mCloud Enters Into Technology Continuation Agreement with Agnity Global Inc.

mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance (ESG) solutions announced that it has entered into a technology continuation agreement with Agnity Global Inc., 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.

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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.”

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