STAMFORD, CT – HARMAN International Industries, Incorporated (NYSE: HAR), the premier connected technologies company for automotive, consumer and enterprise markets, today 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, and received the 2016 New Product Innovation Award from industry analyst firm Frost and Sullivan.
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. This was previously stated during HARMAN’s second quarter FY16 conference call. The TowerSec acquisition will be reported as part of the HARMAN Connected Car Division.
HARMAN (harman.com) designs and engineers connected products and solutions for automakers, consumers and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions and connected services. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson® and Revel®, HARMAN is admired by audiophiles, musicians and the entertainment venues where they perform around the world. More than 25 million automobiles on the road today are equipped with HARMAN audio and connected car systems. The Company's software services power billions of mobile devices and systems that are connected, integrated and secure across all platforms, from work and home to car and mobile. HARMAN has a workforce of approximately 28,000 people across the Americas, Europe, and Asia and reported sales of $6.5 billion during the 12 months ended December 31, 2015. The Company’s shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.