- Plurilock and its subsidiaries have announced a cumulative US$13.05M in new business since April 2021
- Plurilock closes on C$4.6 million “bought-deal” financing round
- Plurilock announces pending acquisition of CloudCodes’ assets
- Company announced release of Plurilock DEFEND Persisted continuous authentication offering and strategic partnership with Absolute SoftwareTM, Canadian-based cybersecurity solution leader
VANCOUVER, BRITISH COLUMBIA—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solutions provider for workforces, is pleased to provide the following corporate update.
The growing cyber threat, particularly ransomware attacks, continue to have a massive impact on organizations across industry verticals. According to Cybersecurity Ventures, ransomware attacks will occur every two seconds and reach $265 billion in costs by 2031.1
In recent months there have been several notable cyber attacks, including one the online stock trading platform Robinhood, where more than 5 million customer email addresses and 2 million customer names were taken during the breach.2 Another notable attack was waged against the Federal Bureau of Investigation, in which attackers sent thousands of spam emails about a false cybersecurity breach warning.3
While breaches continue to grow in their scale and sophistication, agencies are leveraging counterattacks. Recently the NSA has partnered with private industry to investigate breaches impacting U.S. defense contractors and other targets, and an alleged member of the REvil ransomware gang has been arrested in connection with the Kaseya breach that occurred earlier this year.4,5
PlurilockTM currently operates under two divisions, the Technology Division and Solutions Division.
The Company’s wholly owned subsidiary, Aurora Systems Consulting, Inc. (“Aurora”), a part of the Solutions Division, has continued to secure new business deals with major U.S. government organizations, resulting in a total of US$13.05 million in sales from all announced contracts and purchase orders since April 2021, the date Plurilock acquired Aurora.
Pending Acquisition of CloudCodes’ Assets
Plurilock entered into definitive purchase agreements to acquire assets of cloud access security broker (CASB) solutions provider CloudCodes. With a global customer base and an in-demand CASB solution, CloudCodes has generated approximately C$576,000 in product revenue for its year ended March 31, 2021.
The pending asset acquisitions expand Plurilock’s product portfolio and offers the Company’s customers with cloud security solutions, including email and group collaboration platform protection, single-sign-on, multi-factor authentication, and cloud data loss prevention. The CloudCodes product will be offered as an early access offering. Following the completion of the acquisition, the Company will enter the growing CASB market, which is projected to reach US$32.99 billion by 2028.6 Additionally, the Company’s Indian subsidiary, Plurilock Security Private Limited (PSP) located in Mumbai, India will add a new office in Pune, India.
Closing on “Bought-Deal” Financing Round
Plurilock closed its “bought-deal” public offering of common shares, completed by a syndicate of underwriters led by Leede Jones Gable Inc., including PI Financial Corp. and Paradigm Capital Inc. The financing was led by strong institutional investor demand and insider participation.
Total gross proceeds for the financing were C$4.6 million which will be used for general corporate, operations, and research purposes as well as advancing its active M&A program.
Strategic Partnership with Absolute Software, Launch of DEFEND Persisted
Plurilock entered into a strategic partnership with Absolute SoftwareTM, a leader in next generation Endpoint Resilience™ solutions. Absolute Software is the only endpoint security provider embedded in more than half a billion devices globally.
As part of this partnership, the Company has announced a comprehensive offering called Plurilock DEFEND PersistedTM. The new product, currently available as an early access offering, features DEFEND’s continuous authentication technology with the addition of built in self-healing capabilities as a result of Absolute’s Application Persistence.
Documentation Filed for U.S. Patent Application
Plurilock submitted a comprehensive documentation filing for its previously announced U.S. patent application titled, “Side-Channel Communication Reconciliation of Biometric Timing Data for User Authentication During Remote Desktop Sessions”, which documents enhancements to the Company’s continuous authentication solution.
This documentation supports the two provisional patent applications Plurilock filed, as previously announced on April 27, 2021.
The U.S. Patent and Trade Office will perform an assessment on the document filing before deciding on granting the final patent.
Company Achieves SOC 2® Compliance
Plurilock achieved SOC 2® compliance after completing the SOC Type II assessment – a key item in the Company moving up-market with its sales motions. Most enterprise customers across key industry verticals, such as the financial sector, now require their vendors to achieve this level of compliance, as it attests to a vendor’s credibility, making it a priority for the Company to attain.
“We have continued to scale our company across several core business areas, and have achieved significant milestones in regards to our M&A program, raising capital, strategic partnerships, and other growth initiatives,” said Ian L. Paterson, CEO of Plurilock. “Most notably, we are proud to advance our previously stated acquisition strategy with the announcement of our pending acquisition of CloudCodes, making it the second acquisition in our company’s history. The acquisition, coupled with other major developments such as the partnership with Absolute Software, further solidify Plurilock’s position as a trusted cybersecurity partner and a critical piece of the zero trust puzzle.”
Plurilock provides identity-centric cybersecurity for today’s workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.
For more information, visit https://plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) related to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, the success of the Company in obtaining new or extended contracts or orders; the Company’s ability to maintain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company’s business are more fully discussed under the heading “Risk Factors” in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.