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LG Electronics has acquired an Israeli company specializing in automobile cybersecurity to upgrade its portfolio in the automotive electronics business and boost its global competitiveness.
The company announced on Sept. 23 that it has acquired a 63.9 percent stake in Cybellum, an auto cybersecurity company in Israel. The company’s corporate value is about US$140 million and LG Electronics’ stake is valued at US$89.46 million.
LG Electronics is planning to acquire an additional stake in the company by the end of 2021. Its final stake and investment amount will be fixed at the end of 2021 when the stock trading process is completed.
Apart from the deal, LG Electronics signed a US$20 million simple agreement for future equity (SAFE) with Cybellum. The investment amount will be converted into stocks between the end of 2022 and the first half of 2023.
Founded in 2016, Cybellum is a startup with about 50 employees. The company is headquartered in Tel Aviv, Israel. It has won recognition by developing a multi-platform analysis tool that can analyze various software programs. Experts say that the company has unique and unrivaled solution capabilities to check vulnerabilities related to automobile cybersecurity.
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