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Plurilock Security CEO Paterson says identity-centric cybersecurity solutions provider ‘positioned’ for further growth in 2022

Published: 10:43 05 Jan 2022 EST

cybersecurity
The CEO also said that the company is growing via mergers and acquisitions

Plurilock Security Inc. CEO Ian Paterson said the identity-centric cybersecurity solutions provider is well “positioned” for further growth in 2022.

“Since 2016, Plurilock has rapidly grown, creating novel behavioral biometric technology and using it for our advanced cybersecurity solutions, to protect enterprises against the increasing cyber threat. As stated throughout the year, we believe that extending our distribution streams to scale the delivery of our technology solutions is imperative in driving sales and securing new clients,” Paterson said in a letter to shareholders.  

“With this in mind, we will continue to integrate with resellers and our existing distribution channels to capitalize on the growing demand from government, education, healthcare, and defense verticals. We believe this strategy continues to evolve as we continue to capture market share in the IAM market.”

READ: Plurilock Security says its Aurora Systems subsidiary receives US$272,000 purchase order from US Department of the Interior

He added: "I am energized about our future, as customer demand in cybersecurity continues to accelerate. And while the number of high-profile cyberattacks continue to increase, and the challenges posed by COVID-19 persist, the Plurilock family of companies is positioned for growth and to deliver a competitive product in the growing zero trust market.”

Notably, Paterson said the company has a strong balance sheet with C$7.05 million cash on hand, as of September 30, 2021. He also noted the company’s fiscal 2021 third-quarter financial results demonstrated strong sales growth momentum, with C$23.9 million in total revenue (as of September 30, 2021) for the nine-month period.

He also said that the company is growing via mergers and acquisitions.

On April 1, Plurilock announced its first acquisition of Aurora Systems Consulting Inc., a leading cybersecurity and IT service provider based in California. Through this acquisition, Plurilock expanded its sales footprint across North America with major US operations, gaining access to over 140 tier-1 customers and a professional sales team. Aurora now forms the backbone of Plurilock's Solutions Division, securing multiple contracts and orders with US federal and state entities 

And on October 21, Plurilock entered into a definitive asset purchase agreement with CloudCodes Software Private Limited, a leading cloud access security broker (CASB). This pending asset acquisition is expected to provide Plurilock with additional offerings within its product portfolio and create new opportunities to provide its customers with a cloud security solution and a path to integrate low-friction, high-security behavioral biometric identity.

“We are presently seeing a shift in the way enterprises are protecting their networks and assets,” Paterson said. “This shift has resulted in emerging authentication technologies gaining traction in the market. We are regularly evaluating assets we believe could be good bolt-on acquisitions and assist us in scaling our technology and distribution while expanding our geographical footprint.”

In addition to new offerings via M&A activities, he said Plurilock has continued to invest heavily in the development of its core continuous authentication products -- Plurilock ADAPTand Plurilock DEFEND.

"Our team has been working hard to innovate and enhance the functionality of our products, with an eye toward the growing emphasis on a zero-trust architecture (ZTA)," he said. "We have seen the market begin a shift from outdated authentication paradigms to the mindset of zero trust - never trust, always verify - and the architecture that will facilitate enhanced security for enterprises. Zero trust will be a core focus for us in the year ahead."

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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