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Now everyone is getting in on the act.
Even Jin Kang!
WidePoint to Present at the Planet MicroCap Showcase in Las Vegas on Wednesday, May 4, 2022
https://finance.yahoo.com/news/widepoint-present-planet-microcap-showcase-
FAIRFAX, VA / ACCESSWIRE / April 19, 2022 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be presenting at the Planet MicroCap Showcase at the Bally's Hotel & Casino in Las Vegas, NV on Wednesday, May 4, 2022 at 9:30 AM PT.
WidePoint management's presentation will be webcast and available for replay here.
To book a one-on-one investor meeting, and to attend the Planet MicroCap Showcase 2022, please register here. To receive additional information, please contact WYY@gatewayir.com.
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 Digital Billing & Analytics. For more information, visit widepoint.com.
Got an insider buy (10.000) posted on Fidelity:
Form 4 WIDEPOINT CORP For: Apr 11 Filed by: GEORGE ROBERT J
10K WIZARD 9:59 AM ET 4/12/2022
http://archive.fast-edgar.com/20220412/AQZU822CZ222T9ZZ2L2N2ZZZNFVNZZQ8Z242
Filed on: April 12, 2022
Edit: Just now (10:08) posted on Ihub, too.
Fidelity had this posted with Intel news, but it speaks to the ongoing importance of security technologies:
Intel Study: Secure Systems Start with Hardware
BUSINESS WIRE 9:00 AM ET 4/12/2022
Symbol Last Price Change
INTC 46.57up 0 (0%)
QUOTES AS OF 04:00:00 PM ET 04/11/2022
Organizations are looking to vendors and solutions that prioritize security innovation in today’s rapidly evolving threat landscape.
NEWS HIGHLIGHTS
Global study reveals 64% of respondents say their organizations are more likely to purchase technologies and services from technology providers that are leading edge with respect to innovation.
36% of respondents have adopted hardware-assisted security solutions and 47% of respondents say their organizations will adopt these solutions in the next six months (24%) or 12 months (23%), suggesting there is a growing awareness that hardware-assisted security capabilities are critical to a robust security strategy.
Of those same 36% of respondents using hardware-assisted security solutions, 85% say hardware and/or firmware-based security is a high or very high priority in their organization. And 64% say it is important for a vendor to offer both hardware- and software-assisted security capabilities.
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Today, Intel(INTC) released the results of a study exploring how organizations approach security innovation in an increasingly digital world to stay ahead of the evolving threat landscape. Key findings reveal that organizations value security product innovation, especially at the hardware level, when purchasing technologies and services.
Businesses are expected to spend $172 billion in 2022 on increasing their cybersecurity commitments and enhancing measures to protect themselves. Organizations recognize hardware-assisted security capabilities are critical to a robust security strategy, with many searching out transparent technology providers to supply innovative security solutions. And adoption is growing; while the study found only 36% of respondents say their organization’s current cybersecurity protocols use hardware-assisted security solutions, 47% say these solutions will be adopted in the next six months (24%) or 12 months (23%).
“The security threat landscape continues to evolve, becoming more sophisticated and challenging for organizations to defend against,” said Suzy Greenberg, vice president, Intel Product Assurance and Security. “Today more than ever, companies are demanding assurance capabilities and hardware-enhanced security solutions that help protect the entire compute stack. Intel(INTC) is in a unique position to deliver these innovations on behalf of our customers.”
Study Highlights
Ponemon Institute independently conducted a survey of 1,406 individuals in the United States, Europe, the Middle East, Africa and Latin America who influence their organization’s information technology (IT) decision-making regarding investment in security technologies.
Key findings from the study, sponsored by Intel(INTC), include:
64% of respondents say their organizations are more likely to purchase technologies and services from technology providers that are leading edge with respect to innovation.
The top areas of focus for security innovation within organizations today are security automation (41% of respondents), security at the silicon level (40% of respondents), cloud migration (40% of respondents), and education and training (38% of respondents).
53% percent of respondents say their organizations refreshed their security strategy because of the pandemic.
Of the 36% of organizations using hardware-assisted security solutions, 85% say hardware- and/or firmware-based security is a high or very high priority in their organization. And 64% also say it is important for a vendor to offer both hardware- and software-assisted security capabilities.
Zero Trust and Transparency Trends
Key findings indicate that organizations are looking to integrate hardware-based security solutions into their Zero Trust strategies. Of the 36% of organizations using hardware-assisted security solutions, 32% of respondents have implemented a Zero Trust infrastructure strategy, and 75% of respondents expressed increased interest in Zero Trust models as the pandemic continues and the remote workforce grows. As organizations incorporate new security technologies, hardware-assisted security complements existing protocols and bolsters overall security hygiene.
Additionally, the rapid sophistication of the threat landscape requires organizations to be one step ahead of security updates, although challenges remain when it comes to managing vulnerabilities and patching updates. The study reveals that fewer than half of organizations have visibility into newly disclosed vulnerabilities and patches/updates (48% of respondents) and mainly prioritize security updates for the latest product generation (42% of respondents), when there are still many legacy devices in use around the world.
“Without visibility and transparency, there is no trust,” said Tom Garrison, vice president and general manager of Client Security Strategy and Initiatives at Intel(INTC). “Intel understands that this visibility remains essential in activating timely security updates and our goal is to ensure our customers have the best possible experience with our technology. Helping our customers keep their device fleets secure is critically important and something we deliver on every day.”
Intel (INTC) has set a course for bold innovation rooted in security leadership and is committed to growing, adapting and relentlessly advancing security in all products from concept to retirement. The trust Intel(INTC) builds based on this investment is designed to provide customers the flexibility and assurance they need.
