OTTAWA, May 03, 2022 (GLOBE NEWSWIRE) -- 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 Corporation
ProntoForms 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 Pombo Chief Executive Officer ProntoForms Corporation 613.599.8288 ext. 1111 apombo@prontoforms.com | Babak Pedram Investor Relations Virtus Advisory Group Inc. 416-644-5081 bpedram@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.
