WidePoint Awarded New Federal Contract for MobileAnchor Derived Digital Identity & Access Management Credentials

Rhea-AI Summary

WidePoint (NYSE American:WYY) has been awarded a new one-year agreement to provide MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency. This contract highlights WidePoint's ability to offer high-security identity and access management services for mobile digital credentials in the federal market space.

The MobileAnchor™ solution offers several unique benefits, including:

• Enhanced security through direct integration and reduced attack surface
• User convenience with seamless access and integrated multi-factor authentication
• Simplified deployment with less overhead
• Flexibility and compatibility with native support for modern operating systems and applications

This new client acquisition demonstrates the growing recognition of MobileAnchor™ as a valuable solution for secure mobile access to resources, even when traditional PIV cards are impractical.

Positive

• Secured a new one-year contract with a Federal Civilian Agency
• Expanded client base in the federal market space
• Demonstrated market recognition for MobileAnchor™ Derived Digital Credentials

Negative

• None.

Insights

Tech Expert

This contract award for WidePoint's MobileAnchor™ Derived Digital Credentials is a significant development in the cybersecurity and mobile technology sector. The technology offers enhanced security features by generating credentials directly on devices and leveraging hardware-based secure elements, which is important for federal agencies handling sensitive information.

The user convenience aspect, with seamless access and integrated multi-factor authentication, addresses a key pain point in government IT systems. This could lead to increased adoption across other federal agencies, potentially opening up a larger market for WidePoint.

From an investor's perspective, this contract demonstrates market validation of WidePoint's technology and could serve as a springboard for future growth. However, the one-year duration of the agreement and lack of disclosed financial terms limit the immediate impact on the company's bottom line. Investors should monitor for potential contract extensions or expansions to other agencies as indicators of long-term success.

Financial Analyst

While this contract win is positive news for WidePoint, its financial impact remains uncertain without disclosed contract value. For a company with a market cap of $32.48 million, even modest contracts can be significant. Investors should look for:

• Potential revenue contribution in upcoming quarterly reports
• Gross margin improvements from this high-value service offering
• Scalability of the MobileAnchor™ technology across other federal agencies

The contract's short-term nature (one year) suggests immediate financial impact, but it could lead to longer-term opportunities if WidePoint performs well. This win may also enhance WidePoint's competitive position in the federal cybersecurity market, potentially leading to increased investor interest and improved valuation multiples if it translates to sustained growth.

FAIRFAX, VA / ACCESSWIRE / September 30, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced it has been awarded a new one-year agreement for MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency. WidePoint will provide identity and access management services and support through its recently developed proprietary MobileAnchor™ Derived Digital Credential.

Jin Kang, WidePoint's Chief Executive Officer, stated: "WidePoint is proud to be awarded this contract for a Federal Civilian Agency, a new client for WidePoint. This award recognizes WidePoint's MobileAnchor™ as the Derived Digital Credential that provides the highest level of security for mobile digital credentials. It also speaks to the fact that MobileAnchor has applicability within the entire Federal market space."

Jason Holloway, WidePoint's Chief Revenue Officer, added: "This allows users to access secure resources using their mobile device, even when a PIV card is not practical. The positive response to MobileAnchor™ is resounding. This award is another illustration that technology experts see the value of MobileAnchor™ and its unique benefits of providing the most secure level of Identity & Access Management."

The unique benefits of WidePoint's MobileAnchor™ Derived Digital Credentials include:

1. Enhanced Security:

• Direct Integration: WidePoint's MobileAnchor™ generates a digital credential directly on the device, can leverage device-specific security features, such as hardware-based secure elements (e.g., TPM or SE) and biometric authentication, ensuring high levels of security.

• Reduced Attack Surface: WidePoint's MobileAnchor™ direct integration can minimize potential vulnerabilities associated with additional layers or intermediaries.

2. User Convenience:

• Seamless Access: Users can directly access applications and services without needing to navigate through an additional Mobile Device Management (MDM) interface or container, streamlining the user experience.

• Integrated MFA: WidePoint's MobileAnchor™ can be combined with device biometrics (fingerprint, face recognition) for seamless multi-factor authentication (MFA).

3. Simplified Deployment:

• Less Overhead: Deploying and managing WidePoint's MobileAnchor™ Derived Credentials directly on the device can be more straightforward compared to managing credentials within an MDM container, reducing administrative overhead.

4. Flexibility and Compatibility:

• Native Support: WidePoint's MobileAnchor™ can be supported natively by many modern operating systems and applications, ensuring better integration and compatibility.

About WidePoint

WidePoint Corporation (NYSE American:WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity & Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.

WidePoint Investor Relations:
Gateway Group, Inc.
Matt Glover or John Yi
949-574-3860
WYY@gateway-grp.com

SOURCE: WidePoint Corporation

View the original press release on accesswire.com

FAQ

What new contract did WidePoint (WYY) secure in September 2024?

WidePoint (WYY) secured a new one-year agreement to provide MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency in September 2024.

What are the key benefits of WidePoint's (WYY) MobileAnchor™ Derived Digital Credentials?

The key benefits of WidePoint's (WYY) MobileAnchor™ include enhanced security through direct integration, user convenience with seamless access, simplified deployment with less overhead, and flexibility with native support for modern systems.

How does WidePoint's (WYY) MobileAnchor™ improve security for mobile digital credentials?

WidePoint's (WYY) MobileAnchor™ improves security by generating credentials directly on the device, leveraging device-specific security features, and reducing the attack surface by minimizing vulnerabilities associated with additional layers or intermediaries.

What market does the new WidePoint (WYY) contract in September 2024 target?

The new WidePoint (WYY) contract targets the federal market space, specifically a Federal Civilian Agency, demonstrating the applicability of MobileAnchor™ within the entire Federal market.