Plurilock Security Inc. (TSX-V:PLUR) announced that it has received a US$4.7 million, five-year sale order from a US public library.
The AI-driven cybersecurity solutions provider said as part of its sales strategy, the company intends to expand its revenue share and increase the number of opportunities to upsell high-margin offerings.
"This sale reflects our strategy of broadening our revenue share that we sell to non-federal clients and a reflection of the work we have done to integrate our acquisitions and streamline efficiencies to secure large purchase orders," Plurilock Security CEO Ian Paterson said in a statement.
The company noted the sale represents the latest transaction in a series of orders between Plurilock and customers within the US public sector in recent months.
As well, Plurilock reported that it will issue $75,537 worth of its common shares at the closing market price on December 29, 2023, to holders of its debentures in satisfaction of a total of $75,537 in interest payable as of December 31, 2023.
The securities issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Plurilock Security secures workforces in the age of AI through its Plurilock AI platform, delivering advanced identity, data safety, and guard rails to safely implement AI solutions to commercial and government customers worldwide.