Plurilock Security Inc (CVE:PLUR) (OTCQB:PLCKF) said it has completed its previously-announced acquisition of Aurora Systems Consulting Inc, a California-based provider of advanced cybersecurity technology and services.
Aurora Systems Consulting, which generated revenue of US$28.1 million in 2020, is expected to provide Plurilock with a diversified client base of more than 140 tier-1 organizations as well as numerous prominent master service agreements with state and federal agencies in the US.
“Aurora's customer base of tier-1 organizations in government and related industries allow us to expand our sales reach while providing them with state-of-the-art identity assurance capabilities to secure their organizations from cyber threats,” Plurilock Security CEO Ian Paterson said in a statement.
READ: Plurilock Security is locked in to rapid organic and M&A growth
“This acquisition also provides us with a larger footprint within the US market, which remains a key focus for us.”
Plurilock acquired Aurora Systems Consulting for a purchase price of up to US$1.5 million, consisting of US$896,714 in cash plus 698,888 Plurilock common shares at a deemed price of $0.54 per share. The seller is also entitled to a performance-based earnout of US$300,000 in common shares of Plurilock.
Plurilock noted the acquisition is in line with the company's strategy of acquiring attractive assets that have an immediate synergistic impact on operations and can provide an opportunity to expand margins.
The company added that it will now be able to cross sell its high margin software solution to Aurora Systems Consulting’s end customers.
Victoria, British Columbia-based Plurilock Security is a cybersecurity company that provides multi-factor authentication (MFA) and true continuous authentication using AI-driven behavioral biometrics to confirm a user’s identity.
Unlike competing MFA solutions, Plurilock does not require users to complete lengthy login workflows using mobile messaging or code generators and, unlike competing continuous authentication solutions, the company provides true full-workday authentication in the background.
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