WhiteHawk outlines strategic growth plans for 2021
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WhiteHawk Limited (ASX:WHK) has released its preliminary final report for the year ended 31 December 2020, outlining the company’s impressive financial results, growth achievements and its opportunities for 2021.
WhiteHawk is the first online Cybersecurity Exchange, based on a platform architecture that is Artificial Intelligence (AI)-driven, with a focus on identifying, prioritising, and mitigating cyber risks for businesses of all sizes.
Finishing 2020 with a cash position of US$2.4M and no debt, WhiteHawk recognised US$1.9M accrued revenue for the year, doubling its revenue for 2019.
Revenue components are WhiteHawk's Cyber Risk Radar, formerly 360 Framework, accounted for US$633K, US$400K Cyber Risk Program, US$30K Lead Generation revenue and US $818K in government contracting.
Highlights of WhiteHawk’s successful executions include Phase 2 of the current contract with US Department of Homeland Security (DHS) CISA QSMO Cybersecurity Marketplace, as sub-contractor to Guidehouse, for US$1.5 to US$1.8M Fiscal Year 2021, starting October 2020.
Additionally, the company executed on the first sole-source Prime US Federal Government CISO Cyber Risk Radar contract for base year and 4 option years, not to exceed US$1.18M per year with US$580K invoiced in five months of 2020.
Notably, the execution of the next phase and scoping of the 2021 Cyber Risk Program US$400K contract via a Global Consulting Firm in direct support of a Global Manufacturer was undertaken, including: advanced risk validation by Red-Team, prioritization and mapping to Company risk priorities and how to best mitigate top risks in 2021 via innovative best practices and solution options from our portfolio of almost 200 best of breed solution partners.
WhiteHawk Cybersecurity Exchange
In response to an initial partnership with a Global Insurance Group and a Request for Quote (RFQ) from a US Manufacturer Association, the company is productising the WhiteHawk Cybersecurity Exchange as a tailorable Platform as a Service (PaaS).
The platform can be co-branded or white labelled to include: one time development costs upfront and an annual subscription service which includes improvements, training, technical maintenance and revenue share on all products and services sold from the marketplace.
One additional Global Insurance Group and 2 cloud based Managed Service Providers (MSP’s) are interested in our PaaS Cybersecurity Exchange to service their business clients seamlessly and at scale.
ESG and COVID-19 Impact
In 2020, WHK underwent the due diligence to an ESG (Environment, Social, Governance) Registered company, a new standard in measuring the sustainability and ethical impact that a company makes.
COVID-19 caused no delays in product line development, execution and client delivery, but continues to experience contract scoping and completion delays of 60 to 90 days, with government and industry procurement teams.
The company pivoted sales focus back to Defense Industrial Base and Government Contracting, and was able to hire top talent to meet current contract requirements and work and collaborate virtually.
2021 Outlook
Due to product and sales channel development and refinement, WhiteHawk is strategically positioned for continued growth in 2021.
Firstly, based upon the experience from our Guidehouse DHS Cybersecurity Marketplace development contract and ongoing work, WhiteHawk plans to grow annual recurring subscription revenue via two primary paths:
- All versions of the WhiteHawk Cybersecurity Exchange Platform as a Service (PaaS) and online Customer Journey to include online threat readiness questionnaire, cyber risk maturity model, Cyber Risk Scorecard action plan, automated matching from key risk to solution options all via a virtual consult and online experience.
- Sontiq/WhiteHawk Business Risk Suite embedded annual Software as a Service (SaaS) to include financial fraud, identity theft, mobile device security, Cyber Risk profile, virtual consult and Cyber Risk Scorecard for the business and employees.
These two comprehensive offerings are unique, scalable online and virtual services which provide continuous online and virtual Digital Age Risk services to tens of thousands of businesses globally – effectively, affordably and with revenue share.
Adding to its new 2021 Strategy WhiteHawk plans to include growing Sales Pipeline across U.S. Federal Government, Defense Industrial Base and Industry, with broadened Go to Market Strategies in the U.S. and now including the Australian market.
This strategy includes a new primary focus on selling of its PaaS to Managed Service Providors (MSP’s), and it has already established 4 new PaaS opportunities in 2021, both direct and via global consulting group partners.
Whitehawk aims to hone and execute 2021 Go To Market (GTM) campaign with all Partner Sales Teams, across current pipeline of 40 ongoing engagements, in order to execute on 5 to 10 contract opportunities in 2021.
New Leadership
Whitehawk will accomplish the above with the vision and drive of its newly appointed Chief Operating Officer (COO) Ms. Soo Kim.
Ms. Kim has operated at the Executive Level in industry for over a decade as a Business Unit VP, Director of Technology, and Solution Architect at TASC, HP Federal and Accenture Federal.
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