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Plurilock Security (TSXV: PLUR) continues to secure sales contracts with government agencies. The latest sale comes from the Canadian Department of National Defense, which was secured via a competitive bid process.
The contract, at $2.5 million in size, is for an initial one year term with two optional renewal years, giving it a potential duration of three years. The contract was secured through Integra Networks, which will see Plurilock provide the Department with advanced software licensing that will enable the deployment and management of cloud applications within the DevOps environment.
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Expenses and margins associated with the contract are expected to be consistent with Plurilock’s historical performance within the Solutions Division hardware and system sales business. Delivery and fulfillment of the contract is slated to begin in the current quarter.
“The unified platform provided by Plurilock simplifies development and operations by reducing complexity, increasing consistency, and enabling faster, safer software delivery. This engagement strengthens Plurilock’s two-decade long relationship with the DND, further entrenching as a trusted partner for future initiatives and creating cross-selling opportunities for additional services aligned with the Customer’s evolving needs,” commented Plurilock CEO Ian Paterson.
The contract follows the cybersecurity company last week securing a US$1.2 million sales contract under its critical services segment.
Plurilock Security last traded at $0.37 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.
