- Micro-cap cybersecurity stock Plurilock Security (TSXV:PLUR) is announcing a record three-year, US$19.3 million contract with a semiconductor company in the S&P 500 index
- The contract, the largest in Plurilock’s history, will require it to modernize and re-platform the client’s security operations stack
- Plurilock is a global cybersecurity company dedicated to detecting, preventing and defending against data breaches and cyberattacks
- Plurilock Security stock has given back 17.65 per cent year-over-year and 75.44 per cent since inception in 2020
Micro-cap cybersecurity stock Plurilock Security (TSXV:PLUR) is announcing a record three-year, US$19.3 million contract with a semiconductor company in the S&P 500 index.
The contract, the largest in Plurilock’s history, will require it to modernize and re-platform the client’s security operations stack using artificial intelligence (AI), as well as provide two dedicated cybersecurity experts over a 12-month period to support integration and implementation.
The client, “a key player in worldwide semiconductor supply chains,” according to Thursday’s news release, was secured through Plurilock’s subsidiary, Aurora Systems Consulting, based on the company’s strong track record of providing critical cybersecurity services.
Plurilock has grown revenue by more than 146 times from C$480,000 in 2020 to C$70.42 million in 2023, and has taken in a further almost C$25 million through the first half of 2024. The company has paired this growth with consistently rising gross profits from C$2.48 million in 2021 to C$4.98 million in 2022 and C$5.85 million in 2023, plus an encouraging C$4.51 million combined across Q1 and Q2 2024.
Leadership insights
“This record-breaking deal reflects Plurilock’s strategy to expand revenue and margins from non-government clients and demonstrates that the integration of our previous acquisitions is delivering results,” Ian L. Paterson, Plurilock Security’s chief executive officer, said in a statement. “Being chosen to transform the security operations of a leading S&P 500 enterprise underscores the trust that world-class organizations are placing in our capabilities.”
About Plurilock Security
Plurilock is a global cybersecurity company dedicated to detecting, preventing and defending against data breaches and cyberattacks.
Plurilock Security stock (TSXV:PLUR) last traded at C$0.70 per share. The stock has given back 17.65 per cent year-over-year and 75.44 per cent since inception in 2020.
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(Top image, generated by AI: Adobe Stock)