Hub Cyber Security Ltd (NASDAQ:HUBC) shares are rocketing by around 30% after it disclosed a significant collaboration expansion with Blackswan Technologies Ltd.
The deal will aid in offering joint Confidential Computing cybersecurity solutions to safeguard critical data assets in the financial sector.
In connection with an agreement recently signed by Blackswan Technologies with one of Europe’s financial institutions, HUB undertook to provide Confidential Computing cybersecurity solutions to safeguard the bank’s critical data assets.
The framework deal is signed for a three-year term with a potential 24-month extension.
The company expects its shares of the revenue to exceed $25 million within the year and a half.
Noah Hershcovitz, HUB’s Chief Strategy Officer, said, “Our partnership with Blackswan is expected to yield a significant increase in our customer pipeline as they are prominent in the banking, credit and investment communities – all major sectors – that have a cyber security hole that we know how to fill. This is an initial step towards an expansion on both clientele and new geographies for HUB’s business.”
Price Action: HUBC shares are up 30.2% at $0.30 on the last check Friday.
