Plurilock eliminates CTO and COO, cuts exec pay as part of profitability push

Victoria-based cybersecurity company Plurilock has downsized its C-suite and executive compensation in a move it hopes will help it reach profitability.

Plurilock announced in a release on Tuesday morning that it has “phased out” its CTO and COO roles, and that the executive leadership team voluntarily implemented a 30-percent reduction in executive compensation as part of a broader cost-optimization effort.

This week’s C-suite cuts represent one of the many leadership changes for the company in the past six months.

The company said it expects the moves to net $900,000 in annualized savings over the next 12 months, after accounting for severance obligations and strategic investments in additional sales personnel. Plurilock added that the savings will be redeployed towards “high-impact growth initiatives,” including investments in customer acquisition and market development.

Plurilock got its start in 2016, developing behavioural biometrics, an authentication method that analyzes users by their typing rhythms or mouse movements. The company now offers cybersecurity technology and advisory services to enterprise and government clients. The company trades on the TSX Venture Exchange under the symbol $PLUR.

This week’s C-suite cuts represent one of the many leadership changes for the company in the past six months. Former Raytheon executive Michael Ruiz only joined Plurilock as CTO, one of the eliminated roles, at the end of Sept. 2025. Meanwhile, CFO Scott Meyers left the company to pursue new opportunities in January, replaced by VP Veera Singh.

Tucker Zengerle, who held the eliminated COO role, first joined the company in 2022.

Plurilock said that both the COO and CTO are expected to continue supporting the company in an advisory capacity by providing strategic insight and industry expertise. Neither Zengerle nor Ruiz’s LinkedIn profiles have been updated to indicate they no longer work at Plurilock. BetaKit has reached out to Plurilock CEO Ian Paterson for more details on the role eliminations and to clarify in what capacity Zengerle and Ruiz would advise the company.

Between 2021 and 2023, Plurilock scaled significantly, executing a roll-up strategy that saw the company make four acquisitions and grow its revenue from roughly $500,000 to over $64 million in just two years.

Last year, in September 2025, the company conducted a “corporate streamlining” shortly after selling off the CloudCodes business it acquired in 2022. Plurilock said the streamlining took advantage of “global talent in offshore delivery centers,” and introduced an “AI-first” approach in some of its departments. When BetaKit asked Paterson at the time if this included layoffs, he did not provide a comment.

In its Q3 2025 earnings statement this past November, Plurilock said that it’s supported by a growing pipeline, improved cost structure, and increased demand, and anticipated that it “may achieve breakeven during 2026.” The company reported more than $50 million in revenue for the nine months ended Sept. 30, 2025, and has signed and renewed multiple contracts since then.

After eliminating the COO and CTO roles, Plurilock said it continues to “identify operational efficiencies” through “disciplined cost management and aggressive AI innovation and adoption.”

Feature image courtesy Plurilock.