Plurilock to acquire the assets of the CloudCodes software

0

Vancouver, British Columbia Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and its associated subsidiaries (“Plurilock” or the “Company”), a provider of identity-centric cybersecurity solutions for the workforce, concluded definitive asset purchase agreements (the “Agreements”) dated October 21, 2021 to acquire certain assets (the “Purchased Assets”) from CloudCodes Software Private Limited (“CloudCodes”), an award-winning access security broker to the India-based cloud (“CASB”) (the “Acquisition”).

Since 2011, CloudCodes has provided innovative cloud security SaaS solutions to protect messaging and group collaboration platforms, offering single sign-on (SSO), multi-factor authentication (MFA) and loss prevention solutions. data (DLP) in the cloud. CloudCodes generated approximately CA $ 576,000 in revenue for its fiscal year ended March 31, 2021.

As a result of the acquisition, existing CloudCodes customers will have access to a larger public organization with adequate financial resources, deep security, IT, AI and IT capabilities and expertise. to the company’s world-class sales team, while Plurilock will gain greater presence in the international market. cybersecurity and enter the growing segment of CASB. In addition, Plurilock, through its Indian subsidiary, Plurilock Security Private Limited (“PSP”) will obtain a technical product team and a new office in Pune, India, to complement its office in Mumbai, India.

The acquisition will add additional functionality to Plurilock’s product portfolio, with CloudCodes’ CASB solution being offered as an early access product under the name Plurilock CLOUD. This additional technology solution creates a new opportunity for Plurilock customers for a cost-effective cloud security solution and a path to integrate low friction, high security behavioral biometric identity with SSO and cloud security functionality. Therefore, the acquisition is expected to accelerate the sales growth of Plurilock and strengthen the Company’s position in the growing zero trust market.

“The acquisition of CloudCodes provides us with an award-winning CASB solution with wide adoption by customers in small, medium and large enterprises. Businesses, especially small businesses, continue to face security risks with a workforce working in a post-COVID and distance-centric world, and securing cloud resources such as these has never been more important. as corporate messaging and file sharing, ”said Ian L. Paterson, CEO of Plurilock. “This acquisition aligns with our commitment to become the leading provider of cybersecurity solutions in the market, by acquiring critical technology to improve organizations’ zero-trust architecture. We look forward to adding the CloudCodes product to our strong product portfolio and integrating their staff into our growing team, as we continue to develop cutting-edge technology that enables organizations to operate securely while reducing friction for users.

“We are delighted to join the Plurilock family of companies,” said Debasish Pramanik, co-founder of CloudCodes. “This transaction provides an opportunity to expand the use of our flagship product in the North American market and join a fast growing organization with deep security and IT expertise that is developing the next generation of cybersecurity solutions. that can revolutionize the industry.

Once the acquisition is complete, the assets of CloudCodes will be transferred to the Plurilock family of companies, under the leadership of the Plurilock management team.

Terms of agreements

The Company and its subsidiaries, Plurilock Security Solutions Inc. and PSP, have entered into agreements with CloudCodes under which the Company will acquire the purchased assets. Pursuant to the terms of the agreements, the Company has agreed to pay CloudCodes a total consideration of USD 1,700,000 payable as follows: (i) USD 1,000,000 in cash payable at closing; and (ii) US $ 700,000 in common shares of Plurilock (the “Counterpart Shares”), less any deferred income. The counterpart shares will be issued at a deemed price of C $ 0.59 per share and will be placed in escrow for 18 months to meet any indemnification obligation to the Company.

The acquisition is subject to customary closing conditions and receipt of TSXV approval. The Company expects to close the Acquisition on or around October 31, 2021.

About CloudCodes

CloudCodes is an international Cloud Security SaaS platform company, offering a product that protects group messaging and collaboration platforms such as Microsoft 365 and Google Workspace, while providing SSO, MFA and DLP functionality.

About Plurilock

Plurilock provides identity-centric cybersecurity for today’s workforce. The Plurilock family of companies enables organizations to operate securely while reducing cybersecurity frictions. Plurilock offers world-class IT and cybersecurity solutions through its Solutions division, combined with proprietary security, based on AI and adapted to the cloud through its Technology division. Together, the Plurilock family of companies deliver persistent identity assurance with unmatched ease of use.


Source link

Leave A Reply

Your email address will not be published.