Former $450 million Israeli cyber exit Argus to shut down
Now operating as PlaxidityX, the automotive cybersecurity company will close its Israeli operations and lay off its remaining 80 employees as parent Aumovio restructures amid a slowing automotive market.
The automotive cybersecurity company PlaxidityX, formerly known as Argus, is shutting down its operations in Israel and laying off its remaining 80 employees, Calcalist has learned.
The company began a first round of layoffs during 2025, and since then its Israeli workforce has been reduced to 80 employees. Now, its parent company, Aumovio, has decided to close the Israeli operation entirely, citing the state of the global automotive market and the "rapid changes in the industry."
Aumovio is a German automotive technology company that was spun off from automotive giant Continental, which acquired Argus in 2017 in a deal estimated at approximately $450 million.
As part of the move, all remaining employees in Israel will be laid off. According to the company, affected employees will receive enhanced severance packages, close career-transition support, and individualized consideration based on their personal circumstances.
Argus was founded by Ofer Ben-Noon, Oron Lavi, and Yaron Galula. The company's Israeli operations are currently led by Ronen Shmueli.
In a statement, the company said: "Aumovio is focused on business activities that create value and support future growth. Following a comprehensive strategic assessment, Aumovio has made the difficult decision to begin the process of winding down PlaxidityX. The decision reflects the rapid changes in the automotive industry and an increasingly challenging market environment, with slower-than-expected growth. These developments are also affecting the automotive cybersecurity market and are consistent with Aumovio's strategy of focusing on businesses with long-term value and growth potential. The process will be managed responsibly, with support for affected employees and an orderly transition for customers and partners."
