Minerals Corporation closes cloud computing acquisition
Minerals Corporation (ASX: MSC)
is on the cusp of transitioning into the cloud computing sector with
“Definitive Agreements” having been executed by PRM Cloud Solutions’
shareholders in relation to the acquisition of PRM by MSC.
PRM has created mobile and social applications tailored toward the mining, oil & gas and construction sectors, and is in a unique position to leverage this experience to drive growth through management consulting, technical services and product sales.
A Notice of Meeting is set to follow soon for ASX approval, with MSC already appointing a lead broker for the upcoming re-compliance prospectus issue - which is expected to be lodged in coming weeks.
Murray Ward, managing director of MSC, commented: “We are enormously excited about the potential for PRM going forward and specifically the enverroTM Workforce Mobilisation App (formerly MiCloud.com).
"The application offers a solution to the management of the complex logistics involved with mobilising people in the oil and gas, mining and construction sectors.
"Initial response from the market has been very positive. Due to its scalability and flexible design, the application has generated a strong pipeline of interest with enquiries ranging from small and medium-size businesses, to some of the largest workforce and manpower mobilisers globally.”
MSC is acquiring PRM for an upfront consideration of 650 million MSC shares with an additional 350 million shares subject to revenue based performance hurdles.
PRM Cloud Solutions
PRM Cloud Solutions has two divisions: custom application development based on the Force.com platform and the product division, with the first application being enverroTM.
enverroTM is a unique cloud-based application targeting the resources sector’s challenges and inefficiencies in workforce mobilisation and management.
The application enables companies in the sector to manage the complex logistics of worksite deployment while controlling costs and maximising efficiency.
Adding to PRM's credentials, the company holds every available certification, including one of only three prestigious Salesforce.com Technical Architect Certifications held in Australia.
Highlighting the size of the potential market, global technology leader Salesforce.com has a market cap. of US$36 billion, with its the Force.com platform used by over 100,000 companies worldwide - and is considered one of the most trusted and secure development platforms available.
PRM already has a strong relationship with Salesforce.com in Australia.
Placement and consolidation
MSC will undergo a capital consolidation after the acquisition of PRM and will then seek to raise additional capital of at least $2.5 million through a re-compliance prospectus.
This would provide cash reserves in excess of $3 million.
The acquisition of PRM has placed MSC in a position to tap the rapidly expanding Australian cloud computing market was estimated to be worth US$882.4 million in 2012 and is expected to reach US$3.33 billion in 2016.
As importantly, this market if forecast to grow at a compound annual growth rate of 40.3% from 2011-2016.
The business applications market has also been forecast to be the fastest growing sector of the cloud computing market.
This sector is PRM’s primary focus with enverro being the first application targeted at the resources sector.
MSC is now in the 'right place' at the 'right time', with the deal providing shareholdes with a platform for value accretive growth.
With a market cap. of around $2 million (before new issued capital), MSC is one of the lightest capitalised stocks on the ASX which provides access to the rapidly expanding cloud computing sector.
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