMAN expects the transaction will be dilutive to operational earnings by approximately $0.05 in fiscal year 2016. The TowerSec acquisition will be reported as part of the HARMAN Connected Car Division.