- Patented Artificial Intelligence (AI) technology and Intellectual Property (IP)
- A Tier 1 customer base
- Experienced leadership
Plurilock Security Inc (CVE:PLUR) (OTCMKTS:PLCKF) is a cybersecurity company that provides multi-factor authentication (MFA) and true continuous authentication using AI-driven behavioral biometrics to confirm a user’s identity.
With more people working and shopping from home due to coronavirus (COVID-19) restrictions, cyber protection needs are only expected to grow in the months and years ahead. Unlike competing MFA solutions, Plurilock does not require users to complete lengthy login workflows using mobile messaging or code generators and, unlike competing continuous authentication solutions, the company provides true full-workday authentication in the background.
The Victoria, British Columbia-based company’s expertise is in applying machine learning to human movement to verify identity and enhance cybersecurity, which enables two key capabilities: anomaly detection and continuous authentication sectors.
Plurilock’s Enterprise Software as a Service (SaaS) offering targets long-term agreements, leading to a higher customer retention rate with more recurring revenue. The company describes its ideal customer as mid-market regulated enterprises in North America with deep security needs.
Plurilock targets sales, both direct and through channel sales, in the financial services, government and defense, and healthcare sectors through an engaged network of partners and value-added resellers.
The company is currently focused on growing its sales amongst mid-market financial institutions in North America, which it estimates is a $300 million market opportunity based on an average deal size of $100,000.
Plurilock is also pursuing a Mergers & Acquisition (M&A) strategy, targeting synergistic businesses with positive cash flow and between $500,000 and $3 million in annual revenue.
The company is led by CEO Ian Paterson, a 10-year data analytics entrepreneur with a proven track record in commercializing data science solutions and landing multi-million dollar accounts.
How is it doing:
Plurilock Security has been busy bringing in business in 2021, signing nearly a dozen client contracts within the North American public and healthcare sectors since May, each worth between US$100,000 and US$1.15 million.
In June, the company announced it had secured a contract worth US$190,000 with a US federal agency under National Aeronautics and Space Administration's (NASA) Solution for Enterprise-Wide Procurement (SEWP), a US Government-Wide Acquisition Contract Vehicle (GWAC).
Plurilock said it will provide the US federal agency with nearly 2,000 solid-state storage devices, used to boost the performance of existing computer hardware.
A day before, the company said it had received a purchase order worth US$120,000 to provide a county government in California with cybersecurity software and maintenance support.
Also in June, Plurilock revealed it had secured a purchase order with a California state taxation agency, valued at US$210,000, to provide annual subscriptions of Commonlook Office and portable document format (PDF) software.
Earlier in the month, the company reported it had received an order worth US$400,000 from a California state healthcare agency to provide Broadcom (NASDAQ:AVGO) licenses and maintenance support.
Previously, Plurilock announced it had received an order worth US$180,000 on an existing contract with a California state agency, as part of the California Multiple Award Schedules (CMAS) agreement.
Under the CMAS contract order, the company will deliver Proofpoint software and maintenance support to the US state agency.
As well, Plurilock announced it has signed a contract extension worth US$120,000 with the US Special Operations Command (SOCOM) under NASA’s SEWP.
Plurilock said the contract extension represents the second SEWP contract it has signed with the US Department of Defense in recent weeks, as the company continues efforts to expand sales within the government vertical.
Inflection points:
- Potential acquisitions to grow its market distribution
- Securing new patents to increase the company’s competitive moat
- Launch two platform integrations to accelerate sales
Commenting on the company’s recent equity financing, Plurilock Security CEO Ian Paterson said in a statement: “We are pleased to see increased institutional support in these past financings as they highlight the high level of interest and confidence the investment community has in Plurilock and the cybersecurity industry.”
He added: “With over $5.1 million in gross proceeds raised, we are now in a position to deploy our resources into key growth initiatives while advancing our M&A strategy in order to establish a stronger footprint in the fragmented North American cybersecurity industry.”
Contact Sean at sean@proactiveinvestors.com