Read the Full Report: Security Innovation: Secure Systems Start with Foundational Hardware
Related Resources:
IT Professionals Choose Security Solutions (Blog)
2021 Product Security Report
Security is Critical Ingredient to Innovation
A Business Built on Intel(INTC) vPro is a Business Built on Security: Introducing 12th Gen vPro Security
A Holistic Approach to Security, Built on Trust and Transparency
Intel Launches Project Circuit Breaker
Introducing Intel’s Long-Term Retention Lab
Rising to the Challenge? — ?Data Security with Intel Confidential Computing
About Intel(INTC)
Intel (INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.
© Intel Corporation(INTC). Intel(INTC), the Intel(INTC) logo and other Intel(INTC) marks are trademarks of Intel Corporation(INTC) or its subsidiaries. Other names and brands may be claimed as the property of others.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220412005511/en/
Source: Intel Corporation(INTC)
Thanks for the figures
and they may have been building up the company in the last year without concentrating to much on sales to be ready for when the mammoth introduction is made - in the near future, hopefully. All IMO.
Not that bad of a quarter, actually. Revenue has reversed and is trending the right way. Margins are improving and scope of offerings is broadening. Next quarter will finally bring year over year comparisons back to normal without the census temporary distortion. That should be favorable, IMO.
WidePoint to Present at the Maxim 2022 Virtual Growth Conference
https://finance.yahoo.com/news/widepoint-present-maxim-2022-virtual
FAIRFAX, VA / ACCESSWIRE / March 17, 2022 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), will be virtually presenting at the Maxim 2022 Virtual Growth Conference, which is being held on March 28-30, 2022.
WidePoint management's presentation will be webcast and available for replay here. To receive additional information, or to schedule a one-on-one meeting, please contact WYY@gatewayir.com.
About Maxim Virtual Growth Conference
During this virtual conference, investors will hear from executives from a wide range of sectors including Biotech, Clean Energy, Electric Vehicles, Financial Services, Fintech & REITS, Gaming & Entertainment, Healthcare, Healthcare IT, Infrastructure, Shipping and Technology/ Media/Telecom. The conference will feature company presentations, fireside chats, roundtable discussions, and live Q&A with CEOs moderated by Maxim Research Analysts.
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 Digital Billing & Analytics. For more information, visit widepoint.com.
That looks highly likely
but in the past two years, WP has grown substantially so this must show in the figures, eventually.
You never know, someone might tell them what a dividend is, one day!
I'm thinking revenue in the $25M range.
Still won't look favorable in year over year numbers, but better than the last 3 quarters did.
WidePoint Sets Fourth Quarter and Full Year 2021 Conference Call for Monday, March 28, 2022 at 4:30 p.m. ET
https://finance.yahoo.com/news/widepoint-sets-fourth-quarter-full
FAIRFAX, VA / ACCESSWIRE / March 9, 2022 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Managed Mobility Services (MMS), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, will hold a conference call on Monday, March 28, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2021. Financial results will be issued in a press release prior to the call.
WidePoint's management will host the conference call, followed by a question and answer period.
WidePoint Expands Portfolio of Secure Technology Management Service Offerings
https://finance.yahoo.com/news/widepoint-expands-portfolio-secure-technology
FAIRFAX, VA / ACCESSWIRE /February 28, 2022 / WidePoint Corporation (NYSE American:WYY), an innovative technology Managed Solution Provider (MSP) specializing in Identity and Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Digital Billing & Analytics, and IT as a Service (ITaaS), announced today an expansion of the company's portfolio of secure technology management as a service offerings.
Jin Kang, WidePoint's CEO, stated: "In 2021, WidePoint proactively focused on product development initiatives needed to expand our portfolio of solutions to power opportunities for material growth in 2022 and beyond. As a company recognized for pioneering IAM, Mobility Management, ITaaS and Digital Billing & Analytics solutions that work will always continue. Our expertise in these vital technology areas provides the foundation for WidePoint to ask, ‘What's next? What will government and commercial enterprises need to tackle increasingly complex cybersecurity, mobility and technology management challenges?' I am excited to announce details of our technological achievements and expanded offerings."
WidePoint Cybersecurity Solutions Corp.
The WidePoint-ORC Cybersecurity team developed next generation federally-certified IAM solutions. Achievements include:
Quantum-resistant Public Key Infrastructure (PKI) solutions
Implementing an additional commercial Certificate Authority (CA) for K-12
Continuing to expand PKI beyond federal to commercial, state, local and education entities
Expanding Identity, Credentialing and Access Management (ICAM) clients by partnering with 22Vets, a Service-Disabled Veteran-Owned Small Business (SDVOSB)
IT Authorities
IT Authorities is now positioned as WidePoint's ITaaS, Cloud Services and Managed Service anchor. Since the acquisition in October 2021, ITA has achieved:
SOC II certification
Recognition in the Top 100 Vertical Markets MSPs in the world by Channel e2e
Managed Security Service Provider (MSSP) status in addition to being a Managed Service Provider
WidePoint Integrated Solutions Corp. & WidePoint Mobile Corp.
WidePoint's comprehensive Mobility, Inventory and Asset Management Services team achieved important government and industry product and service certifications. Significant developments include:
FedRAMP Ready Status for WidePoint's technology management platform
R2v3 Certification for the Columbus Ohio WidePoint Mobile Corp. recycling facility
WidePoint Mobile Corp. recognized by the International Organization for Standardization (ISO) 9001, 14001, 45001 for quality, environmental, and occupational health and safety
Recognized as an Honorable Mention Vendor in the 2021 Gartner® Magic Quadrant for Managed Mobility Services, Global
Recognized in the Gartner® Market Guide for Telecom Expense Management Services, 2021
Expanding service offerings to include Utility Expense Management
Expanding partnerships with multiple carriers and Systems Integrators
Soft-ex
The Soft-ex team expanded the company's Digital Billing & Analytics platform for Unified Communications (UCaaS) to address the new hybrid workplace. Soft-ex was awarded Microsoft Co-Sell Ready Status for Innovative UC Voice Analytics & Billing Solution.
