Asian Tech Press (Sep 24) -- South Korean electronics company LG Electronics Inc. said Thursday that it has acquired Israeli automotive cybersecurity startup Cybellum, the Maeil Business Newspaper reported.

The report said LG Electronics acquired a 63.9% stake in Cybellum Technologies Ltd., and plans to acquire more Cybellum shares by the end of 2021, when the amount of the acquisition will be determined.

The Korean electronics giant said Cybellum's current management team will continue to operate the company independently and work with its existing automotive and parts partners.

It also said the deal helps it develop safer automotive software, enhances its growing automotive parts business and allows Cybellum to expand its safety solutions to global customers.

Founded in 2016, Cybellum is an automotive cybersecurity company with risk assessment software technology that looks for security vulnerabilities and risks in software used on automotive parts. The company is currently working with key industry players to successfully deliver its products to automakers and suppliers around the world.

LG Electronics is the second largest electronics company in South Korea after Samsung, and in addition to smartphones, it is involved in a range of industries, including white goods and home devices. Furthermore, the company is the second largest TV supplier in the world and the largest supplier of OLED TVs.