mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) is a leading provider of asset management solutions, combining IoT, artificial intelligence, cloud computing, and analytics. Today, mCloud announced that it has closed its acquisition of Atlanta-based 3D technology firm Construction Systems Associates Inc (CSA).
mCloud Positioned to Be a Leading Provider to Nuclear Industry
mCloud’s Chief Growth and Revenue Officer explained how the completion of the CSA acquisition would further help mCloud to become “one of the largest providers of 3D asset management capabilities in the nuclear power industry in North America.” Currently, over 80% of all nuclear plants in the US rely on CSA-provided technology to facilitate plant operations, with clients including energy giants Exelon (NYSE:EXC) and Dominion Energy (NYSE:D), as well as Japanese heavyweight Toshiba (OTCPK:TOSBF).
Under the terms of the deal, mCloud will pay US$500,000 in cash and 380,210 common shares of the company in exchange for all outstanding shares in CSA. Additional payments of up to US$1.25 million in cash and US$500,000 worth of common shares of mCloud Technologies may also be made, pending certain earnout milestones being met.
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New Level of Accuracy
In addition to announcing the closing of the acquisition, mCloud has also revealed plans to use capabilities added by CSA to complete its first 3D Digital Twin engagements with customers in three regions before the end of Q2 2020. “We expect the acquisition of CSA will expedite the upcoming delivery of new 3D capabilities to customers in North America, the Middle East, and Southeast Asia throughout 2020 and beyond,” said Lanza.
“The combination of CSA’s robust 3D capabilities and our AssetCare platform enables us to deliver powerful 3D Digital Twins to our process industry customers at oil and gas, petrochemical, LNG, and pipeline facilities worldwide,” he added. CSA’s expertise in delivering accurate 3D asset models to the nuclear power industry, coupled with mCloud’s AI-powered capabilities through AssetCare, will allow the company to achieve a new level of accuracy for numerous asset management capabilities.
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