WidePoint's Subsidiary IT Authorities Awarded More than $1.7 Million in Cisco and Managed IT Services Contracts

Rhea-AI Summary

WidePoint (NYSE American: WYY) announced that its subsidiary IT Authorities has secured contracts worth over $1.7 million for Cisco and Managed IT Services. The contracts include $1.4 million in previously disclosed Q3 2024 awards and a new $300,000 Cisco Enterprise Agreement for Q4 2024. Despite hurricane-related business slowdowns in Florida, ITA secured contracts with diverse clients including beverage distributors, a sports marketing firm, an education center, a research center, and a data management firm.

Positive

• Secured new contracts worth over $1.7 million
• Maintained business continuity and service delivery despite hurricane disruptions
• Expanded client portfolio across diverse sectors
• New $300,000 Cisco Enterprise Agreement for Q4 2024

Negative

• Business slowdown in Florida region due to hurricanes

Insights

Financial Analyst

The $1.7 million in new contracts represents a significant win for WidePoint, particularly given its market cap of $34.7 million. The diverse client base across multiple sectors - from beverage distribution to education - demonstrates ITA's broad market reach and service adaptability. The $300,000 Cisco Enterprise Agreement for Q4 2024 shows momentum in high-margin partnership revenue. Most notably, ITA's ability to secure these deals during adverse weather conditions in Florida highlights operational resilience and strong market positioning. The continued expansion of Cisco-related services through SMARTnet and Meraki solutions suggests a strategic focus on higher-value enterprise solutions that could drive better margins and recurring revenue streams.

FAIRFAX, VA / ACCESSWIRE / October 30, 2024 / WidePoint Corporation(NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced that its subsidiary IT Authorities ("ITA") has been awarded more than $1.7 million in Cisco and Managed IT Services contracts.

Jin Kang, WidePoint's Chief Executive Officer, stated: "These contracts, including $1.4 million in previously disclosed awards dated Q3 2024, illustrate the value and resilience of ITA. Many of these contracts were awarded while business slowed significantly in Florida due to the hurricanes. We are grateful that our team was not directly impacted and proud that WidePoint has been able to provide tech services and support to companies in the region without interruption."

The contracts include Managed IT Services and Cisco solutions to:

• Three beverage distributors

• A sports marketing firm

• A child development and education outreach center

• One of Florida's most popular attractions and research centers

• A data management firm

• A new Cisco Enterprise Agreement valued at $300,000 to be recognized in Q4 2024

Jason Holloway, WidePoint's Chief Revenue Officer, added: "We are proud of the ITA team for expanding services to numerous important clients and for deepening our partnership with Cisco through Cisco SMARTnet and Meraki solutions."

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 and 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 is the total value of new contracts awarded to WidePoint's IT Authorities (WYY)?

IT Authorities secured contracts worth more than $1.7 million in Cisco and Managed IT Services contracts.

When will WidePoint (WYY) recognize the new $300,000 Cisco Enterprise Agreement?

The $300,000 Cisco Enterprise Agreement will be recognized in Q4 2024.

How much of the $1.7 million in contracts for WidePoint (WYY) was previously disclosed?

$1.4 million of the contracts were previously disclosed in Q3 2024.