An experienced leader in the business sector, Russ McMeekin serves as CEO of Universal mCloud, a cloud technology company that deploys AI technology to help improve the efficient use of energy assets. Recently, Russ McMeekin briefed investors and the public on the company’s performance at the end of Q3 2018. Universal mCloud's recent growth trends continued during the third quarter, as the company was able to secure new customers as well as broaden its offerings to current clients. Q3 also marked the final deployment of AssetCare, its algorithm-centric technology that monitors energy assets to make sure they are working efficiently to reduce costs. The company also secured deals to enter the competitive but potentially lucrative Chinese market, and has also begun taking steps to be listed on the NASDAQ exchange.Q3 revenues topped $3.5 million, an increase from the $3.1 million earned in the second quarter and the $2.4 million generated in the first quarter of the year. The company’s margins also increased by 4 percent in the third quarter, reaching 68 percent.
For more than two years, Russ McMeekin has served as CEO of Universal mCloud, a company he founded as a cloud platform aimed at leveraging artificial intelligence to bolster energy asset performance. In this role, Russ McMeekin oversees all of the company’s major operations, including mergers and acquisitions.In September 2018, Universal mCloud signed a letter of intent (LOI) that will see the company acquire Ascent AeroSystems. Through it’s unmanned aerial vehicle (UAV) services, mCloud will now have the ability to deploy its patented AssetCare cloud-based energy management platform to wind turbines, hard to reach HVAC infrastructure, and other energy assets that are in remote or difficult to access places. The value of the acquisition is rated at upwards of $6.55 million, which includes $4.8 million in shares, $500,000 in cash at closing, and potentially another $1 million in shares and $250,000 in cash later based on performance. In his comments, mCloud CEO Russ McMeekin says that the acquisition will help his company gain valuable AI data from remote and inaccessible assets, which in turn will enable improvements in their management.
