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ALD raises $50m to support HUB Security merger
HUB specializes in cybersecurity technology that protects sensitive data for companies and organizations through its proprietary advanced cryptography based computation solution.
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.
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HUB Security to list on TASE through ALD merger
ALD is a software and consultancy firm while HUB is a cybersecurity company.
Israeli cybersecurity company HUB Security is to list on the Tel Aviv Stock Exchange (TASE) through the back door by merging with an existing company Advanced Logistics Development (ALD).
The merger will be at a company valuation of $105 million pre-money and $145 million after the capital is raised and after the merger is completed. The capital raising will include $40 million from institutional investors while $10 million in shares will be purchased from Zigmund Bluvband, the current controlling shareholder in ALD. After the merger Bluvband will serve as chairman of the merged company, and HUB s investors will hold a 51% stake in ALD.