WhiteHawk (ASX: WHK) was admitted to the ASX today in what the company claims is a “world first” as the only online cyber security marketplace to become publicly traded.
Situated within the Dulles Tech Corridor in the US, WhiteHawk claims it is now the “first global online cyber security exchange” that assists small and medium businesses in managing cyber security threats.
The company’s services include assisting companies around the globe in identifying their cyber risks and providing customised packages including software, advice and regular news and industry updates.
Companies can visit the online platform and receive assistance in identifying individual cyber security threats and are matched to vendors whose products best-fit their risk profile.
WhiteHawk debuted on the ASX after raising A$4.5 million via the issue of 20 million shares at A$0.20 each.
Proceeds from the IPO will fund engineering, development, and optimisation of the company’s exchange, as well as working capital.
“Joining the ASX is an important milestone for our team, our online platform’s potential, and is foundational to our company’s growth,” WhiteHawk executive chairwoman and founder Terry Roberts said.
Ms Roberts added the company had received “overwhelming” interest from investors worldwide.
According to Ms Roberts, WhiteHawk’s platform addresses an existing market gap by helping small and mid-size businesses understand their risks and access “affordable”, “effective” and “easy” cyber security solutions.
The company’s online cyber security platform is operational and has begun generating revenue in the United States, which is its initial target market.
WhiteHawk claims the US market accounts for 80% of global cyber security demand and was worth US$75 billion in 2025.
In addition to its online cyber security product market place, WhiteHawk has a cyber security advisory arm which already has contracted revenue of US$600,000 for 2018, with a “strong” pipeline of potential contracts.
Heading up WhiteHawk is founder Ms Roberts, and she is joined by several directors including US cyber security executive and chief executive officer of Distil Networks Tiffany Jones, digital and marketing professional Louise McElvogue, and Phil George who is also on the board of Department13 (ASX: D13), Bamboo and Nurv. Mr George was also a former executive director of Uber Perth.
“With an addressable market size of US$75 billion in the US alone, there is significant growth potential for our business and we are working diligently to grow our vendor-base and refine our online exchange in anticipation of the launch of version 2.0 – scheduled for February 2018,” Ms Roberts said.
Shares in WhiteHawk were trading at A$0.235 by early afternoon – a 17.5% premium to the company’s offer price.