Jason Holloway, WidePoint's Chief Sales and Marketing Officer, stated: "WidePoint is proud of our team and excited by the expertise and talent that achieves these rigorous advances. By committing to the difficult, WidePoint delivers solutions that deliver. These are not easy wins. These developments also support refreshing our solution terminology. For example, ‘Identity Management' (IdM) is now 'Identity and Access Management' (IAM) or 'Identity, Credentialing and Access Management' (ICAM). Like our solutions, WidePoint is always evolving."
Kang added, "We are excited by the increased interest in our solutions and how our strategic partnerships are helping to introduce the value of WidePoint to robust pipelines of opportunities. In a landscape that is now defined by 'Zero Trust,' WidePoint's solutions are trusted."
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 Digital Billing & Analytics. For more information, visit widepoint.com.
The Texas contract could open many doors
for WidePoint. Other states and other countries? Could be huge.
WidePoint Awarded New Software Solutions Cooperative Contract from the Texas Department of Information Resources
https://finance.yahoo.com/news/widepoint-awarded-software-solutions-cooperative
FAIRFAX, VA / ACCESSWIRE / February 7, 2022 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Managed Mobility Services (MMS), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, announced a new Cooperative Contract award for Software Solutions from the State of Texas Department of Information Resources (DIR). The focus of the contract is Mobile and Wireline Software as a Service (SaaS) solutions. The contract is valid until November 15, 2022 with two (2) one-year optional renewals.
Jin Kang, WidePoint's CEO, stated: "This award makes WidePoint's MMS and Telecom Management solutions available to 5,000 state and local governments, public education, other public entities in Texas, as well as public entities outside of the state. Much like our GSA contract, this cooperative contract makes it easier for public entities to procure WidePoint's technology management solutions."
"WidePoint is excited to be a part of the Texas DIR Cooperative Contracts Program, as we recognize the impact and reach of their visionary procurement program in Texas and beyond," said Todd Dzyak, President of WidePoint Integrated Solutions Corporation. "Our team has already hit the ground running, as we look forward to delivering for public entities in Texas and expanding our work throughout the public sector."
Details about WidePoint's new Cooperative Contract for Software Solutions can be found at https://www.widepoint.com/state-of-texas-saas-solutions/
Be still my heart, it closed above the 50 DMA. To the moon!!! LOL.
WidePoint shared -
Fed CIOs Discuss IT Modernization, Cyber Compliance
https://www.meritalk.com/articles/fed-cios-discuss-it-modernization-cyber-compliance/?utm_content=196134757&utm_medium=social&utm_source=twitter&hss_channel=tw-2478720115
Government agencies have had to adapt to the “new normal” brought on by COVID-19 – new ways of working, new consumer behaviors, and new business reorganization. But the key to success is updated modernization, according to several chief information officers (CIO).
Before the pandemic, IT modernization was the plan for the future for many Federal agencies. However, when COVID-19 hit and workers were forced into remote environments, agencies had to adapt quickly and put their plans for modernization into work. But after more than a year, and with the continued reliance on hybrid or remote work environments by Federal agencies, new IT modernization strategies are needed.
For the Department of Energy (DoE), the first initial consisted of a unified, “focus to getting people to remain or to become more productive through the use of digital tools and remote collaboration,” said Ann Dunkin, CIO for the DoE, during ATARC’s CIO Virtual Summit Jan. 25.
However, that led to silos of modernization practices across the agency.
“So, now we need to look at IT modernization differently and scale these practices across the agency as a whole,” Dunkin said. The DoE is currently working on a playbook illustrating how they plan on creating a unified modernization strategy and plan to share this with other agencies in the future.
In addition to shifting modernization plans, agencies have also ensured compliance with recent cyber-related directives and guidance. Jamie Holcombe, CIO for the U.S. Patent and Trademark Office (USPTO), explained that while cyber compliance is crucial moving forward, it can also be challenging for agencies attempting to modernize their systems. And that is because many are under the impression that being cyber compliant implies ‘NO’ risks.
“It’s not about having no risk. It’s about understanding your risks and vulnerabilities and then having a contingency plan for what to do when faced with possible exposure,” Holcombe said. As part of their modernization strategies, Federal agencies must incorporate good cyber training and hygiene practices.
However, Tina Donbeck, the CIO for the U.S. International Development Finance Corporation (DFC), explained that another essential key to a successful modernization strategy moving forward is ensuring you do what works for your mission needs. The DFC, compared to agencies like the DoE and the USPTO, is significantly smaller. Therefore, Donbeck explained, they won’t have the same resources as larger agencies to respond to specific directives or incorporate digital upgrades.
The focus for agencies like DFC must then be on “getting the right people, skills, and tools in place to be effective in our mission and also be efficient cyber defenders.”
Dunkin agreed with Donbeck’s assessment, adding that while small and large agencies can share ideas on modernization and cyber compliance, as the DoE plans to do, there is no one-size-fits-all in the government.
“Agencies need to balance cyber compliance and digital updates with their mission need as a primary focus,” Dunkin said.
Thanks methinks, the folks at Widepoint keep chugging away.
Finally tapping the 50 DMA today; if we can get through that it might actually be in an upswing. How novel.
WidePoint PKI and Identity Management Solutions are Quantum-Resistant
https://finance.yahoo.com/news/widepoint-pki-identity-management-solutions-140000909.html
FAIRFAX, VA / ACCESSWIRE / January 31, 2022 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), announced today that WidePoint's Public Key Infrastructure (PKI) Identity Management solutions are Quantum-resistant.
While Quantum computing is still in the development phase, the impact on the existing cryptographic infrastructure is challenging today's access and identity management protocols. Encryption algorithms must evolve to resist attacks from both Quantum and traditional computers.
