The WhiteHawk Ltd (ASX: WHK) share price is continuing its strong run from yesterday, with a combined gain of 23%. This comes after the online cybersecurity company announced one of its contracts has been renewed.
At the time of writing, WhiteHawk shares are up 8.82% to 18.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.16% at 7,723 points.
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United States government commits to contract renewal
Investors are buying up WhiteHawk shares following the latest positive news out of the company.
WhiteHawk announced that the Cyber Risk Radar contract has been renewed by the United States Federal Government Chief Information Security Officer (CISO).
This will see the first year of 4 option years exercised for US$608,000 (A$852,000), with an option for an additional US$550,000 (A$771.000).
The annual software-as-a-service (SaaS) subscription monitors, identifies, and prioritises both cyber and business risks. This is particularly handy for assessing United States Government IT teams' supply chain vendors.
WhiteHawk Cyber Risk scorecards will be provided annually for more than 150 vendors, via an integrated risk management dashboard.
The 3 remaining option years can potentially generate revenues of US$2 million (A$2.8 million) and up to US$1.75 million (A$2.45 million) for WhiteHawk.
The company noted there is strong demand for cyber risk solutions globally. Supply chain vendors continue to remain at high levels of risk as technology evolves.
About the WhiteHawk share price
Founded in 2015, WhiteHawk is a United States-based online cybersecurity company that provides cyber risk products, services, and solutions.
WhiteHawk developed the first online cybersecurity exchange which allows small and medium-sized businesses to prevent cybercrime, fraud, and disruption.
Over the last 12 months, WhiteHawk shares have jumped almost 20% higher, but are down close to 40% year-to-date. The company's share price is within the lower end of its 52-week range of 12 cents to 46.5 cents.
Based on valuation metrics, WhiteHawk commands a market capitalisation of roughly $42 million, with approximately 227 million shares outstanding.
