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Plurilock Security (TSXV: PLUR) has secured another sales order with a government agency. The latest order, at US$820,000, is with a long standing customer, referred to as a state law enforcement agency.
The contract is said to be for an initial one year, with an optional second year to the sales contract. The contract was conducted through Plurilock’s Aurora Systems Consulting subsidiary, and will see the company modernize the agency’s IT infrastructure to safeguard it from cyber threats. The arrangement is also said to include intrusion detection and prevention systems, which continuously monitors network traffic to block malicious activity.
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Gross margins on the contract meanwhile are said to be consistent with Plurilock’s historical performance in its Solutions Division hardware and system sales segment.
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“This agreement highlights Plurilock’s ongoing role in advancing digital transformation in the public sector. By integrating advanced Intrusion Detection and Prevention Systems, we enhance our Customer’s ability to monitor and block malicious activity in real-time. This long-standing Customer has built a trusted partnership with us and continues to depend on Plurilock for modernizing their IT infrastructure and safeguarding against cyber threats,” commented Ian Paterson, CEO of Plurilock.
The transaction follows the company last week landing a $5.4 million sales contract with a Canadian law enforcement agency. That arrangement is set to be delivered over a period of three years.
Plurilock Security last traded at $0.48 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.
