Plurilock behavioral biometrics surge in revenue from ASC acquisition
Canada-based Plurilock saw its revenue skyrocket in 2021 from hardware sales related to the acquisition of Aurora Systems Consulting (ASC), as it previewed a strategy for 2022 focused on more acquisitions. The behavioral biometrics provider also tapped cybersecurity veteran Jennifer Swindell as a member of its board of directors.
In a release of its 2021 financial results ended December 31, 2021, Plurilock reports its revenue at CA$36,624,610 (approximately US$28.5 million), compared to its 2020 financial results that ended with revenue at CA$479,329 (approximately US$373,359). The company attributes the leap in revenue to its hardware sales revenue gained from the ASC acquisition, with CA$33,546,047 in 2021 compared to nil in 2021, and electronic software license and maintenance sales revenue for 2021 at CA$2,597,826 compared to CA$326,322 the prior year.
Its EBITDA ended at a loss of CA$6,277,460 in 2021, compared to negative CA$4,598,234 in 2020, while adjusted EBITDA stood at negative CA$4,325,914 compared to negative CA$2,212,580 in 2020.
Plurilock held CA$9,468,104 in cash and cash equivalents by the end of 2021, compared to CA$1,721,179 on December 31, 2020.
The 2021 revenue results mirror the company’s second quarter of 2021, where it also leapt in revenue from the ACS acquisition.
CEO Ian L. Paterson says, “During the year, we executed on multiple growth initiatives, including expanding our product portfolio, completing our $4.6 million ‘bought deal’ financing and most notably, advancing our active M&A program.”
On future strategy, Paterson says Plurilock will focus on extending its sales pipeline and complete more high-margin sales of its proprietary multi-factor authentication and behavioral biometrics software. The company plans to acquire more profitable cybersecurity companies to improve its operating margins and open new distribution channels for cross-selling its software products.
Since the year-end, Plurilock has further extended its portfolio of intellectual property related to behavioral biometrics and continuous authentication.
Plurilock’s earnings announcement also makes note of its March acquisition of the issued and outstanding shares of Integra Networks Corporation, a Canadian enterprise IT and cybersecurity solutions provider.
Jennifer Swindell joins board
In a separate press release, Plurilock announces the addition of Swindell to its board of directors. She is profiled as having 25 years of experience in strategic business development and risk assessment experience with executive roles at Perspecta’s Trusted Solutions Group and Booz Allen Hamilton leading support for U.S. federal agencies.
“We are excited to announce that Jennifer Swindell, who is a seasoned business development executive that has worked with or served in the U.S. government and military, has joined Plurilock’s board of directors,” comments Robert Kiesman, chairman of Plurilock. “Her extensive experience in scaling high impact teams at the intersection of government and commercial national security interests is a key addition to the Plurilock board. Jennifer brings a successful track record of more than 25 years of transformational leadership experience, and we will benefit from her guidance as we further grow the Plurilock family of companies to become a leader in the zero-trust identity space.”
Plurilock’s most recent high-profile hire is Garr Stephenson Jr as its new chief revenue officer.