Enter Wall Street with StreetInsider Premium. Claim your one week free trial here.
- This is DEFEND’s first sale through Plurilock’s Integra networks
- This sale comes months after the company acquired Integra Networks, representing increased efficiencies through the integration of acquisitions and cross-selling
- DRDC bought DEFEND as an initial sale with opportunities for expansion
Vancouver, British Columbia–(Newsfile Corp. – August 23, 2022) – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and its subsidiaries (“Plurilock” or the “Company”), a cybersecurity company focused on Identity Workforce Solutions Provider, today announced that its wholly-owned subsidiary, Integra Networks Corporation (“Integra Networks”), has received a purchase order from Defense Research and Development Canada (“DRDC”), an operating agency of the Department of Defence.
“We are delighted to be working with our first Canadian government client,” said Ian L. Paterson, CEO of Plurilock. “As a Canadian company, it is great to be able to take the experience we have gained in the United States and apply it in our home market. This is a key validation for the DEFEND product. and we look forward to working with more Canadian governments This transaction, which results from Plurilock’s acquisition of Integra Networks, clearly demonstrates the viability of our M&A and growth strategy.”
Under the terms of the purchase order, Integra Networks will provide DRDC with Plurilock DEFEND and a combination of hardware and services, including software licenses and maintenance support services.
Canada’s federal government spending on cybersecurity
As outlined in Canada’s 2021 federal budget, the Canadian government has proposed to allocate C$330.6 million and C$456.3 million over five years to defend taxpayer information against digital breaches and to improve and protect its cyber networks, respectively.
Canada’s National Cyber Security Action Plan, funded through Budget 2018, allocated C$507.7 million from 2019 to 2024 with an ongoing commitment of C$108.8 million moving forward , demonstrates that the Canadian government intends to make significant investments in cybersecurity and information technology to support the initiatives outlined in the plan.
With the growing cyber threat and shift to zero trust security, Plurilock intends to support this demand for cyber security technology at the federal level, in addition to serving businesses in other key industry verticals.
Integra Networks is a cybersecurity and IT solutions leader, supporting the implementation of technology solutions for Canada’s federal, provincial and local governments, as well as educational institutions, global healthcare organizations healthcare and world-class businesses.
For more information, visit https://integranetworks.com/partners.
PlurilockMT provides identity-centric cybersecurity for today’s employees. The Plurilock family of companies enables organizations to operate securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions division, combined with proprietary, AI-based, cloud-enabled security through its Technology division. Together, the Plurilock family of companies delivers persistent identity assurance with unparalleled ease of use.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief executive officer
This press release may contain certain forward-looking statements and information (collectively, “forward-looking statements”) relating to future events or Plurilock’s future activities, operations, performance and financial conditions. Forward-looking statements normally contain words such as “will”, “intend”, “anticipate”, “could”, “should”, “may”, “could”, “expect”, “estimate “, “plans”, “plan”, “potential”, “project”, “assume”, “intend”, “believe”, “should”, “scheduled” and similar terms. Forward-looking statements are not guarantees. of future performance, actions or developments and are based on expectations, assumptions and other factors that management currently believes to be relevant, reasonable and appropriate in the circumstances.Although management believes that the forward-looking statements contained in the statements are reasonable, actual results could differ materially due to risks and uncertainties associated with and inherent in Plurilock’s business. understand, without limitation, the impact of general economic conditions, the success of the Company in obtaining new or extended contracts or orders; the Company’s ability to retain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or realize the expected benefits therefrom; and unforeseen events, developments or factors causing any of the foregoing expectations, assumptions and other factors that ultimately prove to be inaccurate or irrelevant. This list is not exhaustive of factors that could affect the Company’s forward-looking statements. Many of these factors are beyond Plurilock’s control. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as of the date hereof, and Plurilock undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The risks and uncertainties relating to the activities of the Company are more fully described under the heading “Risk Factors” of its most recent Annual Information Form. They are also disclosed in its documents filed with the securities authorities available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134467