Over the past week, two Canadian companies have made acquisitions of companies across North America. Here’s the latest on Canada’s movers and shakers.
mCloud acquires technology from AirFusion
Vancouver-based mCloud an AI-powered asset management firm, has acquired technologies from Boston-based AirFusion, which provides AI-powered visual inspection and monitoring.
“This acquisition in combination with AssetCare gives mCloud a serious competitive edge.”
mCloud noted that it is also acquiring AirFusion’s German subsidiary AirFusion GmbH, AirFusion’s existing customers, and technologies currently under development from its partner in Warsaw, Poland.
Full terms of the acquisition were not disclosed. However, mCloud noted that the purchase price for AirFusion’s assets “is not material” to mCloud and shares are set to be granted to AirFusion as part of the deal. It was stated that shares of mCloud are being offered as part of the deal, with 200,000 offered at the close and another 200,000 within 12 months, based on meeting certain performance targets.The transaction is also subject to the final approval of the TSX Venture Exchange.
mCloud offers asset management solutions that use IoT, cloud computing, AI, and analytics to curb energy waste and maximize energy production. The company’s AI-powered AssetCar platform offers asset management solutions to smart facilities, power generation, and process industries including oil and gas.
“AirFusion’s AI-derived results from wind turbine blade images are the best we have seen, reducing processing times by over 90 percent without compromising high accuracy,” said Dave Weinerth, mCloud’s president of smart energy. “This acquisition in combination with AssetCare gives mCloud a serious competitive edge over other wind blade inspection providers.”
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AirFusion creates AI-powered software solutions for infrastructure inspection, automated damage detection, and predictive risk through monitoring. Using images captured from drone or ground-based inspections, AirFusion’s platform uses patent-pending sensor fusion technology to translate those images into usable data.
AirFusion’s Newton Engine, which uses AI to identify and classify damage from images of wind turbine blades, will be embedded into mCloud’s AssetCare platform.
mCloud plans to integrate the Newton Engine to deliver new AssetCare solutions combining drone inspection and AI across all of mCloud’s lines of business, specifically connected building and oil and gas customers throughout 2020. The full integration with AssetCare’s wind customers is expected to take place in the first quarter of 2020.
According to AirFusion’s CEO Edward Mier-Jedrzejoqicz, combining mCloud’s asset performance management with AirFusion’s technology will enable better production of wind energy.
mCloud’s acquisition of AirFusion comes just under three months after the company acquired Atlanta-based 3D technology company Construction System Associates.
Converge Technology Solutions acquires PCD Solutions
Toronto-based Converge Technology Solutions has acquired Saint Laurent-based PCD Solutions, which provides solutions for IT infrastructure and digital transformation projects.
“We expect PCD Solutions’ sales and solutions strength to enhance our capabilities.”
The acquisition consists of a combination of cash, promissory notes, and annual earn-out payments over a period of three years. As part of the deal, PCD Solutions’ customers and team, consisting of technology experts, business consultants, and thought leaders, will join Converge.
PCD Solutions co-presidents Carl Deschênes and Pierre Cayouette will continue in their roles, along with the existing PCD Solutions management team.
Converge Technology Solutions is building a national platform of regionally focused IT infrastructure firms in the United States (US) and Canada. The company aims to bring together leading IT solution providers with the expertise needed to meet client demands. PCD Solutions focuses on enterprise system architecture, storage and information management, virtualization and the cloud, business continuity, and disaster recovery.
Converge Technology said it plans to introduce its software-enabled hybrid IT solutions, such as identity-based cognitive, cybersecurity, resiliency managed services as well as multi-cloud solutions and enterprise blockchain, to existing and new PCD Solutions customers. The Toronto company will also leverage PCD Solutions specializations such as its datacenter, cloud architecture, and storage to Converge clients across North America.
“We expect PCD Solutions’ sales and solutions strength to enhance our capabilities in becoming a dominant software-enabled hybrid IT provider in the Quebec and Canadian marketplace, as it builds on the platforms we have created with our previous acquisitions,” said Shaun Maine, CEO of Converge. “PCD Solutions also brings a level of expertise around VMware that will allow us to continue to drive value with our Converge Hybrid cloud offerings to our clients.”
The acquisition of PCD Solutions marks Converge Technology Solutions’ 12th acquisition since October 2017. Most recently, BetaKit reported that Converge Technology Solutions acquired Essex Technology Group, a New Jersey-based cloud, cognitive, and cybersecurity solution provider.
Image source Unsplash.
