The Axa-backed cybersecurity software provider is set to list through a tie-up with Mount Rainier Acquisition Corp.

Israel-based cybersecurity technology provider Hub Cyber Security agreed a reverse merger on Wednesday with special purpose acquisition company Mount Rainier Acquisition Corp (RNER) that will allow insurance group Axa to exit.

Hub has developed a cybersecurity software platform designed to work with confidential government or corporate information, offering threat protection and end-to-end security functionality to a global client base.

The merged business will be valued at $1.28bn and will take the slot on the Nasdaq Global Market acquired by RNER in a $173m initial public offering in October 2021. The deal will be supported by $50m in private investment in public equity financing from unnamed existing and institutional investors.

Axa had led a $5m series A round for Hub in mid-2020 through corporate venturing unit Axa Ventures, with backing from crowdfunding platform OurCrowd.

Hub has made two acquisitions over the past year: a $21.7m cash and stock deal to…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.