- Plurilock Security (PLUR) has acquired certain assets and business of Atrion Communications
- Plurilock completed that through its subsidiary, Aurora Systems Consulting Inc
- The acquisition provides the company with additional network infrastructure and security solutions
- Aurora has also increased its earlier-announced line of credit from Pathward National Association, fka Crestmark, from up to US$2 million to $4 million
- Plurilock provides identity-centric cybersecurity for today’s workforce
- Plurilock Security Inc. was down 5.263 per cent, trading at $0.18 at 2:45 PM ET
Plurilock Security (PLUR) has completed the earlier-announced acquisition of certain assets and business of Atrion Communications.
Plurilock completed the acquisition through its subsidiary, Aurora Systems Consulting Inc.
Atrion Communications Inc. is a veteran-owned leading U.S.-based provider of consulting, professional services and technology solutions.
The acquisition provides the company with additional network infrastructure and security solutions such as procurement services, professional services and solutions integrations, managed services, and cybersecurity consulting.
For its fiscal year ended March 31, 2022, Atrion generated approximately US$14.0 million in revenue with a gross profit of $3.3 million and EBITDA of $533,300.
Given Plurilock’s zero trust identity product suite and extensive distribution channels, the acquisition will enable Aurora to leverage additional technology resources and expertise to optimize and grow its operations.
Furthermore, the company will gain access to new customers while expanding its footprint on the East Coast of the United States.
In addition, this acquisition represents Plurilock’s fourth acquisition to date, enabling the company to increase its annualized revenue run-rate to approximately C$50 million and grow its client network to over 600 acquired customer relationships.
“We are delighted to have completed our fourth acquisition to date and welcome the talented Atrion team to the company with the goal of growing our overall business together,” said Ian L. Paterson, CEO of Plurilock.
“Atrion provides us with access to more top-tier customers, resulting in new cross-selling opportunities for our high-margin proprietary solutions,” he added.
“By joining our teams and products, we will be able to implement a comprehensive approach to expanding the delivery of our products and services as well as add Plurilock’s state-of-the-art cybersecurity solutions to our existing product suite, resulting in a larger selection of technology offerings for our combined customers,” said Dominic Grillo, President of Atrion.
The company is also pleased to announce that Aurora has increased its March 8, 2022, announced line of credit from Pathward National Association, fka Crestmark, a division of MetaBank National Association, from up to US$2 million to $4 million.
The proceeds of the increased LOC will be used by Aurora to finance the acquisition and for working capital purposes.
On August 8, 2022, the company and Aurora entered into an asset purchase agreement with Atrion and a certain vendor of Atrion.
Upon closing, the company paid Atrion US$1,924,779 and issued 1,285,700 common shares of Plurilock at $0.30 per share.
Plurilock provides identity-centric cybersecurity for today’s workforces.
Plurilock Security Inc. was down 5.263 per cent, trading at $0.18 at 2:45 PM ET.