Leading provider of asset management solutions, Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF), is improving its ability to incorporate state-of-the-art technology into its offerings.
Earlier today, the company announced plans to expand its already industry-leading AssetCare platform. The expanded capabilities will include advanced industrial Internet of Things (IoT) sensors, artificial intelligence-powered aerial abilities through the use of drones, and digital twins for process simulation and 3D virtual facility walk-downs.
Universal mCloud expects the first of these capabilities to go live sometime in the fourth quarter of 2019. Through greater implementation of next-gen tech, the company will be able to generate more revenue from its solutions. It will also be able to offer improved value for both its new and existing customers.
Discussing the new capabilities of AssetCare solutions, mCloud President and CEO Russ McMeekin said, “Everything we do here at mCloud starts with data. As we tap into more and more data through mobile apps, advanced sensors, and drones, the AI that drives AssetCare keeps getting smarter, which enables us to deliver even more value to our customers.”
Universal mCloud Hires Industry Veteran to Lead Development
In the same press release, Universal mCloud announced that it is bringing James Christian onto its team to head up the expansion of AssetCare’s capabilities as Vice President of Emerging Solutions.
Christian brings with him more than 30 years of experience in the refining, petrochemical, and oil and gas industries. In that time he distinguished himself for applying leading-edge technologies at some of the biggest companies in the world.
Beginning his career at ExxonMobil (NYSE:XOM), Christian first worked on global advanced technology initiatives. Later, he accepted a position at the company’s leading petrochemical plant. After leaving Exxon, he held a variety of senior roles at Honeywell (NYSE:HON), managing its global portfolio of innovative software and cloud solutions.
Just prior to joining Universal mCloud, Christian played an important role in developing solutions for the XHQ cloud intelligence software suite at German conglomerate Siemens AG.
“We’re very excited to welcome Jim to the mCloud family,” said McMeekin. “Jim has driven game-changing technology programs throughout his entire career and we are confident that his leadership and expertise will strengthen our ability to bring next-generation capabilities to customers across all our lines of business.”
Universal mCloud is Scaling Rapidly
The appointment of Christian to Vice President of Emerging Solutions comes hot on the heels of two other significant additions to the mCloud team. On Tuesday, September 10, the company promoted Jason Brown to the position of President of Smart Process Industries and appointed Patrick Kelly as Director of Solutions Business Development.
Both Brown and Kelly will be working to establish multi-year, recurring, commercial SaaS contracts within mCloud’s Smart Process business line.
Even as it is being contentiously refined, mCloud’s AssetCare solutions platform has also seen some exciting deployments in the last few weeks. In July, the company delivered its first asset management applications to six oil and gas facilities in Alberta, Canada. A month later, mCloud signed a commercial agreement to provide AssetCare performance analytics to a wind farm in China owned and operated by Longyuan Wind Power Co. Ltd.
In August, Universal mCloud announced its financial results for the second quarter ended June 30, 2019. Not only did the company reduce normalized income losses to $132,368 from $2.6 million in 2018, it increased its year-over-year revenue by 443 percent.
MCLD stock has been on a consistent upward trend for the last month. It opened today at $.045, nearing its 52-week high of $0.50.
While the company’s last few weeks have been remarkably stirring for investors, its upcoming results from the improved AssetCare capabilities promise to be just as exciting.
Featured Image: mCloud