Artificial intelligence (AI) and analytics specialist Universal mCloud has acquired Fulcrum Automation Technologies and subsequently, Autopro Automation.
Following the acquisitions, mCloud will be positioned as a major technology provider in the oil and gas sector.
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The Autopro acquisition will enable mCloud to develop AI-powered asset management solutions for oil and gas applications, as well as have a strong customer base to adopt its AssetCare platform.
Universal mCloud president and CEO Russ McMeekin said: “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.”
Autopro is expected to add C$35m ($26.7m) in revenue and C$5.5m ($4.21m) in EBITDA to mCloud over the next year.
Autopro Automation CEO Mike Lane said: “Our customers are constantly seeking to improve their business by implementing next-generation technology solutions.
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By GlobalData“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 also signed a consulting agreement with Fulcrum to provide ongoing corporate consulting and advisory services, when needed.
The transaction is subject to the final clearance by the TSX Venture Exchange, which granted conditional approval to mCloud last month.
Headquartered in Canada, mCloud provides asset management solutions combining IoT, Cloud computing, AI and analytics.
It offers complete asset management solutions to three distinct segments including smart buildings, wind energy, and oil and gas.
It also has more than 100 blue-chip customers and over 28,000 assets connected worldwide.
