- Plurilock (PLUR) completes the acquisition of Aurora Systems Consulting, Inc
- The acquisition of Aurora supports Plurilock's thesis that the global cybersecurity industry is highly fragmented
- With Aurora, Plurilock will have access to over 140 tier-1 customers
- The total aggregate consideration for the purchase of 100 percent of the issued and outstanding shares of Aurora is up to US$1,500,000
- Plurilock Security Inc. (PLUR) is up 7.94 per cent and is trading at C$0.68 at 1:58 pm ET
Plurilock Security Inc. (PLUR) has completed its previously announced acquisition of Aurora Systems Consulting, Inc., a provider of advanced cybersecurity technology and services based in California.
The acquisition of Aurora supports Plurilock's thesis that the global cybersecurity industry is highly fragmented and remains a growing global market.
With Aurora, Plurilock will have access to over 140 tier-1 customers and a professional sales team based in the United States that is focused on selling cybersecurity products.
As an existing authentication technology provider, Plurilock will now be able to cross sell their high margin software solution to Aurora's end customers.
This is the first acquisition Plurilock has made since completing its reverse takeover transaction in September 2020.
"We are thrilled to be adding Aurora and its team to the Plurilock family," said Ian L. Paterson, CEO of Plurilock Security Inc.
"Aurora's customer base of tier-1 organizations in government and related industries allows us to expand our sales reach while providing them with state-of-the-art identity assurance capabilities to secure their organizations from cyber threats," added Paterson.
The total aggregate consideration for the purchase of 100 per cent of the issued and outstanding shares of Aurora is up to US$1,500,000.
Plurilock has paid US$896,714 in cash to the seller, subject to a working capital adjustment, and issued 698,888 common shares of Plurilock at a deemed price of $0.54 per share.
The seller is entitled to a performance-based earnout of US$300,000 in common shares of Plurilock.
The Earnout Shares will be issued at a deemed price equal to the closing trading price of the common shares of Plurilock on the TSXV on the date prior to announcement of the issuance of the Earnout Shares, subject to a minimum share price of $0.30.
Aurora is revolutionizing the approach to cybersecurity with products and services that proactively prevent, secure, and manage advanced threats and malware.
Plurilock is a cybersecurity company that provides advanced and continuous authentication for standards and regulatory compliance.
Plurilock Security Inc. (PLUR) is up 7.94 per cent and is trading at C$0.68 at 1:58 pm ET.