"There is an expectation that all cryptographic algorithms will be broken in the future given enough computing power," said Caroline Godfrey, Chief Security Officer of WidePoint Cybersecurity Solutions Corporation. "The National Institute of Standards and Technology (NIST) - which sets the standards of technology and cybersecurity for the Federal Government and the U.S. Department of Defense (DoD) has adopted - is currently planning for this expectation with the draft document NIST SP 800-208. In the case of PKI, old algorithms and key-sizes will be retired and new algorithms will be introduced to account for any increase in computing power. We are already seeing Federal Government PKIs move to SHA-384 and WidePoint is adapting our solutions correspondingly. We understand the importance of NIST guidelines in the development of the enterprise technology landscape. WidePoint continues to advance and offer PKI solutions in accordance with these protocols and the standards that we meet are considered secure against attacks by Quantum computers."
"The challenge with PKI is that you want strong protection that can't be broken quickly, yet doesn't require significant computing power just to generate the keys in the first place," said Jason Holloway, President of WidePoint Cybersecurity Solutions Corporation. "Most commercial PKI offerings do not adhere to the demanding cybersecurity standards established by NIST. This is a factor in the increase in cyberattacks and ransomware incidents hitting businesses and public entities. Organizations that previously questioned the need to invest in Federal/DoD-level security are now turning to WidePoint as they experience the staggering cost of less-secure solutions."
Jin Kang, WidePoint's CEO, commented, "Userid/password identity management is antiquated and extremely vulnerable. WidePoint's PKI solution can replace the userid/password combination, expanding our solutions into the commercial sector with DoD grade security. Our PKI solutions address a large and growing market with universal applicability for controlling access to our customer's critical infrastructure both logically and physically. We are committed to providing best-in-industry solutions across our portfolio of technology management offerings. From zero trust identity credentials to secure cloud and management mobility services, WidePoint invests in developing the solutions that government and business, especially regulated industries, demand."
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of Trusted Mobility Management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
President Biden signs memo to help improve military cybersecurity
https://www.engadget.com/biden-memorandum-cybersecurity-defense-intelligence-195058392.html
Excerpt:
The President's move also sets timelines and guidance for implementing technologies required in the executive order, ranging from encryption to multi-factor authentication.
WidePoint CyberSecurity Awarded New Contract to Issue DoD Compliant Identity Management Credentials
https://www.widepoint.com/widepoint-cybersecurity-awarded-new-contract-to-issue-dod-compliant-identity-management-credentials/
--------------------------------------------------
Seems like President Biden knows more about cybersecurity, now.
WidePoint shared this on Twitter -
Feds Step Up Cybersecurity Support for State Governments
https://www.nextgov.com/cybersecurity/2022/01/feds-step-cybersecurity-support-state-governments/360323/
Forty-two advisers have been appointed or are in the process, with eight states still needing federal-level coordinators.
CYBER DEFENSE
The Cybersecurity and Infrastructure Security Agency is actively working to help states strengthen their cybersecurity efforts by setting up a 50-state network of federal cybersecurity coordinators, one per state.
In November, then-CISA Executive Director Brandon Wales told the House Oversight and Reform Committee his agency had already hired 36 coordinators. As of the end of December, that had increased to 37, with another five positions going through selection processing, according to Laura Delaney, CISA’s deputy assistant director for the Integrated Operations Division.
“The CISA cybersecurity state coordinators play a central role in threat information sharing with state partners, but this also occurs through each State Fusion Center that typically includes several other federal partners, as well as the Multi-State Information Sharing and Analysis Center,” or MS-ISAC, Delaney said in an email. “The states share insight into their cybersecurity programs and practices, and having people on the ground in the states gives CISA a valuable resource for identifying incidents that may have national impact.”
Since every state’s IT organizational structure is different, Delaney said there is not a “one-size-fits-all” approach for the coordinators to help their states with designing and implementing cybersecurity plans. The coordinators have resources to help organizations develop their plans, and provide workshops for state, local, tribal and territorial partners to raise awareness of cybersecurity best practices. In New Hampshire, for instance, the coordinator is helping localities switch to .gov web addresses as one way to cut down on phishing schemes.
In addition, the coordinators can help states complete the assessments required for the Homeland Security Grant Program. Once guidance is finalized, the coordinators can provide information about obtaining federal funds through the State and Local Cybersecurity Grant Program that was included in the Infrastructure Investment and Jobs Act of 2021, known more broadly as the bipartisan infrastructure bill.
In addition to working with the agencies in their own assigned states, the coordinators also communicate among themselves regionally, nationwide and with cybersecurity teams within CISA and other federal agencies.
“This allows coordinators to share the diverse and unique perspectives that each state has in tackling problem sets and the opportunity to learn from [the] others’ experiences,” Delaney explained. “This coordination assists in maintaining consistency across the program as a whole … [And] having resources placed at the local level allows CISA to develop a clearer picture of the challenges that each state faces related to cybersecurity, [such as] ransomware, under resourced counties and municipalities, election security, etc.”
Success in cybersecurity depends on prevention, mitigation and recovery. When asked for a “success story” for the coordinators, Delaney wrote that two CISA regions partnered to respond to cyber incidents targeting a number of agricultural cooperatives.
“The ransomware events were occurring at the height of the harvest season and impacted precision agriculture and delivery of product to the [manufacturers] which relied on the harvested grain,” Delaney wrote. “Response efforts and information sharing between the regions, headquarters, [Joint Cyber Defense Collaborative] and the FBI resulted in the rapid mitigation of the ransomware events.”
Delaney said the stakeholders were able to restore their systems in less than a week. An extended incident would have affected 120 grain storage sites, 16,000 co-op farmers, 425 million bushels of grain destined for feed manufacturing and bio-fuels, and 18% of all grain production from 14 million acres of farmland.
These cybersecurity state coordinators are an important part of building out the protective infrastructure needed to secure government, the private sector and users from disruptive and destructive cyber threats. But finding, hiring and retaining them is not an easy task.
