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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, Inc. (OTCQB: HWNI) has renewed its contract with a major aerospace company, securing a three-year deal valued at $300,000 for enhanced cybersecurity services. This renewal reflects a 40% increase in the client’s financial commitment compared to previous engagement. The expanded scope includes managed endpoint solutions and other services, highlighting growing demand for High Wire’s AI-powered cybersecurity offerings. The company reports a threefold growth in its Overwatch Managed Security business and a robust global market projected to reach $680 billion by 2030.
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.
High Wire Networks (OTCQB: HWNI) has partnered with CMA, a capital markets advisory firm, to enhance its investor relations and public presence. The company reported a 53% revenue increase, totaling $52 million for the last twelve months, and a record backlog of $19.2 million, setting the stage for sustained growth in 2023. High Wire aims to leverage CMA's expertise to attract high-net-worth and institutional investors. The cybersecurity market is projected to grow significantly, with High Wire positioned to benefit from this trend.
High Wire Networks (OTCQB: HWNI) has appointed Stephan Tallent as Chief Revenue Officer for its Overwatch Managed Security Services division. Tallent, a seasoned IT executive with over 20 years of experience, previously held significant roles at Stellar Cyber and Fortinet, achieving major revenue growth in managed security services. Under his leadership, High Wire's cybersecurity revenue has surged by more than 260% year-to-date through its partner community. This strategic appointment aims to enhance partners' capabilities and respond to escalating cybersecurity demands.
High Wire Networks (OTCQB: HWNI) has completed a $6 million Private Investment in Public Equity (PIPE) as part of a total offering of up to $10 million, expected to close in early December. The capital raise aims to provide working capital for growth in managed services, eliminate over $4.5 million in debt, and reduce monthly debt obligations by over $300,000. The funds will also support the company's Managed Cyber Security Services business and position it for a future national exchange listing.
High Wire Networks Inc. (OTCQB: HWNI) reported impressive Q3 results, with $13.5M in revenue, representing a 26% year-over-year increase on a pro forma basis. This marks five consecutive quarters of growth, with quarterly increases ranging from 20% to 80%. Notably, Overwatch revenue surged 373% compared to the same period last year, and paying clients rose 27% quarter-over-quarter. Backlog in technology projects reached $19 million, nearly quadrupling since January 2022, underscoring strong demand in the managed security segment.
High Wire Networks (OTCQB: HWNI) announced a $1.8 million contract for a phone lifecycle refresh project, upgrading over 60,000 IP phone sets at 433 U.S. government sites. This marks their eleventh large-scale government project since 2021. David Hand, Vice President of Global Systems Integrators, expressed confidence in their ability to deliver high-quality results on time. High Wire has been a trusted partner for VARs and telecom providers, offering services in over 180 countries.
High Wire Networks Inc. (OTCQB: HWNI) has secured an additional $6.7 million for a technology deployment project, increasing the total contract value to over $12 million. The project will involve deploying multiple technologies across thousands of stores in the U.S. and U.S. territories. CEO Mark Porter emphasized the importance of long-term programs for sustained success, while EVP Don Schmidt expressed excitement about collaborating with their systems integrator partner. This expansion enhances High Wire's position in technology services.
High Wire Networks (OTCQB: HWNI) has secured a $5 million project to refresh technology in over a thousand U.S. stores. The initiative encompasses wireless solutions including predictive surveys and network cabling, supported by the company's global command center for project management. This marks a significant expansion, with over $18 million in total opportunities this year, covering more than 3,000 facilities. High Wire has established itself as a reliable partner, enhancing operational efficiency and customer satisfaction across various sectors.
High Wire Networks (OTCQB: HWNI) reported a significant 44% year-over-year increase in revenue for Q2 2022, totaling $13.7 million. The company achieved a net income of approximately $5.4 million, contrasting with a net loss of $2.25 million in Q2 2021. This marks the fourth consecutive quarter of revenue growth, with Overwatch Managed Security revenue increasing by 316%. The company ended the quarter with nearly 600 Overwatch clients and continues to focus on scalability and profitability despite market challenges.
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