HUB Security acquires QPoint Technologies, terms not disclosed

HUB Cyber Security announced the acquisition for cash of Qpoint Technologies. 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%.