WidePoint Acquires IT Authorities For Undisclosed Terms

  • WidePoint Corp WYY has acquired IT Authorities (ITA) for undisclosed financial terms. ITA provides information technology (IT) service offerings, including cybersecurity, cloud, network operations, and professional services.
  • Tampa, Florida-based ITA sees annualized revenue of $10 million and adjusted EBITDA of $1.5 million in 2021.
  • WidePoint expects the acquisition to be accretive to its operating results, excluding customary acquisition-related expenses.
  • WidePoint noted that the deal enhances its delivery of ITaaS solutions, expands its footprint and presence in the commercial enterprise sector, represents strategic upsell and cross-sell opportunities.
  • WidePoint held $14.9 million in cash and equivalents as of June 30.
  • Price Action: WYY shares traded higher by 4.28% at $5.36 on the last check Monday.
Loading...
Loading...
WYY Logo
WYYWidePoint Corp
$4.484.19%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum
96.04
Growth
0.83
Quality
-
Value
41.88
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In:
Comments
Loading...