Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF), a leading provider of asset management solutions based out of Vancouver, announced today that it is making some significant changes to its team.
With the promotion of Jason Brown to President, Smart Process, and the addition of Patrick Kelly as Director, Solutions Business Development, the company is looking to strengthen its ability to establish multi-year, recurring, commercial SaaS contracts through its Smart Process line. This includes customers operating in the petrochemical, pipeline, and oil and gas sectors.
Brown brings with him more than 20 years of process industry experience. Prior to joining mCloud, Brown served as Vice President, Operations for Autopro Automation Consultants. On July 11, mCloud acquired Autopro and brought over many members of the Autopro team. Collectively, they worked towards accelerating the company’s development of AI-powered asset management solutions for oil and gas applications.
Now, as President, Smart Process, Brown will help extend Universal mCloud’s reach to new oil and gas centers all over the world.
Likewise, Kelly will be responsible for driving new revenues by defining AssetCare solutions specific to Smart Process. Before becoming mCloud’s Director, Solutions Business Development, he managed Honeywell’s (NYSE:HON) strategic solution portfolios across the refining, petrochemical, LNG, and oil and gas sectors. In all, he offers more than 35 years of industry experience.
Universal mCloud President and CEO Russ McMeekin said that, together, Brown and Kelly bring “decades of leadership experience in serving the technology needs of customers within process industries.”
“We now have the right talent, technology, and timing to take our AI-powered AssetCare solutions for Smart Process to create new efficiencies in every part of the hydrocarbon value chain,” he added.
Universal mCloud is Creating a More Efficient Future with AssetCare
By combining Internet of Things (IoT), artificial intelligence (AI), and cloud computing, Universal mCloud’s solutions help companies curb energy waste, maximize energy production, and get the most out of critical energy infrastructure.
In particular, its AI-powered AssetCare platform allows operators of smart facilities, power generators, and oil and gas centers to remote manage critical on-site assets. Once those assets are connected to the cloud, IoT sensors collect data which is then analyzed by AI. This not only empowers the operates to work safely and efficiently, but it also maximizes the performance of their assets.
In July, Universal mCloud delivered its first AssetCare solutions to six oil and gas facilities in Alberta, Canada. The deal generated annual recurring revenues of $1 million for the company.
In August, it entered into a commercial agreement to provide performance analytics from its AssetCare platform to 35 GE wind turbines at the Longyuan Wind Power Co.’s Pu Fa Wind Farm in China. mCloud expects this to be the start of a multi-phase relationship with Longyuan.
mCloud Shows Consistent Growth
Also in August, mCloud announced some impressive financial results from its second quarter, 2019. The company increased revenue 36 percent quarter-over-quarter, from $2.2 million to $3 million. It also grew its year-over-year revenue by 443 percent and reduced its normalized income losses year-over-year from $2.6 million to just $132,368.
Through an extensive network of subsidiaries, mCloud has already connected more than 35,000 assets across the world through AssetCare. Now, with Brown and Kelly holding essential positions on the team, CEO Russ McMeekin believes his company is poised for newfound growth.
“Over the next five years, we expect to connect more than 150,000 process assets globally, a journey that we have already begun through the success we are having in delivering AssetCare to oil and gas facilities in Western Canada, and our expansion into the United States, Australia, and the Middle East,” he said.
Keep watching this space for more developments from Universal mCloud.
Featured image: DepositPhotos © Wavebreakmedia
