Mergermarket – CEO Russ McMeekin Featured In Article About Recent Autopro Acquisition

2019-07-24T11:00:04+00:00July 24th, 2019|Spotlights|

Mergermarket | mCloud could make small technology buys after entering oil and gas vertical, CEO says 

mCloud Corporation [TSX.V:MCLD], a Vancouver-based AI and analytics company for energy assets, may look at small technology acquisitions, said CEO Russ McMeekin.

The company closed its CAD 42.6m acquisition of oilfield automation company Autopro on 11 July, and plans to expand its Canadian oil and gas footprint into the US, he said. It now has a footprint in its three major verticals – HVAC, wind turbines, and oil and gas – and doesn’t see any more large acquisitions to get into new verticals, he added.

While it is focused on organic growth, mCloud may make small technology add-on buys of companies already operating in the cloud that could enhance or add features to its AssetCare platform, he explained. It is in discussions with two small companies, and if it decided to make an acquisition, it could likely fund it internally, he said.

mCloud Corporation plans to add sales people around the world in Houston, Australia, and Saudi Arabia, as part of the integration of Autopro, he said. It has an office in Beijing. The company is also considering expanding into Southeast Asia, and is meeting with large oil companies there, he added. mCloud Corporation is working with recruitment firm Connery Consulting.

McMeekin co-founded mCloud in 2016, and took it public in 2017. It is in the process of uplisting from the TSX Venture to the TSX, and is also planning a NASDAQ listing, he said. Raymond James, which advised on its Autopro acquisition, will be leading the effort, as well as law firm Owens Wright in Canada, and Cooley in the US. The company will likely accomplish its uplisting later this year, and is in the midst of the process, which includes board additions and other procedural actions, he said. NASDAQ requires a certain size market cap, which mCloud expects to achieve after the Autopro acquisition, he added.

mCloud’s AssetCare collects real-time data from sensors in buildings, wind turbines, and oil and gas production equipment in order to analyze the data and make the asset operate more efficiently.

Competitors include Honeywell’s [NYSE:HON] Forge offering, and Aspen Technology’s [NASDAQ:AZPN] recent acquisitions Mnubo and Sabisu, he said.

McMeekin previously worked for Honeywell’s Advanced Software division.

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This article was published by Mergermarket, the leading provider of forward-looking M&A intelligence and data to M&A professionals and corporates around the world. www.mergermarket.com

Written by By Hana Askren.  July 19, 2019