TEL-AVIV, Israel, Sept. 29, 2021 /PRNewswire/ -- HUB Security ("HUB" or the "Company"), announces today the acquisition of Comsec Global for NIS 70 million, of which HUB will pay NIS 40 million in cash and NIS 30 million in its own shares. The Shares consideration are under a share sale lock-up provision for a period of 6 months post closing of the transaction.
The main goal of the acquisition is to dramatically increase HUB Security's global sales and distribution infrastructure by over 40 countries, which will enable the Company to more than double its revenues and significantly accelerate penetration of HUB's unique cyber-security solutions in global enterprises.
"HUB has developed a technology that can cause a paradigm shift in the Cyber Security market," commented Mr. Rony Sternbach, Comsec Chairman and controlling shareholder. "HUB's solution was considered to be the Holy Grail long awaited by governments and enterprises worldwide. The combination between the two companies creates a unique entity that has a strong foundation of global cyber business coupled with an unparalleled growth potential that leverages upon a 40-country sales infrastructure. In our opinion, this is a classic case of 1+1 equals 10 and not two."
Comsec is one of the leading companies in Israel's cybersecurity sector. Founded in 1987, the company was a pioneer in data security and now has an extensive customer base spanning over a thousand leading companies in 40 countries across five continents. It operates four consulting and distribution companies and has subsidiaries in the UK and the Netherlands.
The company offers a broad spectrum of services to its clients, providing comprehensive solutions in application security, security, and source code testing. These include application lifecycle development consulting, infrastructure security, and communication security. It further provides security auditing via several models; Threat Modeling, penetration tests, Black Box and comprehensive White Box audit Design Review, and more.
Comsec's annual sales turnover is approx NIS 120 million. Its customers include banking, insurance, hi-tech, communications, industrial, retail, large-scale infrastructures, and local and central government bodies and ministries. Comsec is a one-stop shop for all their cybersecurity needs.
HUB Security was established in 2017 by veterans of the IDF's 8200 and 81 intelligence units. The company specializes in protecting sensitive commercial information and has an advanced encrypted computing solution for companies and organizations aimed at preventing hostile intrusions and the theft of sensitive commercial information.
Hub offers cybersecurity solutions to, amongst others, the AI, Fintek, and critical infrastructure sectors. The company employs 400 employees, and its offices are located in Israel and the United States.
SOURCE Hub Security