Proactive Investors - Run By Investors For Investors

Universal mCloud finalizes Fulcrum and Autopro acquisitions

The move positions mCloud as a major technology provider in the oil and gas sector
graphic computer
The acquisitions could add C$35 million in revenue and C$5.5 million in EBITDA to mCloud on a trailing 12-month basis

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. 

WATCH: Universal mCloud CEO updates financing and introduces new Chief Financial Officer

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]

View full MCLD profile View Profile

Universal mCloud Corp Timeline

Related Articles

gambling chips
March 12 2019
Bragg’s GiveMeSport has a bigger following on Facebook than ESPN and Sky Sport
Restaurant diners
July 04 2019
The company's website and phone app aims to help restaurants fill spare capacity by offering discounts potential diners during quieter periods
truck transports ore
July 09 2019
The Australian company recently acquired South Africa’s RCubed as it adopts a software-as-a-service model for the energy, resources and natural resources space.
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use