Cybersecurity player WhiteHawk mints $1.2m SaaS contract with undisclosed Social Media major

Thu 08 Dec 22, 4:45pm (AEST)
Depiction of a laptop user accessing multiple services from one convenient location
Source: iStock

Key Points

  • WhiteHawk’s SaaS contract with an undisclosed social media company has renewed for 2023 to the tune of $1.2m
  • Brings WhiteHawk’s social media client contract revenue to $3.3m overall; cybersecurity is currently more relevant than ever
  • WhiteHawk noted in its March quarterly this year invoice revenues had shot up 400% in what has been a good year for the company

WhiteHawk Limited (ASX:WHK), a cybersecurity smallcap publicly listed on the ASX, on Thursday confirmed its renewal of a Software-as-a-Service (SaaS) contract with an undisclosed global social media player to the tune of $1.2m. 

This is not the first time WhiteHawk has won the same client (which the average market pundit is unable to learn more about; not too surprising for a high-risk cybersecurity contract.) 

The genesis of the partnership saw Whitehawk handed $2.1m in the March quarter of this year; the total value of that contract now sits at $3.3m. 

The renewal will lock WhiteHawk into the social media player's security ecosystem from 1 Jan 2023 through the year. 

What does WhiteHawk do? 

WhiteHawk ultimately provides software that allows companies to use one centralised dashboard product to access risk monitoring, alerts and reporting services as a one-stop-shop; these services are the same purchased by the social media company. 

WhiteHawk advertises its services as allowing companies to get a “hacker’s view of your company”; the US-based (and West Australia trotting) smallcap has previously won contracts with US government departments. 

It also maintains a contract with Hathaway Global Securities

WhiteHawk flagged in April 2022 that it had seen FY22 Q3 invoice value shoot up by a whopping 400%

WhiteHawk was onto the inflation trend quickly, noting in its March quarterly it was adopting a strategic stance on the inflation problem facing world markets. 

(Looking back, WhiteHawk was clearly wise in its early posturing, given that BlackRock now expects the US to enter a recession in H2 CY23.) 

Tech company contract validates product offering: CEO 

“The continuation of this contract is an important validation of our Cyber - Supply Chain Risk Management capabilities,” WhiteHawk chief Terry Roberts said. 

“[Our product features] are truly enabling a high-tech, global company to provide automated and continuous risk insights, advancing their team to stay on top of their vendor risks and mitigate them in near real-time from one integrated, accessible dashboard.” 

The risks of cybersecurity threats have been made clear in recent history with two high profile attacks on MediBank (ASX:MPL) and Optus. 

Cybersecurity in the fore 

Worth noting is that MediBank’s failures where regarding its own cybersecurity practices has led to something of a collective activist sell-off. 

The company hasn’t come close to recovering its mid-October losses, which saw the share price fall from $3.50c to $2.79 two working weeks later.

Cybercrime has also risen sharply through the covid era as worldwide lockdowns pushed commerce into virtual spaces (in those sectors where it wasn’t already dominant.) Scamming and counterfeiting has also increased. 

WhiteHawk is poised to continue benefiting from a business landscape now paying more attention to its objectives.  

MST Access has placed a share price target of 30c on WhiteHawk - a massive increase from the 7.5c it currently sits at. 

A look at WhiteHawk's six month charts
A look at WhiteHawk's six month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. WhiteHawk was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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