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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 (OTCQB: HWNI), a global provider of managed cybersecurity services, has expanded its Overwatch Managed Cybersecurity Partner Program to enhance support for managed service providers (MSPs). The program now includes over 225 MSPs and offers benefits to drive recurring revenue through comprehensive support and resources. New features include tailored success plans, dedicated Partner Success Managers, and marketing development funds. The program aims to help MSPs improve their cybersecurity practices and increase their operational efficiency.
High Wire is recognized as a Top 12 Managed Security Service Provider in the Americas and boasts a strong portfolio servicing Fortune 500 companies. The company's global reach and strategic partnerships continue to position it as a leader in the cybersecurity market.
High Wire Networks (OTCQB: HWNI) will showcase its managed cybersecurity and IT enablement services at the Kaseya Connect Global Conference from April 24 to April 27, 2023, at the MGM Grand Resort in Las Vegas. The company will exhibit at Booth #644 and host a VIP bourbon tasting and Open XDR demo on April 26 from 5-7 p.m. The conference expects over 5,000 attendees, including leading IT professionals and industry leaders.
High Wire's Overwatch service has seen over 430% customer growth in the past year, driven by a robust MSP partner program with over 625 channel partners. Recently recognized as one of the Top 12 Managed Security Service Providers in the Americas by Frost & Sullivan, High Wire continues to enhance its support for MSPs.
High Wire Networks (OTCQB: HWNI) announced a $1.6 million annual contract renewal with a Fortune 500 environmental solutions provider, facilitated through a premier global channel partner. The renewal expands services to 60 additional customer sites, increasing from the previous $1.3 million program. Key offerings include managed services for data network resources, equipment installation, and on-demand logistics management. High Wire will continue project management support and emergency service for network outages via its 15,000 field technicians. This engagement builds on a long-term partnership, enhancing service delivery models and potentially generating additional business opportunities. High Wire's growth reflects its strategy to improve efficiency and cost-effectiveness in managing technology services.
High Wire Networks, Inc. (OTCQB: HWNI) announced a strong outlook for 2023, projecting revenue growth of 59% to 74%, reaching $43 million to $47 million. This positive forecast is supported by a record $8.3 million revenue in Q4 2022, a 34% increase year-over-year. The company's backlog for its Overwatch managed cybersecurity business stands at a record $5.7 million. Despite a net loss of $11.3 million for 2022, this reflects a 51% improvement from 2021. Financial measures include a cash increase to $1.3 million by March 2023. The company plans to leverage its enhanced capital structure to support an up-listing to a major exchange, potentially boosting shareholder value and market presence.
High Wire Networks (OTCQB: HWNI) has secured a $5.3 million project to upgrade mobile Wi-Fi access in over 2,000 retail locations across the U.S. This initiative, part of a digital transformation strategy, aims to enhance the in-store customer experience and is backed by one of High Wire's significant global partners, which has contributed over $35 million in projects in recent years. The upgrades are expected to be completed by November 2023. With a growing demand for next-gen Wi-Fi technology, High Wire anticipates a revenue growth outlook of 59% to 74% in 2023, projecting revenues between $43 million and $47 million.
High Wire Networks, Inc. (OTCQB: HWNI) has successfully exchanged approximately $236,000 of a convertible note into a conventional loan, which is set to be repaid by August 2023. This action will reduce potential share dilution by about 4 million shares, or 1.4% of fully diluted shares outstanding. Earlier in the week, the company completed the sale of its staffing business for $11.5 million, which eliminated convertible debt and reduced its fully diluted share count by 17%. Additionally, the company renewed its revolving credit facility, decreasing fees and interest by 40%, providing a total capacity of $5 million.
High Wire Networks, a global leader in managed cybersecurity, announced the strategic sale of its staffing business for $11.5 million. This divestiture will eliminate $3.9 million in annual debt payments and reduce fully diluted common shares by 16%. The company projects revenue growth in 2023 of $43 million to $47 million, a 59% to 74% increase from the previous year. Over half of its revenue in 2022 was recurring, and with a historical high in contracted deployments and a strong sales pipeline, High Wire aims to focus on its higher-margin cybersecurity business.
High Wire Networks (OTCQB: HWNI) has announced the renewal and expansion of its credit facility from $5 million to $9 million, achieving a 40% reduction in fees and interest rates. This improved financing structure enhances liquidity and operational scaling to meet client demands. The initiative aligns with the company’s strategy to strengthen its financial health by eliminating high-interest debt and positioning for an uplisting on a major U.S. exchange. High Wire, a global provider of cybersecurity and IT services, aims to leverage this funding to capitalize on positive market trends.
High Wire Networks (OTCQB: HWNI) will present at the 35th Annual ROTH Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, California. CEO Mark Porter, COO Stephen LaMarche, and CTO David Barton will engage in one-on-one meetings with analysts and investors to discuss the company’s leadership in IT and cybersecurity managed services. High Wire's services thrive through a network of over 600 channel partners, serving SMBs and enterprise customers worldwide, including many Fortune 500 companies. The company is ranked as a Top 12 Managed Security Service Provider by Frost & Sullivan and featured in CRN’s MSP 500 and Elite 150 lists.
High Wire Networks, Inc. (OTCQB: HWNI) has been recognized by CRN Magazine in its 2023 MSP 500 and Elite 150 lists, highlighting its global managed cybersecurity and IT services. This recognition underscores High Wire's innovative approach, catering to midmarket and enterprise clients. The company's Overwatch managed cybersecurity platform has seen a user expansion of over 430% in the last year, now serving nearly 1,000 customers, including Fortune 500 companies. CEO Mark Porter emphasizes the importance of flexibility and vendor-agnostic integration in addressing current market needs.
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