The acquisition will enable HUB to expand its Confidential Computing offering into data centers business with governments and corporations, estimated to yield hundreds of million dollars over the course of the next 3 years
HUB Cyber Security (Israel) Limited (TASE: HUB), a developer of Confidential Computing cybersecurity solutions and services (“HUB” or the “Company“), announced today that it will acquire the cyber security assets of a European Cyber firm that has an extensive EMEA distribution network of cyber solutions for major government and enterprise data centers. The company will acquire the activity for approximately $10 million in cash and up to $12 million in shares.
HUB Security founder and CEO, Eyal Moshe, said: “As we approach HUB’s SPAC merger with Mount Rainier wards a NASDAQ listing (NASDAQ:RNER), we are witnessing more successful pilots from the past year being converted into actual Confidential Computing deployments and long-term contracts already in 2022. This current acquisition is a direct continuation of our strategy to increase our global sales and distribution reach to promote our core products. The acquisition has the potential to result in transactions worth hundreds of millions of dollars from enterprises and governments within the EU and the Middle East. We are acquiring direct access to a large number of blue-chip customers around the world, which can save the Company years in otherwise penetrating entering these markets organically.”
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