This is technology M&A deal number 812 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
Plurilock, founded in 2016, is based in British Columbia, Canada. The company has 41 employees listed on LinkedIn. Plurilock's areas of expertise include endpoint, IT and network security.
CloudCodes, founded in 2011, is based in Maharashtra, India. The company has 33 employees listed on LinkedIn. CloudCodes' areas of expertise include cloud and mobile device security.
The CloudCodes acquisition is pursuant to Plurilock's asset purchase agreements dated October 21, 2021, which were amended on November 30, 2021 and August 26, 2022.
Plurilock Expands Its Product Line
CloudCodes' CASB solution will be added to Plurilock's product line and renamed Plurilock Cloud, the companies said. Plurilock Cloud will be integrated into the company's Plurilock Adapt login authentication product.
In addition, CloudCodes' team will join Plurilock, the companies stated. This team will be able to leverage Plurilock's financial resources, security, IT technology and artificial intelligence capabilities and expertise to bolster its operations.
CloudCodes also allows Plurilock to enter the CASB market, the companies noted. This could help Plurilock extend its global cybersecurity market reach and boost its revenues.
Plurilock Buys Atrion Communications, Aurora Systems Consulting
Plurilock also owns Integra Networks, an MSP and IT solutions provider based in Ontario, Canada, and operates as a subsidiary. Integrate in September 2022 received CAD $1.5 million (approximately $1.16 million) in a revolving line of credit from Pathward, National Association, a division of MetaBank, to explore strategic acquisitions and other growth opportunities, the company said.
Organizations can use Plurilock's solutions to spot and monitor unauthorized credential use. Plurilock offers a channel partner program that enables MSSPs and MSPs to leverage its solutions to provide multi-factor authentication and continuous authentication services.