After Posting Record Revenues from Continuing Operations in Q3 2024, Company Prepares for Strong Market Expansion and Growth Trajectory
BATAVIA, Ill., Dec. 03, 2024 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), an award-winning leading global provider of managed cybersecurity solutions, has initiated the next phase of its new strategic growth plan with the addition of new sales team members and additional marketing resources.
These moves are aimed at accelerating growth in monthly recurring revenue (MRR) from the company's Overwatch cyber portfolio, and building upon the record revenue from continuing operations generated in the third quarter of 2024.
The company has appointed industry veterans with proven track records in managed cybersecurity who are now focused on attracting larger channel partners who represent enterprise-class clients. These efforts align with the company's transition to increased average contract size and higher average MRR per channel partner which began earlier this year.
The company will continue to support and grow its well-established base of smaller managed service providers (MSPs) and enable them to grow their managed cybersecurity business. High Wire's sales organization will also continue to evolve with the goal of creating competitive advantages for all of its channel partners through hyperautomation and greater agility as provided by the company's Overwatch managed cybersecurity platform.
"In the second and third quarter of this year we were intensely focused on making the changes necessary to transform our Overwatch business, which has quickly evolved from 'start-up mode' to becoming recognized by Frost & Sullivan and others as one of the best Managed Security Services Providers (MSSPs) in the country,” stated High Wire Networks CEO, Mark Porter.
"We believe this elevated status reflects how we have assembled the strongest and most experienced management team in the managed cybersecurity space and are now ready to scale at a much greater pace,” continued Porter. "We are now focused on accelerating revenue growth and tracking our MRR 'exit velocity' at the end of each quarter, and this is keeping us on track for our strongest quarter yet in Q4.”
The Overwatch operations team continues to develop and deploy the company's proprietary hyperautomations, with this enabling revenue growth and gross profit expansion at a faster pace than the need for adding personnel to the security operations team. "We see this leverage in our operational model as our key to profitability and stronger cash flow, and we are pushing forward on this path very aggressively,” added Porter.
The new Overwatch team additions will report directly to the company's chief revenue officer, Mark Dallmeier, who joined High Wire in third quarter of this year. Dallmeier has brought to Overwatch more than 27 years of senior leadership experience in taking technology and managed services companies into 'hypergrowth.'
Dallmeier's appointment followed the earlier appointment of veteran cybersecurity thought leader and executive, Edward Vasko, CISSP, as High Wire's chief operations officer and chief executive officer of the Overwatch managed cybersecurity services division. Vasko brings more than 33 years of experience and achievement in the cybersecurity industry, including business formation and product development, and leading strategic M&As and major exits.
"Our greater focus on MRR and team building efforts have already resulted in the largest pipeline of large deals in our company's history,” added Porter. "Several of these are currently in the final closing stages.
"Combined with now a much cleaner capital structure, we are well positioned for an uplisting to a major exchange-especially given how the capital markets are looking the best they've been in a long time. Capable players in the banking space have expressed strong interest and confidence in assisting us with such an endeavor and we're quickly moving forward to seize the opportunity.”
To learn more about High Wire and its award-winning managed cybersecurity services go to HighWireNetworks.com or view the company's free video series on its YouTube channel.
About High Wire Networks
High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through over 200 channel partners, it delivers trusted managed services for more than 1,100 managed security customers worldwide. End-customers include Fortune 500 companies and many of the nation's largest government agencies. Its U.S. based 24/7 Network Operations Center and Security Operations Center is located in Chicago, Illinois.
High Wire was ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024. The company was also named to CRN's MSP 500 and Elite 150 lists of the nation's top IT managed service providers for 2023 and 2024, and ranked among the Top 250 MSSPs for 2024 according to MSSP Alert.
Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.
Forward-Looking Statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
High Wire Contact
Mark Porter
Chief Executive Officer
High Wire Networks
Tel +1 (952) 974-4000
Investor Relations
Ronald Both or Grant Stude
CMA Investor Relations
Tel +1 (949) 432-7557
