Plurilock Security Inc. (PLUR.V) announced today that Aurora Systems Consulting Inc. has received a USD$308,000 order from the United States Department of Defense as part of the National Aeronautics and Space Administration’s (NASA) solution for enterprise-wide procurement (SEWP) program, a U.S. government-wide acquisition contract vehicle (GWAC). There’s a lot of acronyms here, but for more information on each, check out this article.
On April 1, 2021, Plurilock announced that it had completed its previously announced acquisition of Aurora Systems Consulting Inc. (“Aurora”). Aurora offers products and services that proactively prevent, secure, and manage advanced threats and malware. With this in mind, Aurora’s technology currently protects hundreds of enterprise clients worldwide including Fortune 1000 organizations, local government, and federal institutions.
Following the acquisition’s completion, Plurilock now has access to more than 140 tier-1 customers and a professional sales team based in the United States (US) focused on selling cybersecurity products. Furthermore, Plurilock is now able to cross-sell its high-margin software solutions to Aurora’s end customers. Plurilocks latest acquisition represents the first acquisition the Company has made since completing its reverse takeover transaction in September 2020.
According to the terms of the acquisition, the total aggregate consideration for the purchase of 100% of the issued and outstanding shares of Aurora was up to USD$1,500,000. Plurilock paid USD$896,714 in cash and issued to Aurora 698,888 common shares of Plurilock at a deemed price of $0.54 per share. Additionally, Aurora is entitled to a performance-based earnout of USD$300,000 in common shares of Plurilock.
US Department of Defense
Recently, the average cost of a data breach increased from $3.86 million to $4.24 million in 2021, emphasizing the importance of working with experienced cybersecurity and IT services vendors in implementing fortified security measures. The average cost was USD$1.07 million higher in breaches where remote work was a factor. Moreover, compromised credentials, the most common initial attack vector, were responsible for 20% of all breaches at an average breach cost of USD$4.37 million.
With this in mind, Plurilock’s latest order is part of the SEWP V program and aligns with the Company’s goal of expanding within the government and defense verticals. Under the terms of the agreement, Aurora will provide the US Department of Defense with automatic data processing equipment. It is worth noting that the US Department of Defense is America’s largest government agency, providing the nation with military forces for defense and national security.
Plurilock’s share price opened at $0.42, down from a previous close of $0.425. The Company’s shares are down -1.1765% and were trading at $0.42 as of 12:35 PM EST.
