HUB Security, a Tel Aviv-based cybersecurity hardware developer, has signed a long-term framework agreement with a European company to provide covert computer solutions expected to reach $18 million in recurring hardware and services, the company said in an announcement this week. The company already expects revenue of $3.6 million for 2022.
The news comes a month after the company signed a binding agreement with Nasdaq-traded Mount Rainier Acquisition Corp (RNER), for a merger expected to take place this year.
“Our secret computing solution has been in numerous pilots with leading companies and governments around the world for over a year,” said Eyal Moshe, CEO of Hub Security. “We are now gaining momentum in converting these pilots into physical transactions. SPAC’s upcoming $1.28 billion merger with Mount Rainier Acquisition Corp will improve our access to the US market and other markets, which is likely to increase our sales. Our products are unique in the marketplace. It allows the customer to operate in the system even during a cyber attack.”
Founded in 2017, HUB Security has designed an online platform to provide military-grade security for applications of artificial intelligence, machine learning, critical infrastructure, finance, and cloud services. The company protects sensitive business information of companies with an advanced encrypted computing solution to prevent hostile intrusions from disrupting organizations. HUB Security also offers professional services such as integration, pen tests, red team services, and DDoS attack simulation, among others.