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Sunday, Feb 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cyber Security

Plurilock Security latest acquisition provides substance and style to security

Atrion pulled in USD$14 million in revenue with a profit of USD$3.3 million and EBITDA of USD$533,300.

Photo by Sigmund on Unsplash

Aurora Systems Consulting, a subsidiary of Plurilock Security (TSXV:PLUR), entered into an asset purchase agreement to acquire information technology and cybersecurity solution provider, Atrion Communications.

The pipeline accompanying this acquisition includes a host of major customers, including a Fortune 500 North American food services and facility management company, as well as a leading multinational pharmaceutical company, and several American hospitals and medical centers. Atrion represents a significant bump to Plurilock’s bottom line. Atrion pulled in USD$14 million in revenue with a profit of USD$3.3 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of USD$533,300.

“The transaction represents our third acquisition as a public company and serves as another milestone in our mission to acquire accretive cybersecurity and IT assets with great customers, capabilities, and distribution channels where we can cross sell our high-margin solutions to deliver economies of scale,” said Ian L. Paterson, CEO of Plurilock.

What is Plurilock?

Plurilock is a tech company offering cybersecurity options to enterprise and government partners. Its cybersecurity suite is different from its competitors in that it’s identity-centric, which means instead of a password or other reactive security, it’s proactive. It records the biometrics of its user and determines on a minute by minute basis that the person using the computer is the person that should be using it. In order to do this, it uses artificial intelligence and cloud computing through its tech division. The result is excellent security with no more passwords.

In contrast, Atrion has been helping customers use technology effectively for decades. It’s a full life-cycle network infrastructure and security solutions provider. It offers procurement services, professional services and solutions integration, as well as managed services and cybersecurity consulting, to maximize IT investment while minimizing risk. Atrion’s management will remain in place to work with Plurilock’s management towards an integration plan.

“Atrion is very excited to join the Plurilock and Aurora family as it offers us the opportunity to continue working with our longtime customers and the valuable relationships we’ve cultivated over 37+ years in business. In addition, it gives Atrion access to sell the Plurilock technology, which addresses some of the biggest IT challenges today,” said Dominic Grillo, president of Atrion Communications.

The benefit to Atrion includes access to Plurilock’s zero trust identity technology and distribution channels, which will give Atrion the ability to improve the service it offers to customers while expanding its footprint in both the private and public sectors. On the other hand, the transaction gives Plurilock the chance to expand geographically, facilitate access and ongoing growth opportunities along the American east coast.

This isn’t Plurilock’s last acquisition either. The company intends on looking for other targets to extend its distribution angles, while adding top-tier customers and tech to its business.

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