Hub Cyber Security (NASDAQ:HUBC) stock is getting a boost on Thursday following the cybersecurity solutions company’s acquisition of QPoint Technologies.
Hub Cyber Security confirms that it now owns 100% of QPoint Technologies following a cash transaction. The firm didn’t say how much money it paid to acquire the software company or provide any other financial details of the transaction.
What we do know is that Hub Cyber Security purchased QPoint Technologies to enhance its own cybersecurity offerings. This is one of the areas QPoint focuses on. Other areas include software engineering, testing, ICT, web, mobile, project management as well as complex integration processes.
Hub Cyber Security also notes that QPoint brings strong financial performance with it. That includes 2023 revenue of about $26 million and customer growth of more than 80% year-over-year (YOY).
Hub Cyber Security CEO Noah Hershcoviz said this about the deal:
“Completing the acquisition of QPoint now is part of our strategy aimed at fortifying our cybersecurity infrastructure, enhancing our operational resilience, and ultimately increasing shareholder value.”
HUBC Stock Movement on Thursday
Hub Cyber Security stock is seeing heavy trading on Thursday alongside this acquisition news. That has more than 8 million shares changing hands as of this writing. That’s already well above its daily average trading volume of about 513,000 shares.
HUBC stock is up 18.9% as of Thursday morning but down 63.8% year-to-date (YTD).
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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.
