It’s a match-making platform that links businesses to cyber security solutions and it’s coming for the Australian market.
WhiteHawk, based in Virginia in the United States, has commences trading on the Australian Securities Exchange (ASX), after it raised A$4.5 million in an oversubscribed Initial Public Offering, on Wednesday.
The platform is the first of its kind, an online cyber security exchange targeted at small-to-medium sized enterprises (SMEs).
And the concept is simple -- assess a company’s cyber risk, then match it with the most appropriate solution at the best price.
The proprietary and patent pending “CyberPath Solution Engine” that runs the site uses machine learning technology to help buyers find suitable solutions.
"WhiteHawk… is now a growing company with the public launch of our 1.0 website and CyberPath Solution Engine, providing real time solutions for customers, through direct product and service sales, advisory service subscriptions, online reporting on industry trends regarding current cybercrime and fraud threats and methods, and advice on how best to prevent or mitigate those threats,” said Director, Philip George.
The marketplace is set out similarly to any online shopping platform, with products able to be ordered in price and alphabetically.
While the company has only just been listed on the ASX, it is not new to the Australian market.
In July 2017, WhiteHawk Limited, the Australian arm of the company, was incorporated in Western Australia.
It now has major cyber security companies McAfee and Micro Focus onboard as two of the 500 vendors for Australian SMEs.
Executive Chair of WhiteHawk, Terry Roberts, said the platform is looking to capitalise on the success it has had in the US.
“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.
“Joining the ASX is an important milestone for our team, our online platform’s potential and is foundational to our company’s growth.
“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 mid-size companies to learn about their business risks and access cyber security solutions that are easy, affordable, and effective at protecting their revenues and reputation.”
The company stated it will use the profits from the IPO to further develop and optimise the exchange platform through targeted research and user testing.