HUB Cyber Security Ltd , a developer of confidential computing cybersecurity solutions and services, is pleased to announce the successful acquisition for cash of Qpoint Technologies (“Qpoint”). Following this acquisition HUB holds 100% of QPoint. This acquisition is strategically aligned with HUB’s mission to establish a leading global secure data fabric ecosystem. QPoint, boasting a diverse customer base of over 100 renowned brand clients, including partnerships with Rafael Advanced Defense Systems, the developer of the “Iron Dome”, the Israel Airport Authority and the Ministry of Defense of Israel.
Established in 2009, QPoint comprises five subsidiaries and provides solutions and consulting across various verticals, including innovative data management and security solutions. The strategic integration enhances HUB’s capabilities in safeguarding sensitive information across various sectors. QPoint has expertise in software engineering, testing, cybersecurity, ICT, web, mobile, project management, and complex integration processes, bringing invaluable additions to HUB portfolio and expanding market reach, revenue stability and customer support. There is a significant cross-selling opportunity between QPoint and HUB’s expanded offerings, with customers spanning the healthcare, government, energy, defense, and financial sectors.
Enhancing the value of this acquisition further, QPoint has exhibited robust financial health, boasting an annual revenue in FY23 of about $26 million. In addition, QPoint showcases remarkable growth metrics, with a year-over-year (YoY) customer growth rate surpassing 80%. This highlights QPoint’s solid market presence and the compelling appeal of its services solutions. This acquisition not only significantly broadens HUB’s customer base and service offerings but also integrates a financially sound partner poised to make a significant contribution to the Company’s overall financial well-being.
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Noah Hershcoviz, CEO of HUB, declared, “Acquiring QPoint is not just a transaction; it’s a strategic move deeply embedded in our long-term vision. Completing the acquisition of QPoint now is part of our strategy aimed at fortifying our cybersecurity infrastructure, enhancing our operational resilience, and ultimately increasing shareholder value. This integration marks a pivotal moment in our journey towards establishing a more comprehensive cybersecurity framework and underscores our commitment to our mission and to our shareholders.”
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 to prevent 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.
SOURCE: GlobeNewswire