Victoria-based Plurilock Security has entered into a definitive asset purchase agreement to acquire certain assets from CloudCodes, an India-based cloud access security broker (CASB).
The transaction consists of US $ 1,000,000 in cash and US $ 700,000 in common shares of Plurilock.
Founded in 2011, CloudCodes provides a cloud-based SaaS security solution to protect messaging and group collaboration platforms, offering single sign-on (SSO), multi-factor authentication and data loss prevention solutions. in the cloud. According to the startup, it generated approximately C $ 576,000 in product revenue for its fiscal year ending in March.
As a result of its agreement with Plurilock, existing CloudCodes customers will have access to a larger public organization with adequate financial resources, deep security, IT capabilities, AI and expertise. And, from CloudCodes, Plurilock aims to gain a greater market presence in the international cybersecurity space and enter the CASB segment.
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In addition, Plurilock, through its Indian subsidiary Plurilock Security Private Limited, will obtain a product technical team and a new office in Pune, India, in addition to its office in Mumbai.
Plurilock aims to add CloudCodes’ CASB solution to its product portfolio and launch it as an “early access product” under the name Plurilock CLOUD. The acquisition will allow Plurilock to operate in the CASB space and offer a behavioral biometric identity for SSO.
“Businesses, especially small businesses, continue to face security risks with a workforce working in a post-covid and remote world,” said Ian Paterson, CEO of Plurilock. “Securing cloud resources like corporate email and file sharing has never been more important. “
Launched in 2016 by the University of Victoria, Plurilock uses behavioral biometrics and AI to provide continuous authentication, rather than login-based authentication for logins. According to the startup, its technology allows both greater convenience for users and “dramatically improved security” for corporate clients.
Plurilock began trading on the TSX Venture Exchange (TSXV) in September.