Tandem, Hawthorn-backed nGrain to be bought by mCloud
Universal mCloud Corp (TSX-V: MCLD) has agreed to acquire 100 percent of nGrain, a Vancouver-based technology company that uses artificial intelligence to assess damage to vehicles and property. The cash-and-stock deal, valued at about $2.95 million, including debt, is expected to close in Q1 2018. MCloud, a Vancouver-based provider of internet-of-things-connected asset care solutions, said the purchase will give it additional patents and capabilities, as well as an increased customer base. Founded in 2000, nGrain has been backed by Canadian growth equity firm Tandem Expansion Fund, Canadian private equity firm Hawthorn Equity Partners, and others.
4 January 2018•4 mins read
