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High Wire Networks, Inc. (OTCQB: HWNI) is a dynamic global provider of managed cybersecurity and IT enablement services. Established as a leader in the IT sector, High Wire Networks boasts over 625 channel partners and serves nearly 1,000 managed security customers, along with tens of thousands of technology customers worldwide. The company's clientele includes numerous Fortune 500 companies and significant government agencies.
High Wire Networks operates through several strategic subsidiaries, including AW Solutions and Adex Corporation, providing extensive telecommunication infrastructure and staffing services. Their innovative solutions span the deployment of advanced optical fiber and wireless infrastructure, detailed logistics management, and comprehensive reporting.
One of the company's noteworthy projects includes partnering with a national wireless network operator to modernize the network infrastructure for a major U.S. government agency. This project, valued at $2.4 billion, involves upgrading 4,000 locations across the United States over the next decade, highlighting High Wire’s capability to manage extensive and complex technological deployments.
In the realm of cybersecurity, High Wire's award-winning Overwatch managed cybersecurity platform has expanded significantly, earning the company recognition from Frost & Sullivan as one of the Top 12 Managed Security Service Providers in the Americas for 2023. The platform's user base has grown by 16%, serving over 1,100 SMBs and enterprise customers globally.
High Wire Networks has also made substantial strides in IT enablement, securing significant contracts with major retailers for Wi-Fi and IT infrastructure upgrades. These projects, including a $5.3 million Wi-Fi upgrade, underscore the company’s expertise and trusted partnership with top-tier technology resellers and integrators.
The company's financial health reflects robust growth, with a notable 58% revenue increase expected in Q1 2024, driven by strategic transitions to higher-margin recurring cybersecurity revenue streams. High Wire also maintains a solid project delivery backlog, ensuring sustained revenue generation and positive adjusted EBITDA.
High Wire Networks' commitment to innovation and excellence is further underlined by its inclusion in CRN's MSP 500 and Elite 150 lists, recognizing the top IT managed service providers in the nation. The company's dedication to vendor-agnostic integration and multi-tech/multi-site service delivery capabilities ensures they meet evolving market demands efficiently.
Headquartered in Chicago with additional offices in Puerto Rico and the United Kingdom, High Wire Networks continues to expand its global footprint, leveraging a robust network of 15,000 field technicians and a 24/7 Network Operations Center and Security Operations Center in the U.S.
For more information, visit HighWireNetworks.com, follow the company on Twitter, view their extensive video series on YouTube, or connect on LinkedIn.
High Wire Networks (OTCQB: HWNI) has been selected to provide Overwatch managed security services for the Illinois College of Optometry (ICO), which handles over 85,000 patient visits annually. The contract, secured through channel partner Mindsight, will deploy Overwatch SOAR™, an AI-powered threat detection and response system that consolidates alerts from various platforms for enhanced visibility and faster remediation.
This win represents HWNI's continued expansion in the higher education market, bringing their total education clients to 21. The partnership aims to protect ICO's sensitive student records and network infrastructure amid increasing cyberattacks in the education sector, which experienced its worst ransomware year on record according to Malwarebytes.
High Wire Networks (OTCQB: HWNI) has launched a new strategic growth phase by expanding its sales and marketing team to boost monthly recurring revenue (MRR) from its Overwatch cyber portfolio. Following record revenue in Q3 2024, the company has appointed industry veterans to target larger channel partners with enterprise-class clients. The company's Overwatch division has evolved from startup mode to becoming a recognized leader by Frost & Sullivan as one of the best Managed Security Services Providers.
The company's proprietary hyperautomations are enabling revenue growth and gross profit expansion without proportional increases in personnel. Under the leadership of Chief Revenue Officer Mark Dallmeier and COO Edward Vasko, High Wire reports its largest pipeline of large deals in company history, with several in final closing stages. The company is positioning itself for a potential uplisting to a major exchange.
High Wire Networks (OTCQB: HWNI) reported record Q3 2024 results with revenue increasing 4% to $2.1 million, driven by growth in its Overwatch managed cybersecurity business. Q3 Overwatch revenue grew 9% to $1.0 million. Operating expenses decreased 21% to $3.6 million, while net loss improved 56% to $1.7 million. The company completed strategic realignment, divesting its IT enablement services to focus on cybersecurity. Total liabilities decreased by $5.9 million to $7.6 million, and interest expense dropped 96% to $50,000. Management expects accelerating growth and significant profitability by second half of 2025.
High Wire Networks (OTCQB: HWNI) has been named to MSSP Alert's 2024 List of Top 250 MSSPs, marking its fourth consecutive year on this prestigious list. The company's inclusion in the Top 100 highlights its excellence in providing comprehensive cybersecurity solutions through its Overwatch managed security services ecosystem.
