Victoria-based Plurilock Security has entered into a definite asset purchase agreement to acquire certain assets of CloudCodes, a cloud-access security broker (CASB) based in India.
The deal consists of $1,000,000 USD in cash and $700,000 USD in common shares of Plurilock.
Founded in 2011, CloudCodes provides a cloud security SaaS solution for protecting email and group collaboration platforms, offering single-sign-on (SSO), multi-factor authentication, and cloud data loss prevention solutions. According to the startup, it earned approximately $576,000 CAD in product revenue for its fiscal year ending in March.
As a result of its deal with Plurilock, CloudCodes’ existing customers will have access to a larger public organization with adequate financial resources, deep security, IT, AI capabilities and expertise. And, from CloudCodes, Plurilock aims to gain a larger market presence in the international cybersecurity space and enter the CASB segment.
In addition, Plurilock, through its Indian subsidiary Plurilock Security Private Limited, will obtain a technical product 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 of Plurilock CLOUD. The acquisition will allow Plurilock to operate in the CASB space and offer behavioral biometric identity for SSO.
“Businesses, especially small businesses, continue to face security risks with workforces that are working in a post-covid, remote centric world,” said Ian Paterson, CEO of Plurilock. “It has never been more important to secure cloud resources such as corporate email and file sharing.”
Launched in 2016 from the University of Victoria, Plurilock uses behavioural biometrics and AI to provide continuous authentication, rather than login-based authentication for logins. According to the startup, its tech allows for both greater convenience for users and “significantly enhanced security” for enterprise customers.
Plurilock began trading on the TSX Venture Exchange (TSXV) in September.