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Plurilock Security (TSXV: PLUR) continues to secure substantial contracts within the cybersecurity industry. The company this morning indicated it has secured its latest agreement with an unnamed Canadian law enforcement agency.
The contract, at $5.4 million in size, consists of a three year sales order that is said to have been secured within a competitive market. The sale will see Plurilock provide a cloud operating model that brings together the scalability and flexibility of a public cloud with the security and reliability of a private cloud.
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The contract was secured through the firms Integra Networks subsidiary, providing the law enforcement agency with a software licensing for the aforementioned cloud operating model. The model is said to enable government agencies to maintain data residency requirements and retain full control over data and applications through a virtualization capability.
READ: Plurilock Security Enters Partnership With CrowdStrike
The sale is expected to position Plurilock as a preferred partner for future projects, thereby enabling the company to access cross-selling opportunities through its higher margin Critical Services segment.
“This sale is a perfect example of how Plurilock is enabling digital transformation in the public sector. Given the sensitive nature of federal data, control and sovereignty over where data resides are critical. Federal agencies often have legacy systems that cannot be easily migrated to the public cloud, and we are providing our Customer with the flexibility required to help modernize their IT infrastructure while minimizing disruptions and maintaining control over sensitive data,” commented Plurilock CEO Ian L. Paterson.
Plurilock Security last traded at $0.42 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.
