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, Plurilock announced the Company received a purchase order for the Company’s flagship software platform, ‘Plurilock AI’ from a Fortune 500 catering, facility management and clothing services provider.
The Company initially received a US$2.8 million three-year purchase order from the Customer as previously announced on October 3, 2022. This cross-sale order was secured through the existing client network of its wholly-owned subsidiary, Aurora Systems Consulting, Inc. (“Aurora”). According to the terms of the order, the Customer will license the continuous identity confirmation functionality of Plurilock AI.
“We are pleased to secure a cross-sale order for our flagship AI-driven cybersecurity platform with a Fortune 500 customer,” said Ian L. Paterson, CEO of Plurilock. “The latest order highlights our commitment to deliver our high-margin technology offerings to more businesses across different industry verticals. With a sizable client network, we intend to strengthen our business relationships with our clients and accelerate the cross-selling process.”
This news comes after Plurilock announced record full year 2022 revenue of nearly CAD $65 million, and launched ‘Plurilock AI’ the next iteration of its flagship cybersecurity platform.
The stock is down -3.33% at time of writing, and is sitting at a market cap of just over $12.5 million.
The stock recently regained the major support zone at $0.16. This was highly significant. With a recovery of this zone, the uptrend was still in play. However, in recent days, we have had no momentum on the recovery and are now drifting back below $0.16. Even closing below it a few days ago.
This is not bullish price action on recent press releases, and perhaps points to the weakness in all markets given recent events in banking.
The stock will need to close back above $0.16 to regain upside momentum and potentially set up a run to $0.225. A recent consolidation between $0.16-$0.175 was broken which adds more confluence to the downside. The next support zone comes in at the $0.125 zone.