The job market for experienced cybersecurity professionals is highly competitive—in August 2021 the Commerce Department estimated there were 500,000 open positions. Public sector agencies at all levels have a hard time competing against the private sector’s larger salary and benefits packages, but this particularly pinches state and local agencies. Add the effects of the pandemic in creating historic levels of remote work and the need increases exponentially.
“The federal government offers competitive salaries and extensive benefits packages,” Delaney wrote. “In the federal space, there are locality adjustments factored into salaries. And in certain federal positions there are additional pay for retention bonuses if the employee possesses particular licenses or certifications.”
Delaney pointed to the introduction of the Cybersecurity Talent Management System, a tool designed to attract cyber talent from across the spectrum, entry level through senior executives. The system “includes new hiring processes, new compensation structures and new development approaches designed specifically to recognize employees for their critical cybersecurity skills and mission contributions,” she wrote.
CISA has budgeted $5 million for the state cybersecurity coordinators program. The eight states where CISA is still seeking candidates through USAJobs.gov are Alabama, Colorado, Iowa, Louisiana, Mississippi, New Mexico, South Carolina and Tennessee.
WidePoint Purchases Approximately 299,500 Shares of its Common Stock and Implements Rule 10b5-1 Repurchase Trading Plan
https://finance.yahoo.com/news/widepoint-purchases-approximately-299-500-140000270.html
FAIRFAX, VA / ACCESSWIRE / January 5, 2022 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), today announced it has purchased approximately 299,500 shares of its common stock (approximately $1.23 million) as of December 31, 2021 as part of its previously announced share repurchase program. The Company also implemented a prearranged share repurchase trading plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, to execute future repurchases. The Company has approximately $3.77 million available for future purchases under its share repurchase plan.
The Rule 10b5-1 share repurchase trading plan will permit common stock to be repurchased at times that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The Rule 10b5-1 share repurchase trading plan will be administered by an independent broker and subject to preset price, volume and timing restrictions set forth in the plan.
Repurchases of shares under the Rule 10b5-1 Plan will also comply with the requirements of Rule 10b-18 under the Exchange Act. Any actual repurchases under the Rule 10b5-1 Plan will be disclosed in the periodic reports which the Company files under the Exchange Act. There is no assurance as to the amount, timing or prices of repurchases, all of which will vary based on market conditions and other factors, as well as being subject to the present parameters set forth in the plan.
"We believe our common stock currently presents a compelling value proposition based on our improving fundamentals, strong balance sheet and prospects for growth," said WidePoint CEO Jin Kang. "We entered the new year with significant operating momentum, robust industry tailwinds, and an expanding sales pipeline, which give us confidence that 2022 will be a year of profitable growth and expansion."
About WidePoint
I was hoping to see
some reference to WidePoint in the post from Marketwatch but, of course, it just was a news item on Telecoms expense.
Happy New Year to you, also. Might be quite sizeable!
Thanks, as always, Methinks.
Happy New Year!
Telecom Expense Management
https://www.widepoint.com/telecom-lifecycle-management/telecom-expense-management/
WidePoint Recognized in the Gartner 2020 Market Guide for Telecom Expense Management Services
https://www.widepoint.com/widepoint-recognized-in-the-gartner-2020-market-guide-for-telecom-expense-management-services
Good ole December, when stocks that are losers on the year get dumped to capture the tax loss. I don't expect it to change much until after Christmas.
WidePoint To Present at the Sidoti December Virtual Micro Cap Conference on December 9th, 2021
https://finance.yahoo.com/news/widepoint-present-sidoti-december-virtual-
FAIRFAX, VA / ACCESSWIRE / November 30, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), will be virtually presenting and holding one-on-one meetings at the Sidoti December Virtual Micro Cap Conference on December 8-9, 2021.
WidePoint management is scheduled to present on Thursday, December 9th, at 2:30 p.m. Eastern time (11:30 a.m. Pacific time.) The presentation will be webcast live and made available for replay here.
WidePoint Achieves FedRAMP Ready Status
https://finance.yahoo.com/news/widepoint-achieves-fedramp-ready-status-
FAIRFAX, VA / ACCESSWIRE / November 22, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service (ITaaS), today announced that it has achieved FedRAMP Ready Status for WidePoint's proprietary Intelligent Telecommunications Management System (ITMS™) platform.
FedRAMP is a U.S. government program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. Achieving FedRAMP Ready Status is a strong indicator of success for full FedRAMP authorization and means that WidePoint's Readiness Assessment Report (RAR) has been approved. WidePoint is now listed on the FedRAMP Marketplace as a FedRAMP Ready vendor.
In order to meet FedRAMP Ready status, WidePoint was assessed for critical controls such as the use of approved cryptographic modules; continuous monitoring capabilities; authentication, authorization and access controls; and configuration and risk management.
Todd Dzyak, President of WidePoint Integrated Solutions Corp stated, "We are proud to have achieved this critical step in the FedRAMP process. FedRAMP certification is considered to be the hardest to achieve due to the large scope of controls, documentation requirements, required third-party assessment organization (3PAO) review as well as authorization by a government authority."
Jin Kang, WidePoint's CEO, added, "WidePoint will be pursuing full authorization by the end of 2022, opening up the opportunity for more U.S. government agencies to benefit from WidePoint's TM2 platform."
That would certainly be a welcomed development.
Or is he counting on
an appreciable upswing in the near future?
Perhaps this bit of insider buying will put a bottom in. The CEO believes.
Looks like a reasonable enough acquisition. They did state that it would be accretive to earnings.
Thanks for digging that back up.
Had a look back in the posts and found it.
https://www.itauthorities.com/
I went bald
a long time ago tearing my hair out following this stock!
But they are showing solid progress with their earnings increasing and the company expanding.
Can anyone provide more details about the new acquisition, ITA?
Quite a haircut on revenues that have started growing again.
