Hub Cyber Security (NASDAQ:HUBC) stock is climbing higher on Friday after the company announced a collaboration agreement with Blackswan Technologies.
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.
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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.
