Business
CleanSpark Provides Update on Strategic Acquisition and Announces an 80% Increase in p2klabs' Comparable Revenues
SALT LAKE CITY, June 4, 2020 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), a diversified software and services company, announced that its recently
About this update from Cleanspark, Inc.
[{"type":"text","content":"SALT LAKE CITY, June 4, 2020 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), a diversified software and services company, announced that its recently acquired subsidiary p2klabs Inc. has seen significant growth thus far in 2020, contributing to CleanSpark's overall success.\n\n \n \n \n \n \n \n\n \nDuring the four months ending May 31, 2020, p2klabs revenues increased to $472,776 compared to the same period in 2019 when the company produced $262,475 in revenues. This represents an 80% increase in year over year billings. The company attributes the increase to a combination of factors, including increased access to capital, expanded product offering and the ability to attract and retain key personnel as a function of being a component of a much larger organization. \n\"This acquisition provides value across a wide spectrum of our operating plan. Having utilized p2klabs as a service provider prior to the acquisition, we had great insight into their products, policies, and personnel. We recognized the value of bringing these resources 'in-house' to reduce costs and add talent to our team. Further, we recognized that we could expand the reach of p2klabs' offering through our 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,\" stated Zachary Bradford, CleanSpark's President and CEO. \nSince 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. Additionally, p2klabs has continued to grow its core business by gaining multiple new clients and increasing its revenues.\nAmer 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 t...