Appointed 25-year veteran of the technology industry, Ron Shuttleworth, as CEO
Significant growth expected from mergers and acquisition strategy
Focusing on profitable fundamental-growth technology
Subsidiary Weather Telematics continues to innovate, launches advanced road conditions platform Predictiv RC
What Internet of Things does
Internet of Things Inc (CVE:ITT) (OTCMKTS:INOTF) is a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions.
The Toronto-based company is focused on investing in data-driven industrial IoT companies.
Internet of Things owns data-science company Weather Telematics Inc, which uses a vehicle-mounted mobile IoT sensor network and artificial intelligence system to generate historical, current and forecasted weather conditions for road hazard risk alerts.
The company also is a joint venture partner with Hope Data Technology Co Ltd and New Hope IoT Intl Inc, which are affiliated with New Hope Group one of China’s largest privately-owned entities, with more than 600 subsidiaries and nearly 70,000 employees.
Furthermore, the company has strategic investments in the cannabis space.
These include BLOCKStrain Technology Corp (CVE:DNAX), which is developing an integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, as well as tech company BrainGrid Corp (CSE:BGRD), which provides a sensor platform for cannabis cultivators called 'Sentroller' so they can monitor and keep a watchful eye on their crop 24/7.
How is it doing?
In December, Ron Shuttleworth took the post as CEO. He comes to the company bolstered by 25 years of experience in the technology sector as an operator, investor, analyst and investment banker, specializing in mergers and acquisitions and financings. He previously held the posts of chief executive, chief technology officer and product manager.
In June 2018, the company completed its acquisition of Ottawa-based Weather Telematics Inc. The company has introduced Predictiv RC, an advanced road conditions platform, which provides an assessment of the risks associated with driving on roads in poor weather conditions.
The technology is geared for autonomous and electric vehicles and provides historical, current and predictive road weather conditions (dry, wet, snowy, icy) and weather hazards, including hydroplaning, wind visibility, hail and lightning.
“We have a robust sales pipeline across multiple industry verticals including: automotive OEM, insurance, logistics & supply chain and are focused and committed to closing several of these sales contracts over the coming months,” said James Sutcliffe, Chief Operation Officer of ITT in a statement, adding that Weather Telematics is at the forefront of AI-based technologies for predictive road risk alerts and weather analysis.
Through its joint venture agreement with New Hope IoT Intl Inc, ITT continues to develop and expand its product offerings in the Chinese market. In August, the joint venture entered into an agreement with PointGrab to market, sell and service its products in China.
PointGrab is the owner of the sensing technology platform CogniPoint, which allows users to optimize the allocation of physical resources such as workstations, meeting rooms, and lighting. The solution is aimed at the smart buildings and real-estate technology industries.
Internet of Things holds about a 5.5% equity stake in Braingrid, which offers an affordable, versatile, quick-to-install sensor platform for cannabis cultivators. The technology captures real-time data, about the plants and their environments, such as humidity and growth rates, and provides key stats on the grow to help users increase revenues, reduce costs and minimize risks.
From a mergers and acquisitions perspective, Internet of Things is aiming to target companies with IoT solutions that are data-focused -- typically with recurring revenue. Shuttleworth says they are aiming to find companies that have a history of operations, have revenue and a strong management team.
Internet of Things reported its first revenue during the second quarter of 2018, from Weather Telematics, with more to come. Internet of Things acquired the company in June 2018 and between June 1 and October 31, 2018, Weather Telematics reported revenue of C$82,000, thanks to the sale of predictive road-weather alert software and hyper-local weather data.
What the boss says
“We’re going to focus more on finding companies that have a history of operations, have revenue, have some earnings and have a management team that is interested in succession, or a shareholder base that is interested in a liquidity event,” says CEO Ron Shuttleworth. “ITT is uniquely positioned to be able to provide these types of solutions for both management teams and shareholders.”
Contact Katie Lewis at [email protected]