HUB Security signs LOI for a NASDAQ SPAC Merger

Omri Hurwitz

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HUB Security

HUB Security (TASE:HUB.TA) is an upcoming new cybersecurity player that recently has been rising through industry awareness as a novel entrant with aggressive ideas and technology. Their main claim is that legacy methods of cyber defense simply don’t work. As veterans of the Israeli intelligence corps, HUB founders were part of the Israeli national cybersecurity force where they got the seed ideas for the establishment of HUB and its novel tech.

HUB management states that the vast majority of cyber solutions address only two states of data protection out of the three main ones: encryption of data while ‘at REST’ and while ‘in TRANSIT’. This means that we have thousands of cybersecurity software and hardware companies protecting a Microsoft Word document containing confidential data (as an example) while it is being stored on the hard-drive or while it is being sent elsewhere via computer communication lines. They further claim that these two states are well protected and covered by over 95% of the cybersecurity companies out there. However, the main caveat, according to HUB, is the third state where the same Word document is being used and was uploaded to the CPU and RAM memory for viewing or editing purposes. “No one is protecting sensitive data while in use”, says Eyal Moshe, HUB’s co-founder and CEO at one of his online interviews. “This is exactly how Phishing attacks work and how most hacks are being performed”. Eyal’s claim is that there will never be a ‘cyber safe harbor’ IT ecosystem while the third state of data has not been covered in full.

This is exactly what HUB offers today to governments and corporate clients the likes of Lockheed Martin, Boeing, VISA, SAP, HSBC bank and many others designated on HUB’s website. HUB claims to be the only company to provide a full stack of hardware-based Confidential Computing solution that is meant to move the needle in the right direction on the war against cybercrime.

The company has been on an aggressive M&A ride, buying professional services companies to complement its technology offering and now has just announced it has signed an LOI for a $150m cash raise via a SPAC deal on NASDAQ at an Estimated $600m-$800 Valuation. This move will put HUB into the main arena as a potential unicorn alongside the largest industry players, having ample cash and stock to continue its move into industry frontlines.

As part of the sane humanity wishing for privacy to stay private and information to stay personal, we watch this space as it evolves into a new phase with new players emerging to take the lead on this important war.

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Omri Hurwitz is a Tech Marketer and Media Strategist. His client portfolio consists of some of the leading companies and start-ups in Tech. He writes for several media channels including Entrepreneur, Yahoo Finance, Forbes, Tipranks, The Times Of Israel, New York Tech, Investing.com, Newsbreak, The VentureCation, Hackernoon, Benzinga, and more.

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