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About High Wire Networks Inc. (HWNI)
High Wire Networks Inc. (OTCQB: HWNI) is a globally recognized provider of managed cybersecurity services, specializing in delivering advanced, scalable solutions through its proprietary Overwatch platform. Headquartered in Chicago, Illinois, the company operates a 24/7 Security Operations Center (SOC) and Network Operations Center (NOC), supporting a diverse range of clients, including Fortune 500 companies and major government agencies. High Wire Networks serves its end customers exclusively through a network of over 200 managed service providers (MSPs) and managed security service providers (MSSPs), ensuring localized expertise and global reach.
Core Business Areas
High Wire Networks focuses on three primary business areas:
- Managed Cybersecurity Services: The company’s flagship Overwatch platform provides Managed Extended Detection and Response (MXDR), Security Orchestration, Automation, and Response (SOAR), and Firewall as a Service (FWaaS). These services leverage AI/ML technologies to deliver real-time threat detection, analysis, and remediation, ensuring comprehensive protection for enterprise networks.
- Cyber Advisory Consulting: High Wire offers specialized cybersecurity consulting services, including risk assessments, compliance support, incident response management, and board-level advisory. These services are designed to align clients’ security postures with industry best practices and regulatory requirements.
- Telecom Solutions: Through its Secure Voice Corporation (SVC) subsidiary, High Wire provides VoIP and data network services, enhancing secure communications for its clients.
Market Position and Differentiators
High Wire Networks stands out in the competitive managed cybersecurity market through its innovative use of AI-driven automation and its channel partner-centric business model. The Overwatch platform’s hyperautomation capabilities enable the company to scale efficiently, delivering higher margins and enhanced service quality. Recognized by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas, High Wire has also been featured on CRN’s MSP 500 and Elite 150 lists, underscoring its industry leadership.
Channel Partner Network
The company’s extensive network of channel partners is a cornerstone of its business strategy. By collaborating with MSPs and MSSPs, High Wire extends its reach to thousands of end customers across various industries, including retail, healthcare, education, and government. This partner-first approach allows the company to focus on innovation and service delivery while empowering its partners to grow their cybersecurity offerings.
Proprietary Technology
At the heart of High Wire’s operations is Overwatch SOAR™, a proprietary platform that integrates advanced threat detection and response capabilities. By consolidating alerts from multiple sources and applying intelligence-based rules, Overwatch SOAR enhances visibility, improves correlation, and accelerates remediation. This technology serves as a force multiplier for the company’s security analysts, enabling cost-effective and efficient service delivery.
Industry Recognition
High Wire’s commitment to excellence has earned it numerous accolades, including being ranked among the Top 250 MSSPs by MSSP Alert and receiving high rankings in Frost & Sullivan’s cybersecurity industry reports. These recognitions validate the company’s innovative approach and its ability to address the evolving needs of its partners and customers.
Conclusion
High Wire Networks Inc. is a leader in the managed cybersecurity space, known for its cutting-edge technologies and partner-centric approach. By focusing on scalable, high-margin services and leveraging its proprietary Overwatch platform, the company is well-positioned to meet the growing demand for robust cybersecurity solutions. With a strong foundation of industry expertise and a commitment to innovation, High Wire Networks continues to set benchmarks in the managed services industry.
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.
High Wire Networks (OTCQB: HWNI) has appointed Edward Vasko, CISSP, as a strategic advisor to boost its Overwatch managed cybersecurity services. Vasko, who has over 30 years of experience in the cybersecurity field, will leverage his extensive knowledge in business formation, growth strategies, and M&A. His current role as director at Boise State University's Institute of Pervasive Cybersecurity and his experience with Terra Verde (now Avertium) highlight his leadership capabilities. Vasko aims to strengthen High Wire’s channel partner network and enhance delivery of its services. High Wire's Overwatch technology is recognized for its AI capabilities, and the company was recently awarded a significant contract with a U.S. health system. Frost & Sullivan ranks High Wire among the Top 12 Managed Security Service Providers in the Americas.
High Wire Networks (HWNI) has secured a key contract to deliver its Overwatch OT/IoT Security™ solution to a major U.S. health system with over 25 hospitals and clinics. This project will extend the management of IoT devices to 2,750, enhancing security through an agentless, zero-trust approach. The Overwatch SOAR™ technology integrates AI to consolidate alerts and improve threat response, providing 24/7 monitoring. This contract highlights the growing need for advanced cybersecurity in healthcare, a sector where data breaches average $10.93 million per incident. High Wire ranks as a top Managed Security Service Provider and anticipates more such opportunities as demand for cybersecurity grows, projected to reach $425 billion by 2030.
High Wire Networks (OTCQB: HWNI) reported Q1 2024 financial results, showing a 57% sequential revenue growth to $7.7 million, despite a year-over-year decline of 25%. Adjusted EBITDA reached $674,000. The company recorded a net loss of $414,000. Gross profit increased by 144% to $3.5 million, with gross margins expanding to 45.7%. Monthly recurring revenue hit approximately $1.0 million, totaling $12 million annually. The total contract value for Overwatch cybersecurity services doubled to $10.4 million. High Wire implemented cost reductions, saving over $3.5 million annually. Operational highlights include a major pilot project and significant contract renewals.
High Wire Networks, Inc. announced that its CMO, Susanna Song, was named to CRN 2024 Women of the Channel Power 100 Solution Provider list, recognizing influential women in leadership in the IT channel. Song leads marketing for managed cybersecurity services, contributing to the growth of High Wire's global channel partner network. She was also invited to moderate a panel on Cyber & Hybrid Warfare at the PISM Strategic Ark 2024 conference.
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