Global Enterprise Increases ProntoForms Commitment by Over $180K ARR to a New Total of $870K
May 03 2022 - 06:00AM
ProntoForms Corporation (TSXV: PFM), the global leader in no-code
app development platforms for field teams, is pleased to announce
that in Q2 a global enterprise increased its commitment to
ProntoForms by over $180,000 Annual Recurring Revenue (ARR) to
approximately $870,000 ARR.
The global heavy manufacturing organization—with over 60,000
employees and billions of dollars in revenue—uses ProntoForms as a
key technology driver for their full asset lifecycle business
model, from new asset installation, maintenance and recommission,
to replacement. Deploying innovative platforms like ProntoForms is
a key differentiator for this global manufacturing organization to
grow and achieve success with their business model. The ability to
scale thousands of users with many use cases, open integration,
security, reliability, and agility are key requirements for rapid
modern enterprise automation.
“The asset-as-a-service business model is a growing and
lucrative trend for heavy manufacturing organizations and
ProntoForms provides strategic advantages for managing asset
lifecycles,” said Alvaro Pombo, Founder and Chief Executive Officer
of ProntoForms. “A differentiating feature of ProntoForms for
asset-as-a-service is the ability to ingest and leverage
contextualized data from disparate business systems, including
asset management, service, and compliance systems to safely guide
technicians through complex work procedures. Handling complex work
on the first visit drives reliable asset performance and customer
CSAT while providing cost efficiencies. End customer visibility of
ProntoForms’ analyzed data and dashboards support the
asset-as-a-service business model for many manufacturers by
strategically driving customer contract renewals, expansions, and
capturing new customers.”
Mr. Pombo continued, “We have been retooling our go-to-market to
refocus on enterprise sales, including expanded adoption from our
existing customers. Shifting away from SMBs to enterprises with
longer sales cycles has impacted our bookings but deals like this
are a blueprint of our enhanced enterprise sales motion. We feel
that the focus on enterprise adds the most value in the long-run
despite the short-term variability.”
About ProntoForms CorporationProntoForms is the
global leader in no-code app development platforms for field teams.
The Company's platform enables organizations to rapidly develop
custom mobile apps with context and intelligence, empowering field
teams to reliably complete complex work more effectively and
safely.
The Company’s subscribers harness the intuitive, secure, and
scalable solution to improve asset uptime and CSAT, while also
reducing compliance incidents and work stoppages. The Company is
based in Ottawa, Canada, and trades on the TSXV under the symbol
PFM. ProntoForms is the registered trademark of ProntoForms Inc., a
wholly owned subsidiary of ProntoForms Corporation.
For additional information, please contact:
Alvaro PomboChief Executive
Officer ProntoForms Corporation 613.599.8288 ext. 1111
apombo@prontoforms.com |
Babak PedramInvestor
RelationsVirtus Advisory Group
Inc.416-644-5081bpedram@virtusadvisory.com |
Certain information in this press release may
constitute forward-looking information. For example, statements
about the Company's future growth or value, potential benefits of
using the Company’s products, the customer’s commitment to use the
Company’s products going forward and the recurring nature of the
Company’s revenues are forward-looking information. The customer
referred to in this press release has contractually committed to
the amount indicated herein through contracts expiring at various
times from late 2022 through the end of 2023 and is under no
obligation to renew these agreements. This information is based on
current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. There are a number of risk factors that
could cause future results to differ materially from those
described herein. Please see “Risk Factors Affecting Future
Results” in the Company’s annual management discussion and analysis
dated March 10, 2022 found at www.sedar.com for a discussion of
such factors. Please also refer to the Company’s management
discussion and analysis for the year ended December 31, 2021 for a
description of how the Company determines and uses ARR. ARR is a
key performance indicator used by the Company and is not meant as
an indication such amounts will necessarily be included in revenues
in any given fiscal year. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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