mCloud Enters Into Technology Continuation Agreement with Agnity Global Inc.
Aug 11, 2022
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mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions today announced that it has entered into a technology continuation agreement with Agnity Global Inc. (the "Technology Continuation Agreement" and "Agnity" respectively), enabling mCloud to build on the success of its existing relationship with Agnity.
The Technology Continuation Agreement will replace the royalty agreement between mCloud and Agnity originally announced on June 21, 2018. Under the terms of the Technology Continuation Agreement, Agnity will pay mCloud a one-time payment of approximately US$6.0 million. The new structure allows the parties to continue delivering and supporting Agnity's technology and builds on mCloud's existing license and continued use of Agnity technology across all of the Company's AssetCare™ offerings going forward.
Agnity provides mCloud with access to secure, HIPAA-compliant communications technology used in the Company's AssetCare Mobile solution for remote collaboration with workers in the field. Agnity's technology is used by major telecommunication providers and enables mCloud's native compatibility with these providers to reach connected workers across numerous industries around the world.
"This new Technology Continuation Agreement and licensing arrangement with Agnity is perfectly timed with our recent launch of AssetCare Mobile for digital oilfield sites globally, securing mCloud's ability to sustain and evolve a serious competitive advantage as we take our connected worker offerings to oilwells and remote locations requiring secure connectivity between the front-line and the backoffice," said Russ McMeekin, mCloud President and CEO. "We look forward to leveraging Agnity's capabilities even further as we continue at pace to connect assets and workers globally."
mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud's AI-powered AssetCare™ platform, mCloud offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.
With a worldwide presence and offices in San Francisco, Houston, Vancouver, Calgary, London, Perth, Singapore, and Beijing, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 64,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.
mCloud's common shares trade in the United States on the Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. For more information, visit www.mcloudcorp.com.
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