Plurilock to acquire the assets of the CloudCodes software
VICTORIA – Plurilock Security Inc. and associated subsidiaries, a provider of identity-centric cybersecurity solutions for employees, entered into definitive asset purchase agreements dated October 21, 2021 to acquire certain assets of CloudCodes Software Private Limited, an award-winning cloud access security broker based in India.
Since 2011, CloudCodes has provided innovative cloud security SaaS solutions to protect messaging and group collaboration platforms, offering single sign-on (SSO), multi-factor authentication (MFA) and loss prevention solutions. data (DLP) in the cloud. CloudCodes generated approximately CA $ 576,000 in revenue for its fiscal year ended March 31, 2021.
As a result of the acquisition, existing CloudCodes customers will have access to a larger public organization with adequate financial resources, deep security, IT, AI and IT capabilities and expertise. to the company‘s world-class sales team, while Plurilock will gain greater presence in the international market. cybersecurity and enter the growing segment of CASB. In addition, Plurilock, through its Indian subsidiary, Plurilock Security Private Limited, will obtain a technical product team and a new office in Pune, India, to complement its office in Mumbai, India.
The acquisition will add additional functionality to Plurilock’s product portfolio, with CloudCodes’ CASB solution offered as an early access product under the name Plurilock CLOUD. This additional technology solution creates a new opportunity for Plurilock customers for a cost effective cloud security solution and a path to integrate low friction, high security behavioral biometric identity with SSO and cloud security functionality. Therefore, the acquisition is expected to accelerate Plurilock’s sales growth and strengthen the company’s position in the growing zero trust market.
“The acquisition of CloudCodes provides us with an award-winning CASB solution with wide adoption by customers in small, medium and large enterprises. Businesses, especially small businesses, continue to face security risks with a workforce working in a post-COVID and distance-centric world, and securing cloud resources like this has never been more important. as corporate messaging and file sharing, ”said Ian L. Paterson, CEO of Plurilock. “This acquisition aligns with our commitment to become the leading provider of cybersecurity solutions in the market, acquiring critical technology to improve organizations’ zero-trust architecture. We look forward to adding the CloudCodes product to our strong product portfolio and integrating their staff into our growing team, as we continue to develop cutting-edge technology that enables organizations to operate securely while reducing friction for users.
“We are delighted to join the Plurilock family of companies,” said Debasish Pramanik, co-founder of CloudCodes. “This transaction provides an opportunity to expand the use of our flagship product in the North American market and join a fast growing organization with deep security and IT expertise that is developing the next generation of cybersecurity solutions. that can revolutionize the industry.
Once the acquisition is complete, the assets of CloudCodes will be transferred to the Plurilock family of companies, under the leadership of the Plurilock management team.