FULL DISCLOSURE: This is sponsored content for Plurilock.
Plurilock Security (TSXV: PLUR) has entered into its largest ever sales contract. The contract, which covers a three year period, will see the company work with an S&P500 semiconductor company as it expands into non-governmental sectors.
The contract, valued at US$19.3 million, will see Plurilock using a leading AI-native cybersecurity platform to re-platform the clients security operations stack and provide critical services for a twelve month period. The effort will see the company migrate the client away from an aging array of partially integrated, high-overhead security solutions, while providing two dedicated cybersecurity experts for a 12 month period to support the integration and implementation of the new platform.
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Labeled as the largest single transaction in Plurilock’s history, the sale was obtained through the firms Aurora Systems Consulting subsidiary, and follows earlier Critical Services arrangements that were in place with the client.
“This record-breaking deal reflects Plurilock’s strategy to expand revenue and margins from non-government clients and demonstrates that the integration of our previous acquisitions is delivering results. Being chosen to transform the security operations of a leading S&P 500 enterprise underscores the trust that world-class organizations are placing in our capabilities,” commented CEO Ian L. Paterson.
The arrangement follows the company securing a Critical Services contract for US$1.9 million with a prominent semiconductor firm earlier this week. That arrangement, which consisted of four separate contracts, will see Plurilock assist in modernizing the cybersecurity and information security platforms of the client.
Plurilock Security last traded at $0.70 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.
