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Scope Technologies to Acquire Cloud Codes, Expanding Quantum-Secure Authentication & Storage Ecosystem
Prnewswireยท 2025-08-20 12:00
Core Viewpoint - Scope Technologies Corp. has entered into an asset purchase agreement to acquire Plurilock Security Inc.'s subsidiary, Cloud Codes, which specializes in secure Single Sign-On (SSO) and distributed storage solutions [1][3]. Acquisition Details - The acquisition includes a total consideration of CAD $1,780,000, comprising CAD $100,000 in cash and 4,200,000 common shares at a deemed price of $0.40 per share [4]. - The transaction is subject to approvals from the TSX Venture Exchange and the Canadian Securities Exchange, along with other customary conditions [5]. Strategic Importance - This acquisition is a strategic milestone for Scope Technologies, aiming to integrate Cloud Codes' technology into its quantum-secure ecosystem under the QSE Group [3][11]. - Cloud Codes' distributed storage middleware will serve as the foundation for the world's first commercially deployed quantum-resistant SSO platform [3]. Integration Plans - Post-acquisition, Cloud Codes will be rebranded under the QSE name and integrated into the QSE product stack, with future releases expected to include quantum-secure SSO services [7]. - The target markets for these services include regulated enterprises, banking, healthcare, and organizations requiring long-term data integrity [7]. Market Context - The urgency for quantum-safe identity management solutions is underscored by NIST's ratification of quantum-resistant encryption standards and the embedding of post-quantum cryptography into existing products [9]. - Cloud Codes currently supports 270 business clients and 88,000 end-users, with a significant user base in India (80%), Europe (13%), and the United States (7%) [10]. Financial Overview - Cloud Codes reported annual revenues of CAD $673,012 for 2025 and CAD $723,487 for 2024, with a net income of CAD $228,131 for 2025 [10].