WidePoint Wins $500M Homeland Security Pact for Managed Services

WidePoint was awarded a $500 million contract by the U.S. Department of Homeland Security to provide cellular wireless managed services.
Author:
Publish date:

WidePoint  (WYY) - Get Report, a managed-services provider for telecom, said on Wednesday that it was awarded a $500 million contract from U.S. Department of Homeland Security to provide cellular wireless managed services.

At last check, WidePoint shares leaped 24% to $10.18. 

The contract has a one-year base period with four 12-month options extending through November 2025, according to the company’s statement.

The Fairfax, Va., company was awarded its first cellular wireless managed services contract by DHS in 2013.

Last week, the company reported for the third quarter, posting net income of $1.1 million, or 13 cents a share, compared with $200,000, or 2 cents, in the year-earlier period. Revenue nearly doubled to $57.5 million from $29.6 million.

The company unveiled the WidePoint TM2 store this month at https://widepointmobile.com/ The store is designed to expand WidePoint’s distributor and reseller relationships and opportunities.