Plurilock Security (PLUR.V) is a $27 million cybersecurity company that “reduces or eliminates the need for passwords by measuring the pace, rhythm and cadence of a user’s keystrokes to confirm their identity.”
On December 7, 2021 PLUR received a USD $285,000 order from the U.S. Federal Bureau of Investigation (FBI).
For a 15-month-old company, booking revenues from the FBI would normally be a pop-the-champagne moment.
But if PLUR guzzled bubbly to celebrate every new U.S. gov revenue stream, the management would be wandering around in an alcoholic daze.
On November 16, 2021 PLUR received a US$297,000 order from the U.S. Air Force
On November 2, 2021 PLUR received a $220,000 purchase order from the U.S. Department of State.
On October 26, 2021 PLUR received a US$111,000 order from the U.S. Air Force.
On October 7, 2021, PLUR received a US$133,000 order from the U.S. Marshals Service and a US$193,000 order from the U.S. Drug Enforcement Administration (DEA) .
On October 5, 2021, Plurilock announced a US$208,000 order from the U.S. Department of the Navy as part the National Aeronautics and Space Administration’s (NASA) Solution for Enterprise-Wide Procurement (SEWP) program, a U.S. Government-Wide Acquisition Contract Vehicle (GWAC).
On August 23, 2021 PLUR received a $1.08 million USD purchase order from the US Air Force.
On August 19, PLUR received a USD$794,000 purchase order from a California state healthcare agency under the NASPO ValuePoint program.
August 11, 2021 PLUR received an order from the National Aeronautics and Space Administration for $140,000 USD.
On July 15, 2021 PLUR received a US$1.7 million order with the U.S. Department of Defense.
“The FBI is a U.S. national security and law enforcement agency with more than 30,000 agents, analysts, and other employees that protect the country from terrorism and other criminal threats,” reports PLUR.
“The order is part of the SEWP V program, aligning with Plurilock’s stated goal of expanding within the government vertical.
All contracts and orders announced by PlurilockTM and its subsidiaries since April 2021, including the latest order, represent a combined total of roughly US$13.34 million in sales”.
With estimates that global cybercrime costs will reach $10.5 trillion annually by 2025, it is more critical than ever that organizations, particularly those related to government services, work with skilled cybersecurity and IT support vendors on strengthening their security posture.
Under the terms of the purchase order, Plurilock’s subsidiary Aurora will provide the FBI with hardware, software licenses, and maintenance support.
In this November 16, 2021 video interview, Ian L. Paterson, CEO of Plurilock Security Systems (PLUR.V), talks with Equity Guru’s Jody Vance about Plurilock’s business objectives.
“We have effectively two parts to our business,” explained Paterson, “We manufacture and market AI technology that allows us to identify people based on their behavior, specifically how you type on a keyboard, and then how you move a mouse.”
“We also made an acquisition earlier this year of a company called Aurora. And they’re a solutions provider. They’re now forming a separate division.”
“One of the ways that that I’ve come to describe the technology is to think about a typical house,” continued Paterson, “You might have a front door with a good deadbolt on it. The question always is, what happens if somebody gets through that door? Or let’s say they break a window and get into the house?”
“In this analogy, your password is that front door, it may keep people out. But what happens if they go around the password? What happens if you log in and then you walk away from your computer, for instance?”
“We can detect if you’re the right person moving throughout that house. And then as a result of that motion, we can either lock or unlock doors in the house. So, it’s this paradigm shift of thinking about conventional authentication, now we’re moving it into a continuous authentication.”
Starting December 8, PLUR has been approved for graduation from Tier 2 issuer status to Tier 1 issuer status on the TSX Venture Exchange (TSXV)
On November 26, 2021 PLUR reported its financial results for the three and nine months ended September 30, 2021.
Q3 2021 Financial Highlights
Hardware sales revenue for the three and nine months ended September 30, 2021, totaling CAD$13,866,649 and CAD$21,447,857, respectively. In the same periods, hardware sales revenues accounted for 91% and 89.6% of total revenues, respectively, compared to nil YOY.
Overall, Plurilock reported cash and cash equivalents of CAD$7,050,291 on September 30, 2021, compared to CAD$1,721,179 on December 31, 2021, representing a substantial increase.
During the three and nine months ended September 30, 2021, the Company generated CAD$1,904,265 and CAD$327,717 of cash from operating activities respectively, compared to using CAD$346,795 and CAD$865,338 YOY.
The Company’s adjusted EBITDA for the three and nine months ended September 30, 2021, was CAD$1,244,593 and CAD$3,286,133, respectively, compared to CAD$276,205 and CAD$1,313,954 over the same periods in the year prior.
As commerce and communications move on-line, cyber-security has become a big concern for companies with a digital profile.
According to Global Workplace Analytics, just 3.6% of the US workforce worked from home in 2018. Now, “Our best estimate is that 25-30% of the workforce will be working-from-home multiple days a week by the end of 2021.”
This massive army of remote workers creates a newer layer of vulnerability. How can a corporation or government department ensure the computer security of a remote worker?
With the DEFEND Persisted offering, users will benefit from the existing continuous authentication technology, now with self-healing capabilities built in.
“Logins and passwords are notoriously insecure, so the Plurilock product watches from the wings, looking for variations in behaviour that might show Bob from the Agricultural Research Department is not in actuality Phyllis from Accounting jumping on his machine while he grabs a mocha,” wrote Equity Guru’s Chris Parry on November 9, 2021.
“This product works and is rapidly picking up business for Plurilock in the areas of government, military, and Fortune 500 companies,” added Parry.
Full Disclosure: Plurilock is an Equity Guru marketing client.