Acheson, Alberta-based Mobile Data Technologies Ltd., which designs and builds data acquisition and control systems for the oil and gas industry, has secured an undisclosed investment from Accelerate Fund and several angel investors. Proceeds of the investment will be used to continue the company’s product expansion plan, which primarily targets U.S. customers. Accelerate Fund is an angel co-investment fund managed by Canadian venture capital firm AVAC. Alberta Enterprise helped launch the fund in 2012 with a $10 million commitment.
PRESS RELEASE
Accelerate Fund Backs Mobile Data Technologies – Aug 26, 2013
EDMONTON and CALGARY, August 26, 2013 —Accelerate Fund is pleased to announce an investment in Mobile Data Technologies Ltd.(“MDT”) alongside several angel investors. MDT is an Alberta company that designs and builds data acquisition and control systems for pressure trucks, hot oilers, frac pumpers, coiled tubing units and other mobile stimulation equipment in the Oil & Gas Industry. MDT primarily targets U.S. customers and has setup a facility in Texas to support those efforts, but in addition, the company has also been securing local sales and unsolicited business from overseas.
“This funding comes at an important time in our growth plan. We are able to continue our product expansion plan and maintain enough working capital to keep up with customer demand. We believe we possess the best solutions in the market and we are accelerating our strategy to capitalize on the opportunity.” Davis McGregor, CEO & President, Mobile Data Technologies Ltd.
“The team at MDT has done a tremendous job of simplifying complex processes and building products that are better able to withstand adverse conditions. They’ve clearly put the customer first and are winning market share through the delivery of great technology followed by enviable customer service. MDT has quietly posted a 3-year Annualized Revenue Increase of over 300% and we’re happy to be on board.” Warren Bergen, VP Corporate Development, AVAC Ltd & General Partner, Accelerate Fund.
About Mobile Data Technologies: www.mobiledatatech.ca
Mobile Data Technologies is a high growth technology company focused on bringing the most advanced and robust data acquisition and control products to the Oil and Gas Industry. Specializing in frac pumps, blenders, pressure trucks, N2 pumpers and hot oilers, MDT also has new products launching in 2013 for screw piling systems as well as coiled tubing units including a pipe fatigue tracking module. Mobile Data Technologies is proud to be named #22 on Alberta Venture Magazine’s Fast Growth 50 list for 2013.
About Accelerate Fund: www.acceleratefund.ca
The Accelerate Fund is an angel co-investment fund investing in Alberta technology companies. The Accelerate Fund will consider opportunities which involve co-investing in financing rounds with Angel investors. Investments will be consistent with common venture capital investing practices, utilizing an array of equity and debt instruments. AVAC Ltd., who manages the Fund, will perform due diligence, make investment decisions, and provide ongoing support to portfolio companies on behalf of the Fund. In support of the funded companies, the Accelerate Fund Industry Committee (an advisory network managed by the A100) was designed to provide additional “hands-on” resources to the portfolio companies. Alberta Enterprise Corporation is the Accelerate Fund’s Limited Partner.
CONTACTS
Michael Raymont
President & CEO
AVAC Ltd.
220, 6815-8 Street NE
Calgary AB T2E 7H7
T: (403) 274.2774
Davis McGregor
President & CEO
Mobile Data Technologies Ltd.
#9-101A 26230
Township Road 531A
Acheson, Alberta
Canada,T7X 5A4
T: (780) 962-2825
Photo courtesy of Shutterstock.
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