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Universal mCloud and Fulcrum Automation Technologies ink global licensing deal worth US$15M in AssetCare subscriptions

Last updated: 08:00 27 Feb 2019 EST, First published: 07:40 27 Feb 2019 EST

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Universal mCloud is a Vancouver-based specialist in artificial intelligence, analytics and Internet of Things

Universal mCloud Corp (TSX-V:MCLD) (OTCQB:MCLDF) said Wednesday that it has inked a three-year renewable license and distribution agreement with Fulcrum Automation Technologies Ltd to deploy mCloud's AssetCare offering in the oil, gas and refining industries worth US$15 million in AssetCare subscriptions.

Under the terms of the agreement, Fulcrum will retain global exclusivity for AssetCare in the oil, gas and refining industry. Exclusivity is contingent on Fulcrum providing US$5 million or more in AssetCare subscriptions every 12 months.

"We created AssetCare with the objective to serve a diverse portfolio of critical assets," mCloud CEO Russ McMeekin said in a statement. "The application of AssetCare in the oil, gas and refining markets presents a strong opportunity for mCloud to broaden its reach, achieve higher margins and address the industry's need for deep energy analytics.”

READ: Universal mCloud's strong second quarter underlines IoT group's progress

The Vancouver-based specialist in artificial intelligence, analytics and internet of things said that along with Fulcrum, it had identified select customers for early application of mCloud's AssetCare solutions.

To serve these customers, mCloud expects to expand its technology and business development teams to include professionals with oil, gas and refining expertise, who can lead deliveries in the Middle East and North America.

"Russ and I have defined the initial technology applications, customers and assets we will be focusing on. We will begin to scale very quickly and work towards exceeding the minimum annual subscription targets," said Fulcrum Automation Technologies chairman Shane Maine.

Fulcrum will use AssetCare to expand its developing network of well-established service providers focusing on blue-chip oil, gas and refining companies. The company said AssetCare will be a “decisive technology differentiator” for Fulcrum and its customers.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter@UttaraProactive 

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