- Plurilock (PLUR) to acquire Aurora Systems Consulting Inc.
- Aurora is a leading U.S.-based cybersecurity solutions provider with over 140 clients and revenue of C$35.82 million in 2020
- Plruilock will assume Aurora's United States Small Business Administration COVID-related assistance long term debt
- Aurora will gain access to Plurilock's cutting-edge AI platform
- Plurilock (PLUR) is in the grey and is trading at C$0.54 at 2:06 pm ET
Plurilock Security (PLUR) has entered into a definitive share purchase agreement to acquire all securities of Aurora Systems Consulting Inc.
Since 2001, Aurora has provided cybersecurity products and offered professional services to U.S. clients across three main segments:
- federal government institutions
- state, local, education government agencies
- commercial firms
Aurora's main clients comprise large and reputable organizations including the U.S. Department of Defense, U.S. Department of the Air Force, U.S. Department of the Navy, U.S. National Aeronautics and Space Administration, U.S. Department of the Treasury and U.S. Department of the Army.
Aurora marks the first acquisition by Plurilock since completing its reverse takeover transaction in September 2020 when it began trading on the TSX Venture Exchange.
Upon closing of the acquisition, Plruilock will assume Aurora's United States Small Business Administration COVID-related assistance long-term debt of US$149,000.
As part of Plurilock's growth strategy, Aurora will operate as an additional sales force to deliver Plurilock's state-of-the-art identity assurance solutions to Aurora's vast network of clients.
As a result, it is expected that the Acquisition will accelerate Plurilock's sales growth to rapidly deploy its high margin software products within regulated industries such as finance, healthcare, and defence in the United States.
Through the acquisition, Plurilock will obtain a professional services team, a new office on the West Coast of the United States, a larger market presence in the U.S. cybersecurity industry, and an offshore office in India built for quoting government deals.
Aurora will gain access to Plurilock's cutting-edge AI platform, resulting in a high-level of cross-pollination between Plurilock's and Aurora's technology offerings.
"The acquisition of Aurora will represent a significant milestone in Plurilock's development and in our M&A strategy of acquiring attractive assets that have the ability to scale," said Ian L. Paterson, CEO of Plurilock.
"We expect this acquisition will rapidly advance our growth initiatives, and we are looking forward to working with Philip de Souza and his impressive team as we continue to aggressively build our company," added Paterson.
"We are pleased to join Plurilock in delivering cybersecurity offerings to North American organizations across key industry verticals," said Philip de Souza, Founder and President of Aurora.
"By incorporating Plurilock's cutting-edge technology platform into our product offering, our clients will receive a more robust and comprehensive identity authentication solution, which has been adapted to provide safe and secure remote work access to employees working from home," concluded Souza.
Once the acquisition is completed, Aurora will continue to operate as a wholly-owned subsidiary under Plurilock's managementteam's guidancem.
Aurora is revolutionizing the cybersecurity approach 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 (PLUR) is in the grey and is trading at C$0.54 at 2:06 pm ET.