- Plurilock (PLUR) has entered into a purchase agreement with CloudCodes Software, an award winning cloud security provider
- CloudCodes is a leading cybersecurity and cloud security provider with a global customer base
- This transaction marks Plurilock’s second acquisition in 2021
- Plurilock will obtain a technical product team and a new office in Pune, India to complement its office in Mumbai, India
- Plurilock Security Inc. (PLUR) is in the grey, trading at C$0.59 at 12:11 pm ET
Plurilock Security (PLUR) has entered into a purchase agreement to acquire certain assets of CloudCodes Software, a cloud access security broker.
Since 2011, CloudCodes has provided innovative cloud security SaaS solutions for protecting email and group collaboration platforms, offering single-sign-on (SSO), multi-factor authentication (MFA), and cloud data loss prevention (DLP) solutions.
CloudCodes earned approximately C$576k in product revenue for its year ended March 31, 2021.
Following the acquisition, CloudCodes’ existing customers will have access to a larger public organization with adequate financial resources, deep security, IT, AI capabilities and expertise, and its sales team while Plurilock will gain a larger market presence in the international cybersecurity space and enter the growing CASB segment.
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 within Plurilock’s product portfolio, with CloudCodes’ CASB solution offered as an early access product under the name of Plurilock CLOUD.
This additional technology solution creates a new opportunity for Plurilock’s customers for a cost-effective cloud security solution and a path to integrate low-friction, high-security behavioural biometric identity with SSO and cloud security functionality. As a result, it is expected that the Acquisition will accelerate Plurilock’s sales growth and cement the Company’s position in the growing zero trust market.
“Businesses, especially small businesses, continue to face security risks with workforces that are working in a post-covid, remote centric world, and it has never been more important to secure cloud resources such as corporate email and file sharing,” said Ian L. Paterson, CEO of Plurilock.
“This acquisition aligns with our commitment to becoming the premier cybersecurity solutions provider in the market, acquiring critical technology to enhance organizations’ zero trust architecture,” added Paterson.
“We are pleased to join the Plurilock family of companies,” said Debasish Pramanik, co-founder of CloudCodes.
“This transaction offers an opportunity to expand the use of our signature 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,” concluded Pramanik.
Once the acquisition is completed, CloudCodes assets will be transferred into the Plurilock family of companies, under the guidance of Plurilock’s management team.
CloudCodes is an internationally based Cloud Security SaaS platform company, offering a product that protects email and group collaboration platforms like Microsoft 365 and Google Workspace while providing SSO, MFA and DLP functionality.
Plurilock provides identity-centric cybersecurity for today’s workforce. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction.
Plurilock Security Inc. (PLUR) is in the grey, trading at C$0.59 at 12:11 pm ET.
