Plurilock Security Inc said its wholly-owned subsidiary, Aurora Systems Consulting Inc has continued to secure new business deals with major US government organizations as the growing cyber threat, particularly ransomware attacks, continues to have a massive impact on organizations.
In a corporate update, the identity-centric cybersecurity solutions provider said the new business deals resulted in a total of US$13.05 million in sales from all announced contracts and purchase orders since April 2021, the date it acquired Aurora, which falls under its Solutions Division.
"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," Plurilock CEO Ian L. Paterson said in a statement.
READ: Plurilock Security says its wholly-owned subsidiary, Aurora Systems Consulting has received a US$297,000 order from the US Air Force
The company also updated investors on a number of other developments, including 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, it noted that CloudCodes has generated around C$576,000 in product revenue for its year ended March 31, 2021.
It said the pending asset acquisitions expand Plurilock's product portfolio and offer the company's customers 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, it added.
"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,” Paterson added.
“The acquisition, coupled with other major developments such as the partnership with Absolute Software (TSX:ABT), further solidify Plurilock's position as a trusted cybersecurity partner and a critical piece of the zero-trust puzzle."
The company said it also recently entered into a strategic partnership with Absolute Software Corp (TSX:ABT), a leader in next-generation Endpoint Resilience solutions. Absolute Software (TSX:ABT) is the only endpoint security provider embedded in more than half a billion devices globally.
As part of the partnership, Plurilock has announced a comprehensive offering called Plurilock DEFEND Persisted. 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.
Other developments include a “bought-deal” financing round for gross proceeds of C$4.6 million, and the submission of a comprehensive documentation filing for its previously announced US patent application titled, "Side-Channel Communication Reconciliation of Biometric Timing Data for User Authentication During Remote Desktop Sessions".
More recently, the company announced it achieved SOC 2 compliance after completing the SOC Type II assessment - a key item in the company moving up-market with its sales motions.
It noted that 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.
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.
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.
Contact the author at stephen.gunnion@proactiveinvestors.com