High Wire Networks Reports Record Revenue Gains in July for Managed Cybersecurity Division

Rhea-AI Summary

Spectrum Global Solutions (OTCQB: SGSI) reported significant growth in its Overwatch Managed Security division. Month-over-month figures show a 22% increase in monthly recurring revenue (MRR) and a 41% rise in total contract value (TCV) from June to July 2021. Year-over-year, new managed services provider (MSP) partner acquisitions soared 418%, bolstered by a 2,700% increase in business customers in July alone. This reflects the growing demand for effective cybersecurity solutions amid escalating cyber threats.

Positive

• 22% month-over-month increase in monthly recurring revenue (MRR).
• 41% month-over-month growth in total contract value (TCV).
• 418% year-over-year growth in new MSP partner acquisitions.
• 2,700% year-over-year increase in signed business customers.

Negative

• None.

MRR Up 22% Month over Month and Total Revenue Up 41% for Overwatch Managed Security

BOCA RATON, Fla, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Spectrum Global Solutions Inc. (the "Company" or "Spectrum") (OTCQB: SGSI), announced that High Wire Networks Inc.’s ("High Wire") Overwatch Managed Security division reported a 22 percent increase in monthly recurring revenue (MRR) and a 41 percent boost in total contract value (TCV) month over month from June to July 2021.

Overwatch Managed Security, High Wire’s three-year-old cybersecurity division, also saw remarkable year-over-year and year-to-date growth in new managed services provider (MSP) partner acquisitions, up 418 percent from July 2020 to July 2021 and up 69 percent since the start of the calendar year.

“As the number of cyberattacks rise, businesses are overwhelmed by a noisy security market with too many tools that don’t work with each other,” said High Wire CEO Mark Porter. “We offer our MSPs partners a cost-effective way to deliver end-to-end managed security services with a 24/7 security operations center (SOC) and the experts to respond and mitigate to threats immediately.”

Overwatch MSP partners signed a record number of business customers in July 2021, up 2,700 percent year-over-year and up 229 percent year-to-date.

To learn more about High Wire Networks’ Overwatch Partner Program, visit https://www.highwirenetworks.com/overwatch, call 630-635-8477 or email
overwatchsales@highwirenetworks.com.

About High Wire Networks
For 20 years, High Wire Networks has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our new Overwatch Managed Security Marketplace enables our partners to deliver comprehensive cybersecurity that's easy to sell and easy to buy for an affordable monthly subscription. We also offer 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 Networks, partners Get Work Done. Learn more at www.highwirenetworks.com.

Media Contact:
Susanna Song
Vice President of Marketing and Communications
High Wire Networks
630-635-6717
susanna.song@highwirenetworks.com

FAQ

What were the month-over-month MRR and TCV growth rates for Spectrum Global Solutions (SGSI)?

Spectrum Global Solutions (SGSI) reported a 22% increase in monthly recurring revenue (MRR) and a 41% rise in total contract value (TCV) from June to July 2021.

How much did MSP partner acquisitions grow year-over-year for SGSI?

New managed services provider (MSP) partner acquisitions increased by 418% year-over-year from July 2020 to July 2021.

What was the increase in business customers for Overwatch Managed Security in July 2021?

In July 2021, Overwatch Managed Security signed a record number of business customers, up 2,700% year-over-year.

What is Overwatch Managed Security's response to rising cyber threats?

Overwatch Managed Security, under High Wire Networks, provides a cost-effective managed security service with a 24/7 security operations center to help businesses mitigate cyber threats.