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Plurilock Security (TSXV: PLUR) has continued to secure service contracts among its existing customer base. The firm this morning announced the signing of a follow-on contract with an existing Nasdaq-listed semiconductor client.
The contract, which is for a nine-month period, is valued at US$1.2 million, with the sale coming from the firms high margin Critical Services segment. The new agreement is said to demonstrate the company’s “land and expand” strategy, whereby high margin contracts can be obtained through its existing client base.
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Under the terms of the arrangement, Plurilock’s Critical Services team is expected to implement zero trust architecture for the client, which includes next generation AI-based solutions and network infrastructure enhancements.
“Our Zero Trust practice continues to attract significant contracts for Plurilock Critical Services, with a reputation for excellence in protecting the sensitive data and intellectual property of top-tier enterprises. This expanded engagement is a powerful endorsement of our team’s value, as our client has extended their trust in us for significant follow-on implementation services. Our strategy to embed skilled personnel on-site supports our ‘land-and-expand’ model, positioning us to drive further growth and margins within our existing client base,” commented Ian L. Paterson, CEO of Plurilock.
The sale follows a US$820,000 contract entered into with a state law enforcement agency just last week by Plurilock, which itself followed a $5.4 million sales agreement.
Plurilock Security last traded at $0.46 on the TSX Venture.
FULL DISCLOSURE: Plurilock Security is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Plurilock Security. The author has been compensated to cover Plurilock Security on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
