EMB-505 Captain reported a severe turbulence encounter which resulted in exceeding aircraft altitude and speed limitations along with temporary loss of aircraft control.

Narrative

Due to weather enroute; the crew determined it would be necessary to climb to FL450 from FL400; in addition to receiving deviations around several lines of convective thunderstorms. Conditions allowed for visual avoidance of buildups; as well as situational awareness derived from onboard radar. Approximately 100 NM from the destination airport; the crew experience severe turbulence resulting from a rapid buildup that did not appear on radar. The turbulence lasted for 2-3 minutes and resulted in an altitude deviation of 500 feet above assigned altitude and service ceiling of FL450; as well as exceedance of the maximum airspeed limitation. The 'HIGH SPEED' aural alert sounded twice. ATC communication was lost briefly; and reestablished. ATC was informed of the event; and both altitude and airspeed were immediately corrected. Upon normal descent to 11;000 MSL; crew determined current weather conditions at both destination and alternate airport of ZZZ required a diversion to an unplanned airport. ZZZ1 was chosen as the most viable option; being in close proximity and VFR conditions. A visual approach to landing was made without incident.