Plurilock Enters Cloud Software Contract With US Agency Worth Up To $1.1 Million
FULL DISCLOSURE: This is sponsored content for Plurilock.
Plurilock Security (TSXV: PLUR) has secured yet another contract within the United States. The latest agreement is with an agency focused on advancing U.S. foreign policy, as the company continues to embed itself within the U.S. government.
The agreement, entered into with the U.S. International Development Finance Corporation, is for an initial US$221,000 in the base year, and four subsequent option years for a similar figure. Collectively, the agreement is valued at up to US$1.1 million, with the services to be provided focused around cloud software.
“A cloud-centric cybersecurity strategy demonstrates a commitment to client confidentiality, legal integrity, and business success. The shift towards cloud-based technologies can introduce new complexities that IT teams may not be equipped to handle, and these complexities can create vulnerabilities if not properly addressed. Our customers trust us with their cybersecurity needs, and Plurilock will continue to provide the cloud architecture required for data protection, data privacy, and corporate survival,” commented CEO Ian L. Paterson.
READ: Plurilock To Review U.S. Strategic Options, Engages Clear Street Investment Banking
The agreement follows Plurilock last week indicating that it was reviewing strategic options for the US market, engaging Clear Street Investment Banking in the process. The company currently sees 89% of its sales revenue come from the US market, with the government itself being the firms largest customer.
Plurilock Security last traded at $0.91 on the TSX Venture.
FULL DISCLOSURE: Plurilock Security is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Plurilock Security. The author has been compensated to cover Plurilock Security on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
