Benzinga | Mar 24, 2021 01:27PM EDT

WidePoint Bags Over $86M U.S. Department of Homeland Security Task Orders

* Trusted mobility management (TM2) solutions provider WidePoint Corp (AMEX:WYY) was awarded over $86 million in task orders through its recently secured indefinite-delivery, indefinite-quantity (IDIQ) contract with the U.S. Department of Homeland Security (DHS).

* In November 2020, WidePoint announced the Cellular Wireless Managed Services (CWMS) 2.0 contract from its long-standing customer, DHS. The contract had a $500 million ceiling and contained a one-year base period with four 12-month option periods extending through November 24, 2025, valued at $81.8 million over the potential five-year period.

* The $86 million task orders included one-year task order for the Cyber Security and Infrastructure Security Agency (CISA), valued at $1.1 million, three separate task orders varying from one to five years for Customs and Border Protection (CBP), valued at $1.6 million and a three-month task order for DHS headquarters, valued at $2.2 million.

* The contracts mostly represented follow-on orders signifying growth opportunities within the company's existing relationships, huge demand for its solutions, and additional orders following the demand as per WidePoint President Todd Dzyak.

* Price action: WYY shares traded lower by 7.07% at $10.64 on the last check Wednesday.