High Wire Networks Wins $1.2 Million Managed Services Contract Renewal for Fortune 500 Healthcare Company

Rhea-AI Summary

High Wire Networks (OTCQB: HWNI) has secured a managed services contract renewal valued at $1.2 million annually from a Fortune 500 healthcare company, doubling the previous contract of $600,000. This renewal broadens the scope to include management of additional end user compute devices. High Wire's services support clinical outcomes and adherence to compliance frameworks, reflecting increasing demand for their Overwatch cybersecurity platform. The global managed services market is projected to grow at 13.8% CAGR to reach $680 billion by 2030.

Positive

• Renewed contract valued at $1.2 million annually, doubling previous contract value.
• Expansion of service scope to manage more end user compute devices.
• Increased demand for cybersecurity services in healthcare.

Negative

• None.

BATAVIA, Ill., Jan. 03, 2023 (GLOBE NEWSWIRE) --  High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed security and technology enablement services, has won a managed services contract renewal to deliver tech services for a Fortune 500 healthcare company with more than 3,000 medical clinics nationwide.

The renewal is valued at $1.2 million annually, increasing from the previous $600,000 contract announced last year. Building upon a relationship established over the past seven years, the renewed contract broadens the scope of the engagement to include the management of thousands of additional end user compute (EUC) devices across the customer’s enterprise.

“This expanded engagement with a national healthcare company is a great example of the value our partner relationships bring with repeat business, contract expansion opportunities, and Fortune 500 clientele,” stated High Wire Networks’ president and CEO, Mark Porter. “It also reflects the quality of the managed services opportunities in our near-term sales pipeline.

“We believe this customer has recognized how our technology enablement services can help support clinical health and population health outcomes through improved data collection, care coordination and patient engagement. These benefits are important to any healthcare organization, especially with the growing list of compliance frameworks, which is why we believe we are seeing growing demand for managed services from healthcare providers and anticipate similar wins in the near future.”

The company’s managed technology enablement services and innovative Overwatch managed cybersecurity platform is well suited for complex healthcare environments and the support of HIPPA compliance. Recurring revenue from High Wire’s Overwatch Managed Security business has dramatically expanded as it continues to engage leading MSP partners. Through its now more than 500 industry partners, High Wire has expanded the number of its deployments for multiple Fortune 50 customers.
   
High Wire’s managed services solutions address a global market that is expected to grow at a 13.8% CAGR to reach $680 billion by 2030. Its Overwatch platform addresses a global cyber security market that is projected to grow at a 13.4% CAGR to reach $376 billion by 2029.

About High Wire Networks
For over 22 years, High Wire Networks, Inc. has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers and telecom providers, enabling them to minimize overhead while extending their delivery capabilities around the world. High Wire’s flexible workforce delivers vendor-agnostic technical field, professional and security services across more than 180 countries worldwide.

High Wire services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. The company’s Overwatch Managed Security platform enables the company’s partners to deliver comprehensive cybersecurity that is easy to sell and easy to buy as an affordable subscription.
  
High Wire also offers a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire, its partners Get Work Done.

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

FAQ

What is the value of the new contract for High Wire Networks announced on January 3, 2023?

The new contract is valued at $1.2 million annually.

How does the new contract compare to High Wire Networks' previous contract?

The new contract doubles the previous contract value of $600,000.

What additional services will High Wire Networks provide under the renewed contract?

They will manage thousands of additional end user compute devices.

What is the significance of the contract renewal for High Wire Networks?

It reflects an expanded relationship with a Fortune 500 healthcare company.

What is the projected growth of the global managed services market?

The global managed services market is expected to grow at a 13.8% CAGR to reach $680 billion by 2030.