ALD Advanced Logistics Development Ltd. (TASE: ALD) announced today that it has completed raising $50 million from Israeli and international leading institutional investors to support the company’s recently announced merger with Tel Aviv-based cybersecurity company HUB Security, which has been valued at $146 million.
HUB Security was founded in 2017 by CEO Eyal Moshe and CTO Andrey Laremenko, veterans of the IDF 81 and 8200 Intelligence units. HUB's shareholders include AXA Ventures, and OurCrowd.
Upon completion of the merger, HUB's shareholders will hold 51% of the merged company, which will be called HUB Security Ltd. (NewCo).
The company also announced early Tuesday that once the merger is complete, Eyal Moshe, HUB’s current CEO, will also become the CEO of NewCo. In addition, Eyal Moshe will become NewCo’s controlling owner, while the COO of the company, Dotan Moshe will remain in his current position. ALD’s former CEO and controlling owner, Zigmund Bluvband will be appointed chairman while Andrey Laremenko will remain as HUB CTO.
ALD has a well-developed sales infrastructure and HUB security sees the potential in ALD as a platform for a successful merger, with its well-developed customer base and client relationships, which make it fertile ground for the next steps in the merged company’s growth in the cybersecurity market.
HUB specializes in cybersecurity technology that protects sensitive data for companies and organizations through its proprietary advanced cryptography based computation solution which prevents hostile infiltration. HUB Security has 25 employees in offices in Tel Aviv and New York.
HUB Security provides cybersecurity solutions for a variety of fields including AI, data, fintech and infrastructure.
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2021
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