NEW YORK, March 30, 2021 /PRNewswire/ -- Cybersecurity is a major ongoing concern for businesses and governments. A number of major hacks have compromised local governmental agencies, healthcare organizations technology companies and many others in recent months. According to the Washington Post, National Security Agency Director Gen. Paul Nakasone, explained that foreign hackers are taking advantage of the intelligence community's "blind spot" - domestic internet activity. "Our adversaries understand that they can come into the United States and rapidly utilize an Internet service provider, come up and do their activities, and then take that down before a warrant can be issued, before we can actually have surveillance by a civilian authority here in the United States," he said during a hearing of the Senate Armed Services Committee. Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), Cloudflare, Inc. (NYSE: NET), Qualys, Inc. (NASDAQ: QLYS), Okta, Inc. (NASDAQ: OKTA), Fortinet, Inc. (NASDAQ: FTNT)
The cybersecurity market covers a wide range of applications, emphasized on safeguarding computers, programs, networks, and data from unlicensed or unprompted access. Furthermore, various software solutions such as antiviruses and firewalls have grown in complexity and proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. Overall, it is the large enterprise segment that held the highest cyber security market share in 2019. And, according to data provided by Allied Market Research, the cyber security market size was valued at USD 149.67 Billion in 2019 and is projected to reach UDS 304.91 Billion by 2027, while growing at a CAGR of 9.4% from 2020 to 2027.
Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF) announced yesterday breaking news that, "it has entered into a definitive share purchase agreement dated March 26, 2021 (the "Definitive Agreement") to acquire all of the issued and outstanding securities of Aurora Systems Consulting Inc. ("Aurora"), a provider of advanced cybersecurity technology and services based in California (the "Acquisition").
Since 2001, Aurora has provided cybersecurity products and offered professional services to U.S. clients across three main segments: (1) federal government institutions; (2) state, local, education ("SLED") government agencies; and (3) commercial firms. Aurora's main clients comprise large and reputable organizations such as the U.S. Department of Defense, U.S. Department of the Air Force, U.S. Department of the Navy, U.S. National Aeronautics and Space Administration, U.S. Department of the Treasury and U.S. Department of the Army.
Key Highlights of Aurora
- Revenue of US$28.1 million (CAD$35.8 million) in 20201
- Gross Margin of US$1.4M in 20201
- Diversified client base consisting of over 140 tier-1 organizations
- Numerous prominent master service agreements with state and federal agencies in the United States
Aurora marks the first acquisition by Plurilock since completing its reverse takeover transaction in September 2020 when it began trading on the TSX Venture Exchange ("TSXV"). Upon closing of the Acquisition, the Company will assume Aurora's United States Small Business Administration COVID related assistance long term debt of US$149,0001 (as of December 31, 2020).
As part of the Company's growth strategy, Aurora will operate as an additional sales force to deliver Plurilock's state-of-the-art identity assurance solutions to Aurora's vast network of clients. As a result, it is expected that the Acquisition will accelerate Plurilock's sales growth to rapidly deploy its high margin software products within regulated industries such as finance, healthcare, and defense in the United States.
Through the Acquisition, Plurilock will obtain a professional services team, a new office on the West Coast of the United States, a larger market presence in the U.S. cybersecurity industry and an offshore office in India built for quoting government deals. The Company will also bring more products and services to its clients without having to add additional vendors. Aurora will gain access to the Company's cutting-edge AI platform, resulting in a high-level of cross pollination between Plurilock's and Aurora's technology offerings.
'The acquisition of Aurora will represent a significant milestone in Plurilock's development and in our M&A strategy of acquiring attractive assets that have the ability to scale,' said Ian L. Paterson, CEO of Plurilock. 'With an established customer base of top-tier organizations, the Aurora acquisition provides us with an opportunity to integrate our higher margin cybersecurity software into their existing solution offering in order to increase sales while expanding their overall margins. We expect this acquisition will rapidly advance our growth initiatives and we are looking forward to working with Philip de Souza and his impressive team as we continue to aggressively build our company.'
