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April 18, 2024

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Plurilock Security (PLUR.C) government contracts show it goes where the money is

Plurilock Security (PLUR.C) subsidiary Aurora Systems Consulting acquired government contracts from the United States Department of Defense and the U.S. Department of Homeland Security respectively for a total of USD $306,000 as part of the National Aeronautics and Space Administration’s (NASA) Solution for Enterprise-Wide Procurement (SEWP) program.

This isn’t the first time Plurilock’s gotten the SEWP either. Most of their business came from lucrative government contracts last year, and this is the third time they’ve been awarded a contract from the U.S. government and it’s only February. They’ve managed to bring in a combined total of $853,000 in sales so far this year.

Given what Plurilock offers there’s little surprise that the government wouldn’t be interested. They provide identity-centric cybersecurity. No more multi-factor identification, no more bulky passwords. None of that. This technology watches the way you type and handle your mouse and continually determines who you are from individually captured biometrics, paired with AI-driven and cloud friendly security.

The orders are part of the SEWP V program and work towards fulfilling Plurilock’s goal of expanding within the government and defense verticals. It makes sense. You go where the money is, and United States government agencies have a ton of it. Homeland Security seems like a perfect fit for Pluirilock given what they’re responsible for—namely, multiple areas of domestic security including counterterrorism and cyberspace threats.

If you’re interested in learning more about Plurilock be sure to check out Jody Vance’s interview with Ian L. Paterson, CEO of Plurilock Security.

Global cybercrime is anticipated to reach $10.5 trillion annually by 2025, according to Cybersecurity Ventures, which means there will be more demand for organizations to forge partnerships with cybersecurity and IT vendors.

For an extra added bonus, here’s a glimpse into their latest quarterly performance:

Plurilock Securities at a glance:

  • For the three months ended Sept. 30, 2021, revenue increased by $6.6-million as compared with revenue for the three months ended June 30, 2021.
  • Total revenue for the three and nine months ended Sept. 30, 2021, was $15,245,948 and $23,926,019, respectively, compared with $168,854 and $351,705 over the same periods in the prior fiscal year. The increase in revenue is primarily due to revenue generated from the new solutions division post-Aurora Systems Consulting Inc. (ASC) acquisition.
  • Hardware sales revenue for the three and nine months ended Sept. 30, 2021, totalled $13,866,649 and $21,447,857, respectively. No hardware revenue was recorded in the prior year. Electronic software licence and maintenance sales revenue for the three and nine months ended Sept. 30, 2021, was $1,294,124 and $2,099,934, respectively, compared with $84,915 and $248,395 over the same periods in the prior year. Professional service revenue was $85,175 and $378,228 for the three and nine months ended Sept. 30, 2021, respectively, compared with $83,939 and $103,310 over the same periods in the prior year.
  • Cash and cash equivalents on Sept. 30, 2021, were $7,050,291 compared with $1,721,179 on Dec. 31, 2020.
  • During the three and nine months ended Sept. 30, 2021, the company generated $1,904,265 and $327,717 of cash from operating activities, respectively, compared with using $346,795 and $865,338 during the same periods in 2020.

There’s growth and development in making the world a safer place.

—Joseph Morton

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