HUB Cyber Security Wins €20 Million Contract to Lead Banking Modernization for Prestigious Financial Institution in Europe

Rhea-AI Summary

HUB Cyber Security (NASDAQ: HUBC) has secured a €20 million contract with Cassa di Risparmio della Repubblica di San Marino S.p.A. to lead a comprehensive digital banking modernization project. The initiative, expected to be implemented by the end of 2025, includes:

• Core technology ecosystem transformation
• Regulatory compliance enhancement
• Advanced cybersecurity implementation
• Data center modernization
• Complete overhaul of core, mobile, and online banking platforms

The project, which remains subject to regulatory approvals and definitive agreement, will utilize HUB's secure, on-premise infrastructure model and secured data fabric solution. The selection was based on the solution's alignment with San Marino's regulatory requirements and its cost-effective, OPEX-driven financial approach.

Positive

• Secured significant €20 million contract with established European bank
• Strategic expansion into regulated banking sector
• Project implementation expected by end of 2025
• Cost-effective OPEX-driven financial model

Negative

• Contract subject to regulatory approvals
• Final definitive agreement yet to be executed

TEL AVIV, Israel, April 09, 2025 (GLOBE NEWSWIRE) -- HUB Cyber Security Ltd. (NASDAQ: HUBC) (“HUB” or the “Company”), a global provider of cybersecurity and data protection solutions, today announced it has been selected by Cassa di Risparmio della Repubblica di San Marino S.p.A. (the “Bank”) to execute a comprehensive €20 million digital banking and infrastructure modernization initiative (the “Project”). The Bank is the oldest financial institution in San Marino. The Project remains subject to regulatory approvals and the execution of a definitive agreement. Subject to the foregoing, HUB expects to implement the Project by the end of 2025.

HUB’s secure, on-premise infrastructure model was chosen for its strategic alignment with San Marino’s evolving regulatory landscape, coupled with its cost-effective, OPEX-driven financial approach. This landmark initiative aims to revolutionize the Bank’s core technology ecosystem -- encompassing regulatory compliance, advanced cybersecurity, data center modernization, and a full overhaul of its core, mobile, and online banking platforms - using HUB’s secured data fabric solution.

Noah Hershcoviz, CEO of HUB, stated: “We are honored to be selected by this prestigious European financial institution to lead its transformative initiative. This contract represents a key milestone in HUB’s strategic expansion into the regulated banking sector, reinforcing our position as a trusted partner in high-security, mission-critical environments. We view this as a long-term growth opportunity and look forward to delivering sustained value through innovation, operational excellence, and deep regulatory alignment.”

About HUB Cyber Security Ltd.

HUB Cyber Security Ltd (“HUB”) was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in advanced cybersecurity solutions that protect sensitive commercial and government information. HUB’s offerings include encrypted computing technologies that prevent hardware-level intrusions and innovative data theft prevention solutions. Operating in over 30 countries, HUB serves a diverse client base with its cutting-edge cybersecurity appliances and services.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “future,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “seem,” “should,” “will,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of HUB Security, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the HUB Security and the following: (i) significant uncertainty regarding the adequacy of HUB Security’s liquidity and capital resources and its ability to repay its obligations as they become due; (ii) the war between Israel and Hamas, which may harm Israel’s economy and HUB Security’s business; (iii) expectations regarding HUB Security’s strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and HUB Security’s ability to invest in growth initiatives and pursue acquisition opportunities; (iv) the outcome of any legal or regulatory proceedings against HUB Security in connection with our previously announced internal investigation or otherwise; (v) the ability to cure and meet stock exchange continued listing standards and remain listed on the Nasdaq; (vi) competition, the ability of HUB Security to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (vii) limited liquidity and trading of HUB Security’s securities; (viii) geopolitical risk, including military action and related sanctions, and changes in applicable laws or regulations; (ix) the possibility that HUB Security may be adversely affected by other economic, business, and/or competitive factors; (i) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in HUB Security’s Annual Report on Form 20-F/A filed on October 22, 2024.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of HUB Security prove incorrect, actual results may vary in material respects from those expressed or implied in these forward-looking statements.

All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this press release and attributable to HUB Security or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in the press release. Except to the extent required by applicable law or regulation, HUB Security undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events.

Investor Relations: 
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com 

FAQ

What is the value of HUB Cyber Security's (HUBC) new European banking contract?

HUB Cyber Security secured a €20 million contract with Cassa di Risparmio della Repubblica di San Marino S.p.A.

When will HUBC complete the San Marino bank modernization project?

The project is expected to be implemented by the end of 2025, subject to regulatory approvals.

What services will HUBC provide in the €20M San Marino bank contract?

HUBC will provide digital banking modernization, including cybersecurity, data center modernization, and core/mobile/online banking platform overhaul.

What conditions need to be met for HUBC's €20M banking contract to proceed?

The project requires regulatory approvals and the execution of a definitive agreement.

How will HUBC's infrastructure model benefit the San Marino bank?

HUBC's secure, on-premise infrastructure offers regulatory compliance alignment and a cost-effective OPEX-driven financial approach.