Plurilock Security Inc. (TSX-V:PLUR) said it has received a purchase order for the company’s flagship software platform from a US credit union, its first cross-sale following the group's transaction with Atrion Communications Inc.
The company said the customer selected Plurilock for its robust flagship cybersecurity software solution as part of its zero-trust strategy. According to the terms of the order, the customer will license the continuous identity confirmation functionality of the Plurilock platform.
“We are pleased to see the expansion of our sales pipeline for our flagship cybersecurity platform with a US credit union,” commented Ian L. Paterson, CEO of Plurilock in a statement.
READ: Plurilock Security says all contracts and orders disclosed by Aurora System in 2022 represent combined total of roughly US$42.3M
“Financial services firms require a strong cyber defense to protect their employees and database, which we aim to help strengthen with our zero trust technology offerings. Moving forward, we intend to secure additional cross-sale orders for our Technology Division’s high-margin software product," he added.
The sale was completed within 5 months of the Atrion Communications transaction whereas the previous initial cross-sale orders were secured approximately 13 and 8 months after the acquisition of Aurora Systems Consulting Inc and Integra Networks Corporation, respectively.
This track record highlights Plurilock’s ability to expedite the cross-selling process following new acquisitions. The company aims to continue completing more sales of its high-margin software products and will leverage cross-selling opportunities through existing distribution channels.
New director
In a separate statement, Plurilock said it has appointed Blake Corbet, a seasoned veteran with over 25 years of investment banking and corporate executive experience, having previously served in senior management roles at financial institutions, including Salomon Brothers, CIBC World Markets, Haywood Securities and PI Financial to its board of directors.
During his tenure as an investment banker, he specialized in the technology sector. Corbet is currently the chief corporate development officer at BBTV Holdings, a leading media and technology company.
Furthermore, Plurilock said, Corbet will draw from his expertise in corporate finance, M&A (merger and acquisition) and capital markets to provide guidance to Plurilock management on executing strategic initiatives.
"We are delighted to appoint Blake Corbet to our board of directors," said Robert Kiesman, chairman of Plurilock in a statement. "Mr Corbet has extensive experience in the Canadian capital markets and technology sector, and will bring forth his industry expertise to assist Plurilock in implementing its growth strategy. In 2020, he assisted Plurilock with its go-public process and, as a result, he has in-depth knowledge of our technology and our business model. We look forward to continuing our efforts in scaling up the company under his expert guidance."
Plurilock also said it has granted an option for Corbet to purchase an aggregate of 300,000 common shares at an exercise price of 15 cents per share, which will vest over four years from the grant date. The stock options are granted for a 10-year term from January 31, 2023.
Grant of stock options
The company also said it has granted stock options to certain officers, employees and consultants of the company to purchase an aggregate of 3,609,667 common shares in the capital of the company at an exercise price of 15 cents, which is a premium to the closing price of 13 cents on January 31, with vesting periods of up to four years from the date of grant.
The stock options are granted for a 10-year term from January 31, 2023. Additionally, in connection with the stock option plan, some officers and employees have volunteered to reduce their salaries.
Plurilock provides identity-centric cybersecurity for the workforces of today. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT (information technology) and cybersecurity solutions through its solutions division, paired with proprietary, AI-driven (artificial intelligence) and cloud-friendly security through its technology division.
Contact the author at jon.hopkins@proactiveinvestors.com