Plurilock closes a smaller second tranche of debt amidst a lot of corporate activity
It has been a busy couple of months for Canadian behavioral biometrics firm Plurilock and its new subsidiaries. Try to keep up (in reverse chronological order).
This week, Plurilock closed a second tranche of debt amounting to $285,000 for acquisitions and other purposes. It is the second and final round of debt in a non-brokered private placement. The first closed last month (see below).
Also in September, executives also said they had sold cloud-based access control software to a company identified only as a California legal services firm. The software that Plurilock sold is the fruit of CloudCodes Software, which Plurilock bought August 29.
Plurilock said its wholly owned subsidiary, Aurora Systems Consulting, had in August notched $7.26 million in purchase orders, which, of course, are not the same as booked orders. They are from a NASA enterprise-wide procurement program, which offers more confidence in an unsettled market.
Speaking of unsettling, Plurilock in August said it was cutting ties with its chief revenue officer, Garr Stephenson, after the company said it was making a strategic push for profitability in part by squeezing more from its acquisitions. Breakeven has been elusive for Plurilock.
Executives announced that they had closed a C$1,245,000 (US$960,000) tranche of debt, which, like the second tranche in September, has been earmarked for acquisitions and general purposes.
Also in August, Plurilock-subsidiary Aurora Systems also bought Atrion Communications, an IT and cybersecurity consultancy, in a deal valued at $3.7 million. Atrion, Plurilock’s third buyout as a public company, will sell its new parent’s behavioral biometrics software.
Last but not precisely least, Aurora Systems reported in August that it had received purchase orders totaling $3 million in July.