TEL AVIV, Oct 30 (Reuters) - Germany’s Continental AG is in advanced talks to buy Israel’s Argus Cyber Security, which has developed technology to protect connected cars from hacking, for about $400 million, Israeli media reported on Monday.
Founded in 2013, Argus has raised $30 million to date, including $26 million two years ago from Magna International , Allianz, the SBI Group and Israeli venture capital funds Magma and Vertex.
“This is not the first time such rumours have circulated and Argus does not comment on rumours or speculation,” a spokeswoman for Argus said.
Continental was not immediately available to comment.
The company earlier this month launched a technology for delivering over-the-air vehicle software updates jointly with Continental subsidiary Elektrobit. (Reporting by Tova Cohen, editing by Louise Heavens)