Plurilock Security Inc has announced an agreement to acquire certain assets of CloudCodes Software Private Limited, an India-based cybersecurity and cloud access security broker (CASB) with a global customer base.
Plurilock said it expects the acquisition will accelerate its sales growth and cement the company's position in the growing zero trust market.
“The acquisition of CloudCodes provides us with an award-winning CASB solution with broad customer adoption across small, medium and large enterprises,” Plurilock Security CEO Ian Paterson said in a statement.
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“This acquisition aligns with our commitment to becoming the premier cybersecurity solutions provider in the market, acquiring critical technology to enhance organizations' zero trust architecture,” Paterson added.
Plurilock will pay US$1.7 million for the CloudCodes assets, consisting of US$1 million in cash on closing and US$700,000 in Plurilock common shares, issued at a deemed price of C$0.59 per share, less any deferred revenue. The Plurilock shares will be placed in escrow for 18 months to satisfy any indemnification obligations to the company.
CloudCodes earned about C$576,000 in product revenue for its year ending March 31, 2021.
Plurilock noted the acquisition will also add additional functionality within its product portfolio, with CloudCodes' CASB solution offered as an early access product under the name of Plurilock CLOUD.
The company expects the acquisition, its second so far in 2021, to close on or around October 31, 2021.
Plurilock Security provides identity-centric cybersecurity which enables organizations to operate safely and securely while reducing cybersecurity friction. The company 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.
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