What happened: Vancouver firm completes acquisition deal previously announced in April
Why it matters: mCloud will be able to diversify offerings into oil and gas sector
A Vancouver firm harnessing IoT and artificial intelligence to curb energy waste in buildings is tapping into some extra brainpower.
Universal mCloud Corp. (TSX-V: MCLD) announced Thursday the completion of its acquisition of Fulcrum Automation Technologies.
As part of the deal originally announced in April, Fulcrum signed a letter of intent to acquire Autopro Automation Consultants Ltd.
The completed acquisition allows mCloud to take over Alberta-based Autopro, an oil and gas industrial automation firm.
While mCloud is best known for using technology to reduce energy waste in mid-size buildings, the acquisition deal allows them to expand deeper into offering AI-powered asset management products for oil and gas applications.
“Our AI is the secret sauce that changes [energy-use] behaviour,” mCloud CEO Russ McMeekin told Business in Vancouver.
“Our AI would know all the patterns of everything you’ve done in the past and using that data you have in the building, we affect its behaviour and drive savings.”
McMeekin said the combination of Autopro’s expertise in industrial automation and his company’s portfolio of IoT, AI, 3D and mobile capabilities would allow the team to connect field assets at each stage of production and refinement.
The deal is expected to bring in an additional $35 million in revenue and $5.5 million in EDITDA for mCloud on a trailing twelve-month basis.