PlaxidityX cuts a third of jobs as Continental plans automotive spin-off
The vehicle cybersecurity company, previously named Argus Cyber Security, is trimming staff ahead of Continental’s planned IPO of its rebranded automotive arm, Aumovio.
Cybersecurity company PlaxidityX, formerly known as Argus Cyber Security, is embarking on a significant wave of layoffs that will see about a third of its workforce, 65 out of 180 employees, leave the company. Calcalist has learned that the cuts include senior executives, as part of a broader reorganization at its parent company, the global automotive giant Continental.
Continental’s automotive division, which employs about 100,000 people worldwide, is preparing to go public on the Frankfurt Stock Exchange this September under a new name, Aumovio. Ahead of the IPO, Aumovio has launched a global streamlining process that now also affects PlaxidityX.
Founded about a decade ago, PlaxidityX specializes in cybersecurity for vehicles and is considered one of the three largest companies in the world in this niche.
The company responded by saying it is “acting responsibly and with discretion, in line with market conditions and the global macroeconomic environment. PlaxidityX is entering a streamlining process, which includes, among other measures, a reduction in its global workforce. The goal of this move is to ensure long-term business growth, while continuing to provide the best possible service to its customers and implementing the company’s strategy for the coming years, which focuses on strategic customers and core technological products that drive its growth.”