'We are pleased to join Plurilock in delivering cybersecurity offerings to North American organizations across key industry verticals," said Philip de Souza, Founder and President of Aurora. "By incorporating Plurilock's cutting-edge technology platform into our product offering, our clients will receive a more robust and comprehensive identity authentication solution, which has been adapted to provide safe and secure remote work access to employees working from home.'
Once the Acquisition is completed, Aurora will continue to operate as a wholly-owned subsidiary under the guidance of Plurilock's management team."
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Cloudflare, Inc. (NYSE: NET) announced last year that it has launched Cloudflare for Teams™, a set of solutions that will secure corporations and their employees globally, without sacrificing performance. Cloudflare for Teams is centered around two core products—Cloudflare Access™ and Cloudflare Gateway™. "With the rise of SaaS, cloud, and an increasingly mobile workforce, existing security solutions don't work for modern-day employees or their employers," said Matthew Prince, co-founder and CEO of Cloudflare. "Employees need to access their applications quickly and securely, browse the public Internet without threatening company security, and be able to do all of this no matter where they are. Cloudflare for Teams gives companies and their employees a better way to do work, without added inconvenience."
Qualys, Inc. (NASDAQ: QLYS) reported last year that its research team, using the Qualys Cloud Platform, has identified 7.54 million vulnerabilities related to FireEye Red Team assessment tools and compromised versions of SolarWinds Orion, tracked as Solorigate or SUNBURST, across its 15,700-member customer base. Of the vulnerabilities identified, researchers noted that across 5.29 million unique assets most are related to the FireEye Red Team tools. These findings highlight the scope of the potential attack surface if these tools are misused. The research team further identified that 99.84% of the 7+ million vulnerability instances are from eight vulnerabilities in Microsoft software that have patches available.
Okta, Inc. (NASDAQ: OKTA) announced on March 3rd, it has entered into a definitive agreement to acquire Auth0, a leading identity platform for application teams, in a stock transaction valued at approximately USD 6.5 Billion. Together, Okta and Auth0 address a broad set of identity use cases and the acquisition will accelerate the companies' shared vision of enabling everyone to safely use any technology, shaping the future of identity on the internet. "Combining Auth0's developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers," said Todd McKinnon, Chief Executive Officer and co-founder, Okta. "In an increasingly digital world, identity is the unifying means by which we use technology — both at work and in our personal lives. With so much at stake for businesses today, it's critical that we deliver trusted customer-facing identity solutions. Okta's and Auth0's shared vision for the identity market, rooted in customer success, will accelerate our innovation, opening up new ways for our customers to leverage identity to meet their business needs. We are thrilled to join forces with the Auth0 team, as they are ideal allies in building identity for the internet and establishing identity as a primary cloud."
Fortinet, Inc. (NASDAQ: FTNT) announced on January 26th, a new Extended Detection and Response (XDR) solution, FortiXDR, designed to reduce complexity, speed detection, and coordinate response to cyberattacks across the organization. FortiXDR is the only solution of its kind to leverage artificial intelligence (AI) for the investigation effort critical to incident response. Expanding on the cloud-native endpoint platform of FortiEDR, it enhances an organization's Security Fabric and the threat protection powered by FortiGuard Labs security services. Specifically, FortiXDR can fully automate security operations processes typically handled by experienced security analysts to mitigate threats faster across the broad attack surface. "Cybercriminals are using sophisticated—and increasingly intelligent—tools to target vulnerable network edges resulting from digital innovation. As a result, organizations need smarter, faster security operations to combat sophisticated, organized cybercrime. FortiXDR is the only XDR solution that leverages artificial intelligence to replicate the hands-on investigation that otherwise leaves organizations playing catch up. Applied across the Security Fabric platform, it helps enterprises keep pace with today's accelerating threat landscape, even for organizations limited by small teams and few tools."
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