At the core of High Wire's security operations is Overwatch SOAR™, a proprietary AI-embedded technology that enhances threat detection and response. High Wire offers its services through a global network of over 200 MSPs and MSSPs. The company was also recognized in CRN's MSP 500 and Elite 150 lists for 2023 and 2024, and ranked in the Top 15 by Frost & Sullivan in their 2024 Managed Security Services report.
High Wire Networks (OTCQB: HWNI) has been recognized as a top cybersecurity leader in Frost & Sullivan's 2024 Managed Security Services Report. The company ranked among the Top 15 Managed Security Service Providers in growth and innovation categories, out of over 200 competitors.
Key highlights:
- High Wire's growth is attributed to its channel-only strategy, bringing in entire MSP customer bases
- The company's Overwatch Managed Security Services Ecosystem offers comprehensive protection
- High Wire's proprietary Overwatch SOAR™ technology enhances threat detection and response
- The company is developing more automation capabilities and enhancing real-time threat intelligence
- High Wire's services are offered through a global network of over 200 MSPs and MSSPs
This recognition reflects High Wire's commitment to innovation and growth in the rapidly expanding global cybersecurity market.
High Wire Networks (OTCQB: HWNI) has appointed Edward Vasko as Chief Operations Officer (COO), succeeding Stephen LaMarche who remains on the board. Vasko, with over 33 years of cybersecurity experience, will also continue as CEO of the company's Overwatch managed cybersecurity services division. CEO Mark Porter expects Vasko's appointment to accelerate overall growth and development.
Vasko brings extensive experience in business formation, development, and driving rapid growth, including leading strategic M&As and exits. He previously served as director of Boise State University's Institute of Pervasive Cybersecurity and has founded several cybersecurity organizations. The company anticipates Vasko's expertise will enhance its cybersecurity ecosystem, which includes U.S.-based security analysts, an AI-powered platform, and customer-focused processes.
High Wire Networks (OTCQB: HWNI) has secured an expanded annual contract renewal for its Overwatch Managed Extended Detection and Response (MXDR) services. The contract, awarded through a premier MSP partner, covers more than a dozen luxury car dealerships across the West Coast and Midwest U.S. This renewal is expected to increase annual revenue fivefold compared to the previous year, with additional devices added to the service scope.
Overwatch MXDR provides 24/7 monitoring and threat detection, leveraging U.S.-based security analysts and an AI-powered playbook for swift threat response. The expanded contract highlights the trust High Wire has built with its MSP partners and their high-value customers in delivering top-tier cybersecurity services.
High Wire Networks (OTCQB: HWNI) has appointed Edward Vasko as CEO and Mark Dallmeier as CRO of its Overwatch managed cybersecurity services division. Vasko brings over 30 years of cybersecurity experience, while Dallmeier has 27 years of expertise in driving technology company growth. The company also named Michael Lieder as senior director of Overwatch Service Delivery and Products.
These appointments aim to accelerate Overwatch's growth, expand its market share, and enhance its partner community. Overwatch currently has over $10.4 million in total contract value for its services and is positioned to address the growing demand for AI-powered cybersecurity solutions. High Wire offers its Overwatch services through a global network of over 200 MSPs and MSSPs, targeting a cybersecurity market expected to reach $563 billion by 2032.
High Wire Networks (OTCQB: HWNI) reported Q2 2024 results with revenue up 14% to $1.9 million and net income of $4.8 million. Key highlights include:
- Sale of technology enablement services business for $11.2 million, used to reduce debt by $5 million
- Overwatch managed cybersecurity revenue increased 24% to $1.05 million
- Gross margin expanded to 40.8% from 25.4% year-over-year
- Total contract value for Overwatch reached $10.4 million, up from $6.0 million last year
- Integrated new SIEM system into Overwatch MXDR services
- Appointed Edward Vasko as strategic advisor for Overwatch growth
The company is focusing on scaling its higher-margin Overwatch cybersecurity business, aiming to double total contract value in the near term. Management expects continued margin improvement and operational profitability for Overwatch by Q4 2024.
High Wire Networks (HWNI) has sold its technology enablement services to ServicePoint in an $11.2 million all-cash deal. The company is also planning to sell its Secure Voice (SVC) subsidiary by Q3 2024. These moves aim to streamline High Wire into a pure-play, AI-powered managed cybersecurity provider, focusing on its Overwatch division. The sale proceeds will reduce overall debt by $5 million and improve net shareholders' equity to over $6 million. Overwatch's total contract value (TCV) for Q1 2024 reached $10.4 million, a 104% increase year-over-year, while recurring revenue has increased by 25% annually. High Wire expects to achieve breakeven in the second half of 2024 and aims to double its TCV in the near term. The company has also signed new large-scale partners, enhancing its market position.
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