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Aussie investors pump $4.5M into cyber security broker

Aussie investors pump $4.5M into cyber security broker

Gets set to launch the next version of its online cyber security brokerage platform in February

US-headquartered cyber security exchange operator, WhiteHawk, has made its public debut on the Australian Securities Exchange (ASX) following an oversubscribed $4.5 million initial public offering (IPO).

The company, which got its start in 2016 as a cyber security advisory service, has developed what it claims is the “world’s first” online cyber security exchange, which matches small and midsize businesses with cyber security software products and services.

The platform, which is underpinned by the company’s proprietary CyberPath Solution Engine, draws upon machine learning technology to establish the most appropriate cyber security offering for a business, and then sells that product directly to the end customer.

It remains to be seen just how the company’s brokerage platform might affect local distributors and channel partners that deal with the solutions offered by the cyber security vendors featured on the so-called WhiteHawk Exchange.

In a statement issued to its new Australian investors, the company said its platform is currently operational and is already generating revenues in the US, which has been its initial target market.

“With more than 500 vendor products available from some of the largest cyber security providers in the world, WhiteHawk has already achieved significant penetration among vendors,” the company said.

At the same time, the company said it continues to build relationships and on-board additional vendors, while targeting an increase in site visitors to 120,000 in 2018, compared to over 12,000 total site visits in the last quarter of 2017.

According to WhiteHawk CEO, founder and former deputy director of Naval Intelligence (DDNI) in the US, Terry Roberts, the company aims to broaden its vendor base and launch a fresh version of its brokerage platform this year.

“Joining the ASX is an important milestone for our team, our online platform’s potential and is foundational to our Company’s growth,” Roberts said. “We have been so encouraged by the overwhelming interest received from both institutional and retail investors globally.

“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,” she said.

WhiteHawk revealed its Australian IPO intentions earlier this year and lodged its prospectus with Australia’s corporate regulator on 7 November. It opened its public offer in November last year, aiming for a capital raising effort of $4 million.

The funds from the company’s IPO are set to be used for the engineering and development of the WhiteHawk Exchange platform, which effectively acts as an automated broker for cyber security solutions.

The funds will also be used for research and development, sales and marketing, and for working capital requirements.

According to its website, the company’s marketplace currently claims more than 40 different vendors, including Symantec, Trend Micro, Sophos, Micro Focus, Kaspersky Lab, Juniper Networks and Fortinet, among others.

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Tags sophossymantecjuniper networkstrend micromicro focuskaspersky labWhiteHawk

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