WidePoint Reports Third Quarter 2021 Financial Results
https://finance.yahoo.com/news/widepoint-reports-third-quarter-2021
FAIRFAX, VA / ACCESSWIRE / November 15, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management, Telecommunications Lifecycle Management, Digital Billing & Analytics, and IT as a Service, today reported results for the third quarter ended September 30, 2021.
Third Quarter 2021 and Recent Operational Highlights
Awarded new contract to deliver Identity and Access Management credentials to a District of Columbia government branch
Secured more than $16.8 million in Identity Management and Managed Mobility Services contract awards
Awarded new contract with a major U.S. research university to deliver DoD Compliant Identity Management credentials
On October 1, 2021 acquired IT Authorities, a globally ranked Managed Service Provider (MSP), Managed Security Services Provider (MSSP), and Cloud Services Provider (CSP)
Reinstated Stock Repurchase Plan and increased size of Repurchase Plan to up to $5.0 million of its common stock
Third Quarter 2021 Financial Highlights
Revenues were $22.3 million
Managed Services revenue was $9.2 million
Gross margin improved to 16.5%
Net income was $535,000 or $0.06 per diluted share (reflects a benefit of $1.3 million due to payroll tax credit)
EBITDA, a non-GAAP financial measure, was $1.2 million
Adjusted EBITDA, a non-GAAP financial measure, was $1.5 million
As of September 30, 2021, cash and cash equivalents equaled $18.1 million
Nine Months 2021 Financial Highlights:
Revenues were $62.9 million (reflects a reduction of $3.7 million due to carrier credits)
Managed Services revenue was $26.5 million
Gross margin improved to 19.7%
Net income was $916,000 or $0.10 per diluted share (reflects a benefit of $1.3 million due to payroll tax credit)
EBITDA, a non-GAAP financial measure, was $2.6 million
Adjusted EBITDA, a non-GAAP financial measure, was $3.2 million
Management Commentary
"The third quarter marked a period of productivity, as we successfully completed the acquisition of ITA, made progress across our sales and marketing initiatives, engaged in new strategic customer wins, upgraded our already robust portfolio of solutions, and continued to successfully execute our strategy for profitable growth," said WidePoint's CEO, Jin Kang. "Although we were faced with macro-economic headwinds, our team was able to weather the storm and focus on controlling the factors within our grasp, by remaining prudent with our expenditures and concentrating on tackling high ROI opportunities. Additionally, we are working to immediately reap the benefits of ITA's capabilities and resources from the get-go. Our team is ramping up joint synergy opportunities by upselling and cross-selling our portfolio of solutions to their base of customers which have already resulted in executed deals. As we near the end of the calendar year, I am confident in our team's ability to capitalize on all the near-term opportunities across the board, as we look to continue executing our strategy for profitable growth through organic and inorganic means."
Financial Outlook
The company has updated guidance for the full year 2021. Excluding revenue from ITA, the company expects revenues to be in a range from $80 million to $84 million and adjusted EBITDA to be in a range from $3.1 million to $3.3 million. Additionally, ITA forecasts its fourth quarter 2021 revenues to be approximately $2 million with adjusted EBITDA of $100,000. The company's financial outlook is based on current expectations and actual results could differ materially depending on market conditions and the factors set forth under the "Safe Harbor Statement" below.
Increase to Reinstated Share Repurchase Program
As previously announced, the Company has reinstated its prior share repurchase program which was suspended on March 9, 2020 as a precaution due to the COVID-19 pandemic. Following such reinstatement, the Board of Directors increased the size of the repurchase program to $5.0 million, increasing the amount currently available for repurchases to $4.6 million. Under the share repurchase program, repurchases of the issued and outstanding shares may be made from time-to-time in open market and privately negotiated transactions. WidePoint currently has 9.1 million shares outstanding.
Any share repurchases will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, available liquidity, cash flow, applicable legal requirements, and other factors. This program does not obligate WidePoint to acquire any particular amount of common stock and the program may be suspended or discontinued at any time. WidePoint intends to finance the purchases with existing cash balances.
CFO Transition
Kellie Kim, Executive Vice President and Chief Financial Officer, notified the Company on November 11, 2021, of her plans to retire to devote more time to her family and other personal interests. Ms. Kim will remain in her current role until the completion of 10-K filing in 2022 and remain fully engaged as CFO and actively participate in the process to evaluate a full slate of candidates. She will continue to assist the Company as a consultant following her departure as CFO.
Conference Call
WidePoint management will hold a conference call today, Monday, November 15, 2021, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
WidePoint's President and CEO Jin Kang, Executive Vice President and Chief Sales and Marketing Officer Jason Holloway, and Executive Vice President and CFO, Kellie Kim will host the conference call, followed by a question and answer period.
U.S. dial-in number: (888) 506-0062
International number: (973) 528-0011
Passcode: 143707
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company's website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, November 29, 2021.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 43440
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, mobile management, identity management, and digital billing and analytics. For more information, visit widepoint.com.
A possible reason why we are waiting so long -
A catalyst may be ready to happen - to the whole internet industry -
"I want to update you on a NASDAQ company we’ve covered before. It’s one of my favorite small-cap companies for many reasons. This company has a growing pipeline of products and manages to keep its focus on selling them as well as developing them. The company has a modest share structure and insiders own a nice chunk of the outstanding shares.
I like companies that can generate catalysts without trying, ones that innovate and grow creating catalysts as they grow, and this company fits the bill. Stock analysts have recently reached a consensus price target indicating a 75% upside. Once again, this company has produced a near term catalyst, and I want to report on it.
Stay tuned and stay informed.
The Traders News Group"
If what I perceive does happen to the internet, share prices may nudge upward. The US and UK governments have both just made generous spending pledges so can they see extra funds coming into their coffers to allow this expenditure from industry?
