Plurilock Security Inc. (TSX-V:PLUR) said it has completed the first sale of its new cloud-based access control solution to a California-based provider of legal services.
The company said the customer selected its cloud-based solution for access control and brand management for cloud applications such as Google Workspace, ensuring that only authorized users can access relevant enterprise data in the cloud.
"This sale represents Plurilock's first completed sale of its new cloud-based access control product," Ian L. Paterson, CEO of Plurilock said in a statement. "Cloud-based security solutions are integral to protecting enterprises worldwide that utilize comprehensive IT systems. Moving forward, we intend to continue expanding the delivery of this robust product."
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The transaction is also the first sale to be completed on Plurilock's new recurring billing platform, which eases card payment processing and increases security.
The deal comes after the company announced, on August 29, 2022, the acquisition of the cloud-based assets and business of CloudCodes Software Private Limited.
Prior to the acquisition, CloudCodes was known as a leading provider of unique cloud security Software-as-a-Solution (SaaS) enterprise solutions for protecting email and group collaboration platforms as well as other cybersecurity products including single-sign-on, multi-factor authentication, and cloud data loss prevention solutions. Given CloudCodes' global customer base, the company said it intends to leverage CloudCodes' existing distribution channels to grow its sales pipeline.
Private placement
Plurilock Security also announced the closing of a second and final tranche of its previously announced non-brokered private placement consisting of convertible debenture units at a price of $1,000 per debenture unit, for aggregate gross proceeds to the company of $285,000.
Each debenture unit consisted of C$1,000 principal amount of 10% unsecured convertible debenture of the company maturing on September 20, 2026, subject to forced conversion in certain circumstances; and 500 common share purchase warrants.
Each warrant entitles the holder to acquire one common share of the company at an exercise price of $0.40 per warrant share until September 20, 2024.
The debentures are convertible at the holder's option into common shares of the company at a conversion price of $0.285 per debenture share.
Plurilock said it intends to use the net proceeds received from the second tranche towards its acquisition pipeline and for general corporate purposes.
The company also announced that, with respect to the CloudCodes acquisition, it has issued 153,043 common shares at a deemed price of $0.23 to a strategic consultant of the company for services provided in connection with the acquisition.
Plurilock provides identity-centric cybersecurity which enables organizations to operate safely and securely while reducing cybersecurity friction.
Contact the author at jon.hopkins@proactiveinvestors.com