- A Plurilock Security (PLUR) subsidiary has been awarded an annual recurring contract by a US financial services company
- The recently secured contract is worth US$42,000, or approximately C$56,300
- Under the contract, Plurilock will provide licensed authentication services to 500 of the client’s employees in security-sensitive roles
- The contract’s initial term is for 12 months, and is renewable by mutual agreement
- Plurilock Security (PLUR) is down 3.64 per cent and is currently trading at 26 cents per share
A Plurilock Security (PLUR) subsidiary has been awarded an annual recurring contract by a US financial services company.
The subsidiary, Plurilock Security Solutions, secured the client after undergoing an extensive series of proof-of-concept and testing deployments. The unnamed client is a major company in the US financial services sector, in need of Plurilock’s authentication technologies.
Under the contract, Plurilock will provide licensed authentication services to 500 of the client’s employees, who are in security-sensitive roles. These employees will use Plurilock’s authentication solutions, which provide frictionless identity confirmation, without hardware authenticators, OTP codes, or biometric scanners.
The technology has already been integrated into the client’s existing IAM and authentication stack, and is demonstrating encouraging results. The client has found that work interruptions caused by prior authentication have significantly reduced since Plurilock’s solution was introduced.
The recently secured contract is worth US$42,000, or approximately C$56,300.
Plurilock Security’s CEO, Ian L Paterson, said the company is excited to be working with this client.
“They are a major player in their segment of the financial services industry, and a very forward-thinking organisation.
“The US financial services sector remains a target vertical for our company. With more organisations in this sector exploring new and innovative methods to address their security infrastructure, we believe our authentication technology serves as an alternative to traditional solutions and an entry point into the US market,” he added.
The contract’s initial term began on August 13, 2020, and will last for 12 months. However, the contract is renewable by mutual agreement.
Plurilock Security (PLUR) is down 3.64 per cent and is trading at 26 cents per share at 12:04pm EDT.
