The company said that during the four months ending May 31, p2klabs’ revenues increased 80% year-over-year to $472,776.
CleanSpark said it attributes the increase to a combination of factors, including increased access to capital, expanded product offerings and the ability to attract and retain key personnel as a function of being a component of a much larger organization.
“This acquisition provides value across a wide spectrum of our operating plan,” said CEO Zachary Bradford in a statement. “Having utilized p2klabs as a service provider prior to the acquisition, we had great insight into their products, policies, and personnel.”
Bradford noted that bringing in these resources ‘in-house’ will reduce costs, add talent to it team and expand the reach of p2klabs’ offering through CleanSpark’s existing relationships and channel partners.
“We also identified the contributions that could come as a result of integrating key personnel of p2klabs into the CleanSpark team. We are now beginning to realize the benefits of these efforts and we expect the positive trends to continue,” he added.
Since the closing of the acquisition, p2klabs has spearheaded the redesign of CleanSpark’s corporate website, developed an entirely new suite of marketing materials, and significantly enhanced the interface, usability, and user experience of the company’s SaaS energy modeling tool ‘mVSO’ and its mPulse controls platform.
In addition, p2klabs has continued to grow its core business by gaining several new clients and increasing its revenues.
Amer Tadayon, CleanSpark’s new chief revenue officer, added: “The access to capital as a result of the CleanSpark acquisition has allowed p2klabs to bolster its team and to enhance its service offerings, allowing us to accelerate our revenue growth by contracting both with new clients as well as existing customers. p2klabs’ business is thriving since being acquired, and our entire team is pleased with the overall contribution to CleanSpark’s initiatives for its core products, while also increasing our consulting revenues.”
The Utah-based company makes software that allows an energy microgrid to be scaled to the user’s specific needs and implemented across commercial, industrial, military, and agricultural sectors.
CleanSpark’s stock recently traded up 3% to $2.07 a share in New York
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Published at Thu, 04 Jun 2020 15:35:00 +0000-CleanSpark says subsidiary p2klabs seeing significant growth in 2020