Plurilock receives $1.24M software licensing contract

Executive Summary

• Plurilock Security Inc. has been awarded a new contract totaling $1,242,462 with a NASDAQ-listed semiconductor manufacturer.
• The agreement consists of a one-year software licensing renewal and an eight-month professional services engagement for security operations support.
• The deal represents a net new expansion of Plurilock's professional services within the account and reinforces the company's "land-and-expand" business model.

Key Details

• Total Contract Value: $1,242,462
• Customer Profile: NASDAQ-listed semiconductor manufacturer
• Contract Components:
  • Licensing Renewal: $922,008 for a one-year term for the customer's data loss prevention platform.
  • Professional Services: $320,454 for an eight-month engagement focused on security operations support.
• Strategic Impact: The contract marks a licensing increase and adds new professional services to an existing relationship, demonstrating customer trust and expansion.
• Financial Expectations: Plurilock expects fulfillment costs and gross margin profiles to remain consistent with historical performance as disclosed in its latest management's discussion and analysis (MD&A).
• Confidentiality: Specific terms of the contract are subject to confidentiality and non-disclosure agreements.

Notable Quotes

• "This engagement represents a meaningful expansion of our relationship with an important global customer... This contract adds new professional services on top of the existing licensing relationship, reinforcing our land-and-expand model and further establishing Plurilock as a strategic cybersecurity partner to organizations operating in high-risk, high-value sectors." — Ian L. Paterson, Chief Executive Officer