XPV Water Partners (Toronto, Ontario, Canada), a growth equity investor focused on making investments in companies related to the treatment and management of water resources, announced that it made a significant investment in Mobiltex Data Ltd. (Calgary, Alberta, Canada).
“The investment was the result of an extensive search for a leading platform company in the corrosion space,” says Bruce Lounsbury, entrepreneur in residence at XPV.
Mobiltex is described as an internationally recognized leader in providing Internet of Things (IoT) products and services to monitor corrosion protection in pipelines and other critical distribution and storage infrastructure assets. The company was founded in 1985 and has been led by Jerry Chilibecki and Dale Poloway.
“I am proud of the success and industry respect that our corTalk brand has achieved,” Chilibecki says. “This partnership will enable Mobiltex to significantly increase our presence and support in the cathodic protection remote monitoring market.”
The company is a leading supplier of IoT monitoring devices, which provide data management services for customers into the condition and integrity of fluid transportation and storage assets. Utilizing both satellite and cellular communication systems, the devices make data available on a continuous basis for asset management, regulatory compliance, and to ensure the safe operation of critical assets.
Resource industries such as oil and gas and utilities are increasingly reliant on connectivity to compete and remain profitable in today’s global marketplace, the companies explain.
“We are pleased to partner with this fast growing, innovative, and entrepreneurial company,” says Khalil Maalouf, partner at XPV Water Partners. “Our partnership will focus on helping the company scale up its geographic presence and expand its offering.”
Source: XPV Water Partners, www.xpvwaterpartners.com.