WhiteHawk secures subcontractor role on billion-dollar project for US government department
WhiteHawk expects first year revenues from the deal to be worth between US$300,000-600,000, and could grow to US$1-3 million per year in the subsequent years.
Cybersecurity advisory firm WhiteHawk (ASX: WHK) has been awarded a subcontractor role on a $2.8 billion project for a US government department.
Commencing immediately, the role will be for an initial 12-month term with four option years, taking the total possible contract duration to five years.
The value of the first year to WhiteHawk is expected to be between $425,000 to $850,000.
In the option years, this is expected to grow to around $4.25 million each year.
Under the terms of the deal, WhiteHawk will provide a comprehensive service comprised of its 360 Cyber Risk Framework, cyber intelligence and innovation introduction and transition, as well as tailored cyber subject matter expertise.
The company will subcontract these services to the project’s primary contractor based in Virginia which specialises in providing strategic, consulting, digital, technology and operational solutions to clients in more than 120 countries.
The primary contractor’s employee base of more than 469,000 has previously supported every US cabinet-level department and 30 of the largest organisations in the the country’s defence, intelligence, public safety, civilian, military and health sectors.
Details of the specific government department and primary contractor are yet to be released.
Strengthening ties
Launched in 2016, WhiteHawk began as a cyber risk advisory service with a vision to develop the world’s first online self-service, cyber security exchange.
The cloud-based 360 Cyber Risk Framework has helped the company assist customers in discovering, deciding and purchasing cyber security solutions which mitigate their key business risks.
This week’s contract win strengthens WhiteHawk’s business ties with the US.
Shortly after listing on the ASX in January 2018, the company secured its first US commercial contract with an undisclosed top 10 financial institution.
In November, it secured a higher profile contract to provide a tailored version of its cyber framework to various US government agencies with the aim of protecting against supply chain intrusions.
A month later, WhiteHawk inked another US deal, this time with a top 12 Defence Industrial Base company which will see its framework rolled out to 50 supply chain organisations associated with the client.
The company maintains “a strong pipeline” of more than 50 potential customers in the mature stages of business development across the Defence Industrial Base, the US Government and the country’s financial and insurance sectors.
At midday, shares in WhiteHawk were up 15.63% to $0.074.