IoT and cloud solutions specialist Universal mCloud Corp (CVE:MCLD) (OTCQB-MCLDF) on Thursday tapped Doug Garnhart as its new chief financial officer as part of management changes introduced to prepare for its purchase of a royalty agreement with Agnity Global, its technology partner.
Universal mCloud signed a binding agreement last June to purchase 100% of Flow Capital’s (CVE:FW) royalty agreement with Agnity, a specialist in 4G and 5G mobile server technology. The deal offers a foundation to allow for Universal mCloud’s expansion into Europe’s telecom arena.
READ: IoT specialist Universal mCloud's acquisition of royalty agreement will double revenues and position group for profitability
As the company nears the closing of the agreement, it has tapped Doug Garnhart, a Silicon Valley financial executive as its CFO. Garnhart, the former director of finance at AT&T, replaces Darren Anderson who will continue to work on acquisition integration. During his career, Garnhart also served as vice-president of finance at Bersin Deloitte and chief financial officer for Right Hemisphere, INOVx Solutions and Energy Knowledge Inc.
"We further strengthen our team with the addition of Doug Garnhart," said Russel McMeekin, CEO of Universal mCloud in a statement. "He brings unparalleled experience working in Silicon Valley's financial and technology space and has served as CFO for software ventures with strong similarities to CSA.”
In other news, Sunir Kapoor, former chairman of Agnity, will join Universal mCloud as a non-executive strategic and integration adviser to CEO McMeekin.
“I look forward to supporting mCloud through Agnity's integration and the company's planned expansion generally, and particularly into the European market,” said Kapoor in a statement.
The implementation of Agnity's middleware software allows communication services to work across mobile technologies and will allow mCloud's AssetCare platform to serve an array of telecommunication partners.
Headquartered in Vancouver, Universal mCloud specializes in using advances in artificial intelligence and analytics to address energy infrastructures such as HVAC (heating, ventilation and air conditioning) units in commercial buildings, wind turbines and distribution transformers.
Universal mCloud shares held steady on Wednesday to finish at C$0.33.
Contact Ellen Kelleher at [email protected]