One of the best performers on the Australian share market on Friday has been the WhiteHawk Ltd (ASX: WHK) share price.
In early afternoon trade the cyber risk mitigation company's shares are up a massive 31.5% to 11.7 cents.
At one stage today its shares were up as much as 40% to a 52-week high of 12.5 cents.
What does WhiteHawk do?
WhiteHawk is a cloud-based cyber security exchange platform provider that delivers virtual consultations and artificial intelligence cyber risk profiles that immediately match SME customers to tailored solutions on demand.
This platform allows its customers to leverage their tailored security story to find affordable and impactful cyber tools, content, and relevant services through its algorithms and expertise, in order to better understand how to improve and stay ahead of cyber threats.
Why did its share price rocket 40% higher today?
This morning the company announced that it has entered into its second U.S. Federal Government contract this month.
On Wednesday WhiteHawk announced that it had entered into a U.S. Federal Government contract supporting a large government department through the Chief Information Officer.
Whereas today the company revealed that it has entered into a further U.S. Federal Government contract supporting another large government department through the Chief Information Officer. This is WhiteHawk's third U.S. Federal Government Department Contract in the past six months.
According to the release, WhiteHawk will work as the sub-contractor to a Reston, Virginia headquartered company that will serve as the primary contractor in this contract.
The primary contractor, which has over 23,000 employees, provides technology integration services that include high-end solutions in systems engineering and integration, enterprise IT, cyber, software, advanced analytics and simulation, and training to U.S. Defense, Federal Civilian, Intelligence Community, and Space agencies.
Management advised that the seven-year contract will commence mid-month and is expected to be worth between US$150K to US$300K each year, though optional future expansions by the U.S. Government may increase the scope of WhiteHawk's services
The company's executive chair, Terry Roberts, was pleased with the contracts and the company's prospects.
He said: "These U.S. Federal Government contract wins highlight the capability of the WhiteHawk team to have further impact across the cyber risk landscape of the U.S. Financial, Insurance, Defense Industrial Base and Utility sectors as well as our sales channels through EZShield, leveraging our CyberPath online decision engine based market place for cyber security software and service solutions."
Elsewhere on the market, other tech shares that hit 52-week highs on Friday include Afterpay Touch Group Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).
