via IBN -- HUB Cyber Security Ltd. (Nasdaq: HUBC), a developer
of Confidential Computing cybersecurity solutions and services
(“
HUB'' or the “
Company”),
announces a strategic alliance LOI with a company with cutting-edge
technology in the automation of cyber risk detection and responses.
The LOI contemplates that both companies will engage in a strategic
alliance via marketing the combined solutions of both companies in
the U.S., the EU and in Israel. HUB will receive an option to
acquire all of the shares of the strategic partner within 6 months
of signing of an agreement, subject to completing due diligence.
The union between the companies will enhance
HUB’s leading Confidential Computing solutions and Cyber Services,
providing intelligent automation for cyber vulnerability
management, extended detection and response, cyber event
management, threat intelligence, and overall security
orchestration, automation, and response.
The potential transaction value represents 20%
of the HUB Security’s shares, and the acquisition is expected to
boost HUB’s revenue while adding multiple existing top-tier clients
to HUB’s portfolio. HUB aims to expand its solutions offering with
technologies that will rival those of existing vendors. The
alliance will significantly increase HUB’s capability to map-out
organizational Cyber IT networks, devices, and IoT, detect and
assess cyber threats while providing threat management automation
across a wide range of cyber attack scenarios.
Uzi Moskowitz, CEO of HUB Security, commented on
the strategic alliance stating: “The current situation in Israel
only reaffirms the need for far stronger cyber defenses than the
world currently employs. HUB is committed to providing the highest
level of military-grade security to protect our country and many
other governments against cyber-attacks that may cripple entire
nations. We persist in fostering collaborations between
organizations to bolster cyber defenses globally, safeguarding
vital online infrastructure for defense and government purposes.
Our partner has significant technology in its field and is a
perfect match to our technology and vision.” While the capabilities
of the partner enable automatically detecting critical processes
and identifying “crown jewels”, the Confidential Compute product of
HUB will immediately engage and protect exactly these assets.
The CEO of the partner company said: “We believe
that our automated detection and protection product suite coupled
with HUB Confidential Computing's unique capabilities constitute a
key requirement for any business or government wishing to protect
their critical lifeline and assets. The integration between the two
products is both logical and easy to implement as they cover
together the complete path to achieving secure operation. This is
the merit of our alliance and its vision.”
For more information about HUB Security and its
cybersecurity services, please visit www.hubsecurity.com
About HUB Security Ltd.HUB
Cyber Security Ltd ("HUB Security") was established in 2017 by
veterans of the elite intelligence units of the Israeli Defense
Forces. The Company specializes in unique Cyber Security solutions
protecting sensitive commercial and government information. The
company debuted an advanced encrypted computing solution aimed at
preventing hostile intrusions at the hardware level while
introducing a novel set of data theft prevention solutions. HUB
Security operates in over 30 countries and provides innovative
cybersecurity computing appliances as well as a wide range of
cybersecurity services worldwide.
About the Partner CompanyThe
partner company enables CISOs to become proactive by shifting to
“management by objectives.” This is accomplished by deploying
high-level executable security policies. These policies define
organizational security and compliance objectives, as well as
cyber-risk appetite. This “policy as code” approach facilitates
coordination, reporting, and separation of concerns among different
stakeholders in cyber defense, compliance, and risk management. The
partner company’s executable policies utilize existing cyber
technology anchors for existing “silos,” add new cyber innovations
as needed, and provide cross-silo mitigation enforced directly by
the platform. Policies also provide a basis for the metrics,
reporting, and processes of continuous improvement.
Forward-Looking StatementsThis
press release contains forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995, including statements
about the anticipated benefits of the transaction, and the
financial condition, results of operations, earnings outlook and
prospects of the combined company. Forward-looking statements are
typically identified by words such as "plan," "believe," "expect,"
"anticipate," "intend," "outlook," "estimate," "future,"
"forecast," "project," "continue," "could," "may," "might,"
"possible," "potential," "predict," "seem," "should," "will,"
"would" and other similar words and expressions, but the absence of
these words does not mean that a statement is not
forward-looking.The forward-looking statements are based on the
current expectations of the management of HUB Security, as
applicable, and are inherently subject to uncertainties and changes
in circumstances and their potential effects and speak only as of
the date of such statement. There can be no assurance that future
developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the HUB Security and the following:
(i) the proposed transaction is subject to the satisfactory
completion of due diligence by the both parties, the negotiation of
definitive agreements and other conditions and therefore might not
be consummated; (ii) even if consummated, HUB Security might not be
able to retain key personnel and customers and successfully
integrate the acquired business; (iii) significant uncertainty
regarding the adequacy of HUB Security’s liquidity and capital
resources and its ability to repay its obligations as they become
due; (iv) the war between Israel and Hamas commenced in October
2023 and the potential expansion of hostilities to other fronts may
harm Israel’s economy and HUB Security’s business; (v) expectations
regarding HUB Security's strategies and future financial
performance, including its future business plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures, and HUB Security's ability to invest in growth
initiatives and pursue acquisition opportunities; (vi) the outcome
of any legal or regulatory proceedings that may be instituted
against HUB Security in connection with our previously announced
internal investigation or otherwise; (vii) the ability to cure and
meet stock exchange continued listing standards; (viii the risk
that the consummation of the business combination in February 2023
will disrupt HUB Security's operations and future plans; (ix)
competition, the ability of HUB Security to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (x) limited liquidity and
trading of HUB Security’s securities; (xi) geopolitical risk,
including military action and related sanctions, and changes in
applicable laws or regulations; (xii) the possibility that HUB
Security may be adversely affected by other economic, business,
and/or competitive factors; (xiii) other risks and uncertainties
set forth in the sections entitled "Risk Factors" and "Cautionary
Note Regarding Forward-Looking Statements" in HUB Security’s Annual
Report on Form 20-F filed on August 15, 2023.
Should one or more of these risks or
uncertainties materialize or should any of the assumptions made by
the management of HUB Security prove incorrect, actual results may
vary in material respects from those expressed or implied in these
forward-looking statements.
All subsequent written and oral forward-looking
statements concerning the matters addressed in this press release
and attributable to HUB Security or any person acting on its behalf
are expressly qualified in their entirety by the cautionary
statements contained or referred to in this press release. Except
to the extent required by applicable law or regulation, HUB
Security undertakes no obligation to update these forward-looking
statements to reflect events or circumstances after the date of
this press release to reflect the occurrence of unanticipated
events.
Wire Service Contact:IBN Los Angeles,
California www.InvestorBrandNetwork.com 310.299.1717 Office
Editor@InvestorBrandNetwork.com
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