Summary by Futu AI
HUB Cyber Security Ltd. (HUB) has formalized its collaboration with Blackswan Technologies (BST), a leading U.S. enterprise-AI vendor, to advance in the Secured Data Fabric (SDF) market, as announced in a press release on August 22, 2024. This collaboration, effective since November 1, 2023, allows HUB to integrate BST's technology with its own and provide advisory services to BST. HUB gains rights to deliverables and a perpetual license to BST's background intellectual property. The agreement also gives HUB an exclusive option until August 22, 2025, to acquire BST's share capital or assets in exchange for up to 30% of HUB's outstanding share capital post-acquisition. The partnership aims to enhance data management and security for financial institutions and government entities, potentially reducing costs by over 30%. The current focus is on a €20 million deal with a group of Western European banks. The collaboration and potential acquisition are subject to due diligence and the negotiation of a definitive agreement.
