Behavioral biometrics specialist Plurilock is looking to expand through the acquisition of a fellow Canadian tech firm. The company is buying Integra, an IT services provider focused on the government and education sectors, in a transaction valued at $1.2 million.
The acquisition is expected to expand Plurilock’s presence in the public sector, with the company noting in its announcement of the deal that Integra has built a considerable client portfolio since it began its operations in 1985. The latter primarily serves the federal government, with customers including the Department of National Defence, the Royal Canadian Mounted Police, and Shared Services Canada.
The business combination also represents a geographic expansion. Plurilock is headquartered in Vancouver, on the west coast, whereas Integra is far to the east in Ottawa, Canada’s capital.
“Foundationally, Integra checked a number of boxes we were looking for in an accretive acquisition,” explained Plurilock CEO Ian L. Paterson. “With a strong presence in the Canadian federal government with Tier 1 government agency customers, a strong balance sheet, proven sales of CA$5 million, 19% gross margin over the last 12 months, and profitable operations resulting from 35 years of experience, we are looking forward to onboarding the team and exploring new synergistic opportunities to scale our combined operations.”
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For Integra’s part, Nagwa Koressa, the company’s President, celebrated the opportunity “to become a part of an award-winning global cybersecurity company that is developing cutting-edge zero trust identity technology.” Plurilock’s platform revolves around the use of behavioral biometrics for continuous, passive user authentication, and also supports multi-factor step-up authentication through mobile apps.
The Integra deal comes after Plurilock’s announcement in October of its acquisition of CloudCodes Software Private Limited, an India-based cloud security company, and there may be more acquisitions to come. In its latest announcement, Plurilock stated that the company “plans to continue evaluating other accretive and profitable acquisition targets that will extend its distribution channels, while adding new top-tier customers and competitive technology assets to its business.”
Plurilock’s acquisition of Integra is being facilitated through a combination of cash, Plurilock shares, and earn-out agreements based on predetermined milestones.
Mar. 7, 2022 – by Alex Perala