WidePoint's Subsidiary IT Authorities Awarded New $1.4 Million Managed IT and Cyber Services Contract

Rhea-AI Summary

WidePoint Corporation (NYSE American:WYY) announced that its subsidiary IT Authorities has been awarded a new three-year contract valued at more than $1.4 million from a major Florida attraction and research center. The contract expands IT Authorities' reputation as a leading MSP and includes managed IT services, end user support, disaster recovery planning, and managed cyber security services. This award is a successful example of cross-sell efforts by WidePoint, combining its strengths to elevate its position in the MSP arena.

Market Research Analyst

The recent contract acquisition by WidePoint Corporation's subsidiary IT Authorities is a significant development that demonstrates the company's competitive strength within the Managed Solution Provider (MSP) market. A $1.4 million deal over three years for a company listed on the NYSE American can be a considerable addition to its revenue stream, especially if it represents a move into new market segments or the expansion of its client base.

The inclusion of Managed Cyber Security Services, such as SOC-as-a-Service and SIEM, reflects an industry trend where businesses increasingly recognize the critical importance of robust cybersecurity measures. As cyber threats continue to evolve, the demand for such services is likely to grow, offering potential for recurring revenue and customer retention for MSPs like WidePoint.

Furthermore, the mention of 'cross-sell efforts' suggests that WidePoint is effectively leveraging its range of services to deepen customer relationships. This strategy can lead to increased customer lifetime value and reduced customer acquisition costs, which are key metrics for evaluating a company's performance and potential for growth.

Financial Analyst

Analyzing the financial implications of the contract for WidePoint Corporation requires a look at the company's overall revenue and earnings structure. A multi-year contract valued at $1.4 million will likely contribute positively to the company's financial stability and earnings predictability. For a small-cap company on the NYSE American, consistent contracts of this nature can improve earnings visibility and potentially enhance investor confidence.

It's also important to consider the margin profile for the services provided. Managed IT and cybersecurity services often come with high margins due to the scalability of such services. If IT Authorities maintains cost-effective service delivery, the contract could have a meaningful impact on the company's profitability. Shareholders might expect improved margins to reflect positively in future earnings reports and possibly in the company's stock price performance.

Cybersecurity Expert

The contract's focus on Managed Cyber Security Services, including SOC-as-a-Service and SIEM, underscores the increasing complexity and necessity of cybersecurity in today's digital landscape. SOC-as-a-Service offers companies a way to outsource the monitoring and management of their security posture, which can be particularly appealing to organizations without the resources to maintain a full-time, in-house SOC. SIEM provides real-time analysis of security alerts generated by applications and network hardware, which is crucial for rapid threat detection and response.

For stakeholders, the ability of IT Authorities to secure such a contract indicates not only technical proficiency in delivering these advanced services but also the trust and reliability perceived by clients. The long-term implications of this could be a stronger foothold in the cybersecurity market and potential market share gains as more organizations seek to bolster their defenses against cyber threats.

FAIRFAX, VA / ACCESSWIRE / February 5, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), announced that its subsidiary IT Authorities has been awarded a new three-year contract valued at more than $1.4 million from a major Florida attraction and research center.

Jason Caras, CEO of IT Authorities, stated: "This contract award expands IT Authorities' reputation as a leading MSP. I am proud of the IT Authorities team for their dedication and expertise which allowed us to win this contract. We will be providing a full scope of managed IT services, including cyber security services, to one of Florida's most popular attractions and research centers."

The contract encompasses:

• Managed IT Services (24x7x365 Management and Support)
  • Monitoring and management of technology
  • End user support
  • Disaster recovery planning
  • Strategy & Consulting
• Managed Cyber Security Services (24x7x365 Management and Support)
  • Security Operations Center as a Service (SOC-as-a-Service)
  • Security Information Event Management (SIEM)

Jin Kang, WidePoint's CEO, added: "This award is a prime example of successful cross-sell efforts by our organization. By incorporating cyber security services, IT Authorities is combining WidePoint's strengths to win and elevate WidePoint's position in the MSP arena."

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

What is the value of the new contract awarded to IT Authorities?

The new three-year contract is valued at more than $1.4 million.

What services are included in the contract?

The contract includes managed IT services, end user support, disaster recovery planning, and managed cyber security services.

Who is the CEO of IT Authorities?

Jason Caras is the CEO of IT Authorities.

What is the ticker symbol for WidePoint Corporation?

The ticker symbol for WidePoint Corporation is WYY.

What is the significance of the contract award for WidePoint Corporation?

The contract award is a successful example of cross-sell efforts, combining WidePoint's strengths to elevate its position in the MSP arena.