Over the past few weeks, several companies have made announcements on acquiring startups. Here’s the latest on Canada’s movers and shakers.
Universal mCloud acquires Autopro Automation
Vancouver-based Universal mCloud, an AI-powered asset management firm, has acquired Autopro Automation, based in Grand Prairie, Alberta, which specializes in the design and implementation of industrial automation solutions. The purchase price was not disclosed.
mCloud said the acquisition will accelerate the development of its AI-powered asset management solutions for oil and gas applications. It added that it will benefit from Autopro’s strong customer base adopting mCloud’s AssetCare platform, which complete asset management solutions to three distinct segments: smart buildings, wind energy, and oil and gas.
“We are excited to welcome the Autopro team to the mCloud family as we take AssetCare to oil and gas customers all over the world,” said Russ McMeekin, mCloud’s president and CEO. “With Autopro’s deep domain expertise and reach in industrial process automation, our integrated portfolio of IoT, AI, 3D, and mobile capabilities will let us connect field assets at every stage of production and refinement.”
Kognitiv acquires Xtreme Blockchain Labs
Kognitiv, a company that provides B2B technology that allows brands to engage with their consumers, has acquired Toronto-based Xtreme Blockchain Labs (XBL), which builds blockchain-based issuance and portfolio management tools for digital assets.
XBL’s founders include individuals from G3 Capital and Extreme Venture Partners, the latter of which, recently saw its current partners pitted against two former partners, Sundeep Madra and Amar Varma, in a high-profile, Tinder-related lawsuit.
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“XBL and Kognitiv have identified several large and lucrative but inefficient asset classes and markets that are prime candidates for the application of our technology and expertise,” said Mark Petrov, founder and CEO of XBL. “Together, we are well-positioned to help clients monetize their assets better, raising yields and creating a superior experience for their consumers.”
Croesus Acquires softTarget
Croseus, a Montreal-based wealth management FinTech startup, has acquired softTarget, a software company, also based in Montreal, that manages and maintains compliant, tailored, and tax-efficient portfolios with AI.
softTarget’s iBalance product combines rebalancing with real-time compliance management for private wealth and institutional firms, as well as pooled funds. Its AI-based function is designed to provide specific, compliant actions for continuous alignment with client, portfolio, and enterprise regulations and requirements. Croseus said the acquisition aligns with its goal to provide users functionality while broadening its product offering to meet changing market needs.
“The advantages achieved with iBalance are undeniable,” said Claude Laurendeau, softTarget president. “Firms benefit from a turnkey process, as central portfolio management teams can seamlessly execute complex investment strategies across an entire organization.”
Image courtesy Croseus