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…
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