That agreement will have the two companies working together on “a joint solution for enterprise Confidential Computing to the financial sector.” Investors will note that these two companies have already been collaborating and this is an expansion of those previous efforts.
The agreement with Blackswan Technologies will see it and Hub Cyber Security work together over a three-year period with an option to extend the contract by another two years. This will see HUBC help protect a European bank’s critical data assets. It expects this will generate revenue of more than $25 million over one and a half years.
Noah Hershcovitz, Chief Strategy Officer of Hub Cyber Security, said the following about the partnership:
“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.”
HUBC Stock Reactions Today
Investors are excited about the collaboration with Blackswan Technologies. As a result, more than 58 million shares have changed hands as of this writing. That’s a massive gain over its daily average trading volume of about 10.9 million shares.
HUBC stock is up 30.2% as of noon on Friday.
There are more stock market stories worth reading about below!
We have all of the hottest stock market news for traders to sink their teeth into today! Among that is what’s going on with shares of Altimmune (NASDAQ:ALT), Pfizer (NYSE:PFE) and Elastic (NYSE:ESTC) stock today. That news is available at the following links!
More Stock Market News for Friday
- Why Is Altimmune (ALT) Stock Up 43% Today?
- Pfizer Layoffs 2023: What to Know About the Latest PFE Job Cuts
- Artificial Intelligence Is Powering Elastic (ESTC) Stock Higher
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.