Global online cyber security exchange WhiteHawk has listed on the Australian Securities Exchange following a successful Initial Public Offering (IPO) which raised the maximum amount of $4.5 million.
The WhiteHawk (ASX:WHK) cyber security exchange enables small and midsize businesses to take “smart action” against cyber-crime and fraud.
The US-based company says the IPO was heavily oversubscribed and supported by institutional and sophisticated investors, both domestically and internationally.
Executive Chair, Terry Roberts says WhiteHawk has developed the world’s first online cyber security exchange that is designed to enable small and midsize companies to access basic to advanced protection and prevention measures.
{loadposition peter}By visiting the online platform, purchasers receive assistance in identifying their cyber security exposures and are matched to vendor products based on their risk profile.
The company’s proprietary and patent pending technology, known as the “CyberPath Solution Engine”, has machine learning capability that enables buyers to understand the myriad of vendor products available which best suit their business, sector, budget and security/insurance requirements, while simultaneously learning from these interactions in order to become smarter and more efficient over time.
“Joining the ASX is an important milestone for our team, our online platform’s potential and is foundational to our company’s growth. We have been so encouraged by the overwhelming interest received from both institutional and retail investors globally,” Roberts said.
“Our platform has been especially developed to leverage several key trends in the global cyber security market, notably addressing an existing gap in the market by enabling small and midsize companies to learn about their business risks and access cyber security solutions that are easy, affordable, and effective at protecting their revenues and reputation.
“With an addressable market size of US$75 billion in the United States 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. With our investors and our innovative and dedicated team, we are committed to driving customer impact and maximising value for our shareholders.”
In a statement announcing the start of trading on the ASX, WhiteHawk notes that:
- The platform is operational and is already generating revenues
- WhiteHawk is initially targeting the US market, estimated to be 80% of the global market, valued at $75 billion in 2015 according to Forbes
- The sophisticated proprietary and patent pending technology has scalable machine learning capability, enabling the platform to become smarter and more efficient over time
- Supplementary to the online exchange, the company’s cyber security advisory arm already has contracted revenue of circa US$0.6 million for 2018 with a strong pipeline of work pending
- WhiteHawk is based within the US Washington Baltimore Corridor, considered the epicentre for the world’s cyber industry and location of the National Security Agency, Central Intelligence Agency, Defense Intelligence Agency, Cyber Command (and three of the four military branch’s cyber commands)
- Highly credentialed management team with extensive US government relationships, led by Terry Roberts, Cyber Industry VP, Carnegie Mellon SEI Executive and former Deputy Director of US Naval intelligence
- Management incentivised through performance shares vesting on $2 million, $5 million and $10 million revenue milestones