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For Sale: Energy Management Firm mCloud Seeks Buyer; Multiple Executives Resign

May 24, 2024 by Joe Panettieri

mCloud Technologies Corp., a Google Cloud sustainability partner focused on energy management solutions, is seeking a buyer amid multiple executive departures and various cost cutting measures in the business.

mCloud, founded June 2016, is based in Vancouver, Canada. The company develops cloud technology solutions that optimize the "performance, reliability, and sustainability of energy-intensive assets" such as HVAC systems. The company's AssetCare solutions run on Google Cloud.

mCloud in March 2023 began to explore strategic alternatives for the business. Fast forward to May 2024, and mCloud disclosed that:

  • All independent directors have resigned from mCloud's board of directors;
  • all company officers -- excluding mCloud's CEO and chief growth officer -- have resigned;
  • the company seeking the potential sale of mCloud or its strategic assets; and
  • there are "no assurances that the current path or any alternate transaction will be completed."

mCloud's Website no longer features an executive leadership page. We don't know the state of mCloud's finances, or its overall business trajectory. The company delisted from the Nasdaq Stock Market in 2023 because of the business's low valuation.

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