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Hub Cyber Security (NASDAQ:HUBC) is enjoying a remarkable surge in its stock value on Thursday following the acquisition of QPoint Technologies.
The acquisition sealed Hub Cyber Security’s ownership of QPoint Technologies in a cash transaction. While the financial specifics of the deal remain undisclosed, the move is aimed at bolstering the cybersecurity offerings of the company.
Hub Cyber Security has strategically acquired QPoint Technologies, renowned for its prowess in areas such as software engineering, testing, ICT, web and mobile solutions, along with project management and complex integration processes.
Moreover, QPoint Technologies brings a strong financial track record, boasting an impressive 2023 revenue projection of approximately $23 million and an outstanding customer growth rate of over 80% year-over-year.
In response to the acquisition, Hub Cyber Security CEO Noah Hershcoviz stated, “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.”
Stock Performance Amid The Acquisition
Subsequent to this acquisition news, Hub Cyber Security stock is witnessing vigorous trading today. Over 8 million shares have already changed hands, a notable surge above its average daily trading volume of about 513,000 shares.
While HUBC stock shows a solid gain of 18.9% on Thursday, the year-to-date performance indicates a 63.8% decline.
For further market updates, investors can explore the latest developments pertaining to Intuitive Machines (NASDAQ:LUNR), Flora Growth (NASDAQ:FLGC), and TC BioPharm (NASDAQ:TCBP) stocks today.
Additional Market Insights Today
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As of the date of publication, William White held no positions in the securities mentioned. The opinions expressed are those of the writer, in compliance with the InvestorPlace.com Publishing Guidelines.
