High Wire Networks Appoints Stephen LaMarche as Chief Operating Officer

Rhea-AI Summary

High Wire Networks has appointed Stephen LaMarche as Chief Operating Officer, effective February 6, 2023. LaMarche, who has over 25 years of leadership experience, will manage High Wire’s rapidly growing managed IT services, notably the Overwatch cybersecurity service, which has expanded by 400% to nearly 1,000 customers. This growth is fueled by a robust MSP partner program with over 200 partners globally and rising cybersecurity demand. The global cybersecurity market is projected to reach $376 billion by 2029. High Wire anticipates continued success as it leverages LaMarche’s expertise to enhance its offerings and expand its market presence.

Positive

• Stephen LaMarche's extensive experience in operations and IT positions him well to drive growth.
• Overwatch's customer base has grown significantly, indicating strong market demand.
• The global cybersecurity market is projected to grow at a 13.4% CAGR, presenting opportunities for High Wire.

Negative

• None.

LaMarche to Oversee High Wire’s Fast-Growing, Global Managed IT Services Business Trusted by Multiple Fortune 100 Customers

BATAVIA, Ill., Feb. 06, 2023 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and IT enablement services, has appointed company director, Stephen LaMarche, to the position of chief operating officer.

LaMarche brings to the COO position more than 25 years of executive leadership for private and public companies, including extensive experience in operations management, product innovation, sales and marketing, finance and M&A.

LaMarche will oversee the operations of High Wire’s managed IT service offerings, including Overwatch by High Wire Networks™, the company’s managed cybersecurity business that has expanded by more than 400% to nearly 1,000 business customers over the past year. The company’s managed IT services are trusted by major high-profile channel partners and corporations operating worldwide, including multiple Fortune 100 companies.

Overwatch’s growth has been largely driven by the company’s innovative MSP partner program that has expanded to more than 200 channel partners globally, as well as the increasing demand for more effective and easier-to-manage cybersecurity solutions.

Underpinning this demand is the growing awareness of the benefits that can be derived from the operationalization of cybersecurity that creates a more efficient and capable security infrastructure. When properly implemented by High Wire’s cybersecurity experts, such operationalization results in a stronger security posture that is better able to address more advanced and continuously evolving cyberthreats.

“Stephen’s years of experience and extensive operational know-how makes him a great fit as COO and for taking our IT services and especially Overwatch to the next level,” stated High Wire president and CEO, Mark Porter. “As cyber threats become increasingly more complex, we are seeing more clients adding Overwatch to their existing managed service deployments as well as new channel partners looking for a trusted solution to offer their customers. Stephen’s appointment supports our growth strategy for meeting this growing demand.” 

High Wire’s channel partners and growing user base has embraced the company’s defense-in-depth strategy of incorporating the management of multiple Overwatch cybersecurity tools. This has resulted in customers significantly increasing their financial commitment following their initial engagement. High Wire is also seeing a growing trend of customers looking to combine their managed endpoint services and other tools into a singular cohesive solution, with this made possible through the integrative capabilities of Overwatch.

The comprehensive solution enables users to eliminate the noise and provide only high fidelity, high value alerts and incidents for review. As a subscription-based service, Overwatch requires no initial capital outlay and allows predictable costs to deploy, maintain and scale.

“I’m excited to join High Wire’s fantastic management team at this pivotal stage of the company’s growth and development, as demonstrated by the more than $19 million in backlog we are currently working to deploy for our customers,” stated LaMarche. “I see our Overwatch managed cybersecurity platform as being well positioned for further market expansion as we continue to engage leading MSP partners and advance our strong sales pipeline.”  

High Wire’s Overwatch platform addresses a global cybersecurity market that is projected to grow at a 13.4% CAGR to reach $376 billion by 2029. The company’s managed services address a global market that is expected to grow at a 13.8% CAGR to reach $680 billion by 2030.

Stephen LaMarche Bio
LaMarche has served a member of High Wire’s board of directors since August 2021. He previously served as CEO of Unified Technologies, a full-service managed IT, VoIP and Global Top 100 cloud services provider before it was acquired by DSCI, a leading hosted UCaaS VoIP carrier. He led the sale of Unified and its integration with DSCI, and became senior vice president of business development and IT services for DSCI’s newly formed managed IT services operating unit.

DSCI was eventually acquired by TPx Communications (formerly TelePacific), a provider of managed IT, cloud-based security and VoIP solutions. LaMarche led the merger and integration and was appointed senior vice president of products and business development. In this role, he managed TPx’s growth strategy, sales team, product management, rebranding, marketing, sales training, operations and account management.  

LaMarche earlier served as vice president of sales for Diamond USA, a global manufacturer of high precision fiber optic tools and equipment, where he increased sales by 18% year over year and built key relationships with Ciena and NASA Engineering.

Before Diamond, he served as vice president of sales at CBL Systems, a designer and manufacturer of fiber optic network communications equipment, and was vice president of sales and marketing at VNCI, a provider of real-time video network communication solutions.

About High Wire Networks
High Wire Networks, Inc. (OTCWB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity and IT enablement services. Through more than 600 channel partners, it delivers trusted managed services for nearly 1,000 managed security customers and tens of thousands of technology customers. Its end-customers include hundreds of Fortune 500 companies and the nation’s largest government agencies.

The company’s Overwatch by High Wire Networks™ platform offers a range of subscription services for threat prevention, detection and response to meet the security and compliance requirements of organizations large and small. The company’s IT enablement services provide the foundation for growing its higher-margin Overwatch business.

High Wire has 350 employees worldwide and seven U.S. offices, including a U.S. based 24/7 Network Operations Center and Security Operations Center in Chicago, with additional regional offices in Toronto, Puerto Rico and UK.

Learn more at HighWireNetworks.com. Follow the company on Twitter, view its extensive video series on YouTube or connect on LinkedIn.

Forward-Looking Statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

Company Contact
Mark Porter, President and CEO
High Wire Networks
Tel +1 (952) 974-4000
Email contact

Media Relations
Susanna Song
VP of Marketing and Communications
High Wire Networks
Tel +1 (952) 974-4000
Email contact

Tim Randall
CMA Media Relations
Tel +1 (949) 432-7572
Email contact

Investor Relations
Ronald Both or Grant Stude
CMA Investor Relations
Tel +1 (949) 432-7557
Email contact

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a1712b4-9953-441d-a89e-84766c331154

FAQ

What are Stephen LaMarche's qualifications for COO at High Wire Networks?

Stephen LaMarche brings over 25 years of leadership experience in operations, sales, and M&A, previously serving as CEO of Unified Technologies.

How has Overwatch by High Wire Networks grown?

Overwatch has expanded by 400% to nearly 1,000 customers over the past year due to increased demand for effective cybersecurity solutions.

What market is High Wire Networks targeting with its services?

High Wire Networks is targeting the global cybersecurity market, projected to grow at a 13.4% CAGR to reach $376 billion by 2029.

What is the significance of LaMarche's appointment for High Wire's strategy?

LaMarche's appointment supports High Wire's growth strategy, particularly in enhancing its Overwatch cybersecurity platform and expanding its partner network.