JMHO
WidePoint to Present at the Ladenburg Thalmann Virtual Technology Expo 2021
https://finance.yahoo.com/news/widepoint-present-ladenburg-thalmann-virtual
FAIRFAX, VA / ACCESSWIRE / November 8, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, will be presenting at the Ladenburg Thalmann Virtual Tech Expo on November 18th, 2021.
WidePoint management is scheduled to present on Thursday, November 18 at 1:30 p.m. Eastern time. Investors must register to watch the presentation here and can also request 1x1 meetings with Company on the event website.
To receive additional information, or schedule a one-on-one meeting, please contact WYY@gatewayir.com.
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of trusted mobility management (TM2) solutions, including telecom management, managed mobility services, identity management, and digital billing and analytics. For more information, visit widepoint.com.
WidePoint Sets Third Quarter 2021 Conference Call for Monday, November 15, 2021 at 4:30 p.m. ET
https://finance.yahoo.com/news/widepoint-sets-third-quarter-2021-130000960.html
Mon, November 1, 2021, 1:00 PM
In this article:
FAIRFAX, VA / ACCESSWIRE / November 1, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, will hold a conference call on Monday, November 15, 2021 at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2021. Financial results will be issued in a press release prior to the call.
WidePoint's management will host the conference call, followed by a question and answer period.
Date: Monday, November 15, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: (888) 506-0062
International number: (973) 528-0011
Access Code: 143707
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, November 29, 2021.
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331
Replay ID: 43440
WidePoint Cybersecurity Awarded New Contract to Issue Federally Compliant PIV-I Identity Management Credentials
https://finance.yahoo.com/news/widepoint-cybersecurity-awarded-contract-issue
Mon, October 18, 2021, 2:00 PM
In this article:
FAIRFAX, VA / ACCESSWIRE / October 18, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, today announced a new contract to deliver Identity and Access Management credentials to a District of Columbia government branch.
Under this contract, WidePoint Cybersecurity will deliver NFI (Non-Federal Issuer Interoperable) Personal Identity Verification (PIV-I) credentials, professional services, and hardware to perform the credential issuances on site. WidePoint will issue three-year NFI PIV-I credentials to staff providing identity, encryption, logical and physical access capabilities. WidePoint was awarded this contract on September 29, 2021.
Caroline Godfrey, Chief Security Officer of WidePoint Cybersecurity Solutions Corporation, stated, "WidePoint's commitment to providing the most secure Identity and Access Management credentials is greatly increasing opportunities for our IdM solutions. We are honored to provide this government agency with PIV-I credentials."
Jason Holloway, President of WidePoint Cybersecurity Solutions Corporation, said, "With government and commercial enterprises under constant threat of cyber attacks, we are pleased to see more and more IT security leaders recognizing the protective value of WidePoint's enhanced approach to Identity Management."
Jin Kang, WidePoint's CEO, added, "WidePoint's investment in offering the most secure Identity and Access Management solutions continues to expand our opportunity for impact. We look forward to increasing the presence of our credentials across government, private and commercial segments as we seek to securely protect their workers and systems."
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of trusted mobility management (TM2) solutions, including identity management, secure mobility management, telecom management, and digital billing and analytics. For more information, visit widepoint.com.
Can't be in an uptrend until you cross and stay above the 50 Day Moving Average, which is currently at $5.55. Let's see if it can stay there.
The longest journey starts with a single step.
Sounds good Methinks. Now let's see the quarterly revenue pop back over $20M and get this ship headed in the right direction again.
WidePoint Secures More than $16.8 Million in Identity Management and Managed Mobility Services Contracts During the Third Quarter of 2021
https://finance.yahoo.com/news/widepoint-secures-more-
FAIRFAX, VA / ACCESSWIRE / October 12, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management (TLM), and Digital Billing & Analytics solutions, today reported that itwas awarded more than $16.8 million in contract awards during the third quarter of 2021.
Highlights include:
IdM credentials for a District of Columbia government branch
IdM credentials for a major public research university
MMS for a major airline
TLM for a global automotive manufacturer
TLM for a Fortune 500 insurance provider
Expansion of WidePoint's DHS CWMS 2.0 IDIQ contract occurred with additional funding awarded by numerous components' existing Task Orders, which included:
U.S. Department of Homeland Security (DHS) Headquarters
Transportation Security Administration (TSA)
U.S. Customs and Border Protection (CBP)
U.S. Immigration and Customs Enforcement (ICE)
The U.S. Coast Guard
The Federal Protective Service
Federal Law Enforcement Training Centers
U.S. Citizenship and Immigration Services (USCSIS) also transitioned to the DHS CWMS 2.0 contract vehicle during the quarter. This Task Order has option years running through 2026.
Jin Kang, WidePoint's CEO, stated: "WidePoint saw 42 contractual actions in the third quarter of 2021 including new awards, renewals, contract extensions and exercised option periods for our TM2 Identity Management and Managed Mobility Services (MMS) solutions. The quarter also reinforced that enterprises, government and commercial, are recognizing that WidePoint's IdM solutions deliver the enhanced security necessary to thwart data breaches and ransomware attacks. All in all, we are excited by how DHS components are adopting the CWMS 2.0 IDIQ contract and how it expands our ability to support these organizations, including our managed services solutions from WidePoint's new subsidiary, IT Authorities."
Sounds like a good acquisition... 10 mil in additional revenue and positive cash flow is not a bad thing.
From Yahoo.
https://finance.yahoo.com/news/widepoint-acquires-authorities-leading-provide
Accretive Acquisition Expected to Provide Incremental Value by Adding Profitable Revenue, Increasing Capabilities, Broadening Footprint in the Commercial Sector, and Representing Strategic Upsell and Cross-sell Opportunities
Conference Call Scheduled for Today, October 4th at 11:00 AM ET
FAIRFAX, VA / ACCESSWIRE / October 4, 2021 / WidePoint Corporation (NYSE American:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, has acquired IT Authorities (ITA), a globally ranked Managed Service Provider (MSP), Managed Security Services Provider (MSSP), and Cloud Services Provider (CSP).
