Exciting news for followers of Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) as the company announced the first deliveries from its AssetCare solutions platform to six oil and gas facilities in Alberta, Canada.
The application—a remote management capability—is expected to generate annual recurring revenues totaling $1 million CAD.
The news comes hot on the heels of mCloud’s other big announcement that it finished acquiring Autopro Automation Consultants on July 11. The mCloud solution being delivered now is based on technology originally developed by Autopro for client support services.
In a press release, Universal mCloud’s Chief Product Officer Dr. Barry Po says that the early response to the AssetCare for Smart Oil and Gas from customers has been “tremendous.”
“As part of our efforts to bring the mCloud and Autopro teams together, the plans for rolling out AssetCare to customers have been in the works since the acquisition was originally announced. The fact we are seeing immediate traction with customers is a clear signal that AssetCare is in the right place at the right time in the oil and gas industry.”
About the Autopro Acquisition
The deal to acquire Autopro solidifies Universal mCloud as a leading asset management solutions provider, and positions it particularly well to be a major tech supplier to oil and gas companies all over the world.
It will also generate significant earnings for the company. The acquisition is expected to provide mCloud with $35 million CAD in revenue and $5.5 million CAD in earnings before interest, tax, depreciation, and amortization on a trailing twelve-month basis.
Finally, mCloud will gain from Autopro an exceptional team of experts and an established customer base. The Autopro team offers deep domain expertise in the oil and gas industry and can help mCloud connect field assets at all stages of production and refinement.
>> VSBLTY Closes Convertible Debenture Offering of $745,000
AssetCare Remote Management has Huge Potential for Oil and Gas
Beyond the six facilities mCloud just connected through its AssetCare solution, the company will be targeting over 700 similar oil and gas facilities across northern BC and Alberta. Each one of the facilities stands to benefit significantly from remote management capabilities.
Remote management allows facility operators to get ahead of potential issues before they become serious by providing field operators with predictive maintenance capabilities. AssetCare, in particular, also enables access to analytics that link facility data with control system data. This empowers asset managers to remotely diagnose issues and take action without needing to be at the site of the problem.
Universal mCloud is on the Cusp of Worldwide Growth
Through the use of AI and analytics, Universal mCloud is changing the way assets are managed, ensuring that they continuously operate at peak performance. Its AI-powered AssetCare platform offers complete asset management solutions not only to oil and gas but to smart buildings and wind energy companies as well.
Headquartered in Vancouver, mCloud has more than 100 blue-chip customers and has connected over 28,000 assets around the world. The company owns a wide variety of subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers.
In addition to the applications recently delivered, mCloud has numerous other AssetCare applications for Smart Oil and Gas in the works and plans to unveil some of these later in the year. As it expands internationally, the company plans to reach over 14,000 oil and gas facilities worldwide.
For more insight into the recent news, and Universal mCloud as a whole, check out Rich from RichTV Live.
Featured Image: Universal mCloud
