Plurilock Security Inc (PLUR.V) is a Canadian identity-centric cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.
Today, the Company announced it has received a purchase order for the Company’s flagship software platform from a Californian Municipality.
This cross-sale order was secured through the existing client network of its wholly-owned subsidiary, Aurora Systems Consulting, Inc. According to the terms of the order, the Customer will license the continuous identity confirmation functionality of the Plurilock platform.
“We are pleased to announce a new cross-sale order for our high-margin software offering,” said Ian L. Paterson, CEO of Plurilock. “Aurora has established an extensive client network, which enables us to leverage their existing distribution channels to potentially secure additional high-margin contracts in the United States. Moving forward, our key focus is to continue growing our sales pipeline for our flagship cybersecurity platform.”
This news comes out two months after Plurilock announced its subsidiary, Aurora Systems Consulting Inc, received seven new California Multiple Award Schedule (CMAS) contracts. These contracts validated Plurilock’s Aurora Systems as a trusted supplier and enabled the Company to provide competitive offers for its solutions to additional state and local government agencies in California through CMAS.
CMAS is a streamlined procurement process that is administered by the state of California and offers a network of contractors and suppliers, which local agencies can select competitively priced products and services from. Aurora Systems became a CMAS certified contractor in 2002 and provides solutions to state and local government customers in the state of California.
In a recent analysis Equity Guru’s Chris Parry, he provided insights into the information security company, Plurilock, its frictionless authentication technologies and zero trust architecture. According to Parry, Plurilock is about to announce a deal with the Canadian Department of Defense, which is estimated to be equal to a quarter of the company’s market cap. He added that Plurilock has other deals with large companies and government groups that amount to over $40 million annually, four times its current market cap.
The stock is still battling at our major support zone highlighted in blue.
Plurilock confirmed a breakout earlier this year on February 9th 2023 with a very strong green candle breakout. This breakout triggered a double bottom pattern and thus, the beginnings of a new uptrend.
Note the blue arrows I have drawn to the right on the chart. These lines have been in all my Plurilock articles as it basically outlines the trajectory I expect to see. The key to this uptrend remains the stock holding above the $0.15 zone.
Plurilock remains above this support, thus the uptrend remains intact and a second higher low wave is still expected, taking us above recent highs at $0.225.
Currently, the stock is being held within another wedge with a trendline acting as near term resistance. I have kept up the original trendline which broke back in February 2023 to showcase the type of price movement we may see with another break here in upcoming days. We get a strong close above this trend line, and the stock is very likely to pop with momentum from technical traders.