IT Authorities Overview
Based in Tampa, Florida, ITA is an award-winning provider of comprehensive information technology (IT) as a service offerings, including cybersecurity, cloud, network operations, and professional services. Since 2002, ITA has been transforming organizations through technology, applying IT strategy and innovation to meet the needs of small and mid-sized enterprises. The company's growing customer base spans 110 clients across a range of industries throughout North America.
ITA has received the prestigious Inc. 5000 Fastest Growing Company in America award seven times and has been recognized as one of the "Best Places to Work/Best Companies to Work For" more than 10 times. ITA consistently ranks among the Top 500 MSPs in the World by Channel Futures.
Acquisition Summary and Rationale
Enhances WidePoint's expertise in delivering ITaaS solutions to existing and prospective customers.
Expands WidePoint's footprint and presence in the bourgeoning commercial enterprise sector, especially with small and mid-sized businesses.
Provides meaningful cross-sell opportunities, including layering on WidePoint's Identity Management solution on top of ITA's managed cybersecurity offerings.
Offers significant upsell opportunities to sell WidePoint's Identity Management (IdMaaS) offering to ITA's customer base.
Acquisition is expected to be accretive to WidePoint's operating results, excluding customary acquisition-related expenses.
Under the terms of the agreement, WidePoint acquired substantially all the assets of ITA. Additional details of the acquisition, including transaction terms and consideration will be filed on Form 8-K with the Securities and Exchange Commission and available here.
Management Commentary
"After a meticulous screening period, we found the ideal company in ITA because it adds accretive value across all facets of our business," said Jin Kang, WidePoint CEO. "With the rapidly growing managed services, cloud, and cybersecurity markets poised for explosive growth, ITA significantly strengthens our footprint within each growth market. From a sales standpoint, the acquisition offers a multitude of cross-sell and upsell synergies within IT operations, Identity Management, partnerships with Microsoft and more that we can leverage by offering our combined customer base an even more robust portfolio of services and solutions. In addition to benefitting from ITA's high margin, recurring, managed services revenue, we are able to immediately tap into their expanding commercial SMB customer base with our enhanced offerings.
"We have already begun collaborating on sales opportunities with ITA, which we believe will translate to executed deals in the coming months. In conjunction with the immediate financial and sales benefits we're already seeing, our joint capabilities increase our value proposition in the market and correspondingly increases our chances of winning larger deals and contracts going forward. Additionally, ITA brings a very strong company culture and customer service, as proven by the plethora of corporate awards they've won, which is something that is overlooked and being phased out nowadays by technology companies within the professional services space. Overall, the accretive acquisition provides WidePoint with a more robust set of capabilities and technical synergies that will enable us to capture more market share in the bourgeoning managed services, cloud, and cybersecurity markets."
Jason Caras, Co-founder and CEO of IT Authorities, added: "As IT managed services, cloud, security and professional services are more relevant than ever before, it is absolutely pivotal to have a reliable partner to ensure the viability of these capabilities. We deliberately sought out a partner that shared our passion for service leadership in addition to a partner with a compelling slate of complementary IT services that would make us the preeminent powerhouse. I am confident that WidePoint's acquisition of IT Authorities and our combined offering of synergistic technologies, human capital, culture, and incremental customer base will help us deliver even greater value to customers in this growing market."
Financial Outlook
For 2021, ITA management expects to report annualized revenue of approximately $10 million and adjusted EBITDA of approximately $1.5 million.
Transaction Advisors
Foley and Lardner LLP acted as legal advisor to WidePoint. Hyde Park Capital acted as financial advisor to ITA.
Acquisition Conference Call Information
WidePoint management will host the conference call to discuss the acquisition. Management's prepared remarks will be followed by a question-and-answer period.
Toll Free: 888-506-0062
International: 973-528-0011
Entry Code: 592810
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website.
A replay of the conference call will be available after 2:00 p.m. Eastern time on the same day through October 18, 2021.
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 43064
About the IT Authorities (ITA)
IT Authorities is an award-winning, globally ranked Managed Services Provider (MSP), Managed Security Services Provider (MSSP), and Cloud Services Provider (CSP) in operation since 2006. Headquartered in Tampa, Florida, IT Authorities serves clients in a wide range of industries across North America. For more information, visit itauthorities.com.
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading provider of Trusted Mobility Management (TM2) solutions, including Identity Management (IdM), secure Mobility Managed Services (MMS), Telecom Lifecycle Management, and Digital Billing & Analytics. For more information, visit widepoint.com.
Safe Harbor Statement
This press release contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. All statements other than statements of historical fact included herein are forward-looking statements. You can identify these statements by words such as "aim," "anticipate," "assume," "believe," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "potential," "positioned," "predict," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. These statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, the ability to achieve expected benefits from the acquisition of ITA, including but not limited to the ability to achieve the financial outlook included herein, the impact of the COVID-19 pandemic on our business and operations; our ability to successfully execute our strategy; our ability to sustain profitability and positive cash flows; our ability to gain market acceptance for our products; our ability to win new contracts, execute contract extensions and expansion of services of existing contracts; our ability to compete with companies that have greater resources than us; our ability to penetrate the commercial sector to expand our business; our ability to retain key personnel; and the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 24, 2021. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Non-GAAP Financial Measures
WidePoint uses adjusted EBITDA as supplemental non-GAAP measure of performance. WidePoint defines EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. Adjusted EBITDA excludes certain amounts included in EBITDA. WidePoint is not providing a quantitative reconciliation of adjusted EBITDA in reliance on the "unreasonable efforts" exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. In this regard, WidePoint does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, WidePoint is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by estimated adjusted EBITDA (non-GAAP).
Investor Relations:
Gateway Investor Relations
Matt Glover or John Yi
949-574-3860
WYY@gatewayir.com
SOURCE: WidePoint Corporation
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