Universal mCloud Corp (CVE:MCLD) (OTCQB:MCLDF), the artificial intelligence and analytics specialist, said Thursday that it has completed its acquisition of Fulcrum Automation Technologies Ltd and subsequently, Autopro Automation Consultants Ltd.
The move positions mCloud as a major technology provider in the oil and gas sector.
"We are excited to welcome the Autopro team to the mCloud family as we take AssetCare(TM) to oil and gas customers all over the world," said mCloud CEO Russ McMeekin. "With Autopro's deep domain expertise and reach in industrial process automation, our integrated portfolio of IoT, AI, 3D, and mobile capabilities will let us connect field assets at every stage of production and refinement."
With the acquisition of Autopro, mCloud will benefit from an exceptional team that will accelerate the company's development of AI-powered asset management solutions for oil and gas applications alongside a strong customer base positioned to adopt mCloud's AssetCare platform.
The deal is a notable one: it is estimated it will add C$35 million in revenue and C$5.5 million in EBITDA to mCloud on a trailing 12-month basis.
"The entire Autopro team is looking forward to this next chapter in the history of our company," said Mike Lane, CEO of Autopro Automation. "Our customers are constantly seeking to improve their business by implementing next generation technology solutions. mCloud's portfolio of cutting-edge AI service offerings, together with Autopro's deep experience and expertise in industrial process industries, will allow us to help customers achieve an even greater advantage in today's competitive market."
mCloud said the move remains subject to final regulatory approval, however, it has received conditional approval. The firm also noted it has entered into a consulting agreement with Fulcrum International Holdings Limited to provide ongoing corporate consulting and advisory services, when requested.
Universal mCloud offers complete asset management solutions to three distinct segments: smart buildings, wind energy, and oil and gas.
With more than 100 blue-chip customers and over 28,000 assets connected around the globe, mCloud is working to change the way energy assets are managed.
Contact Katie Lewis at [email protected]