OTTAWA, Jan. 31, 2019 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV: PFM), the global leader in smart mobile forms for enterprise, today announced it has reached a multi-year agreement to deploy its Enterprise-tier solution with a Global Fortune 500 company. The subscription contract value is approximately $520,000 USD from the initial rollout completed this January 2019 through mid-2020. The total contract value, including professional services delivered and recognized in 2018, is approximately $900,000 USD.
“This contract adds to the impressive list of enterprise expansions and new engagements that we delivered in 2018. We ended 2018 with approximately $12.3M USD of Annualized Recurring Revenue Base (“ARR”)1 representing growth of 26% YoY and over 7% growth in Q4 alone. Our Enterprise customer base (>$100k ARR each) represents 26% of our overall base, up from 18% at the end of 2017,” said Alvaro Pombo, CEO of ProntoForms.
The customer was obtained in collaboration with a ProntoForms ISV reseller partner. The platform will be used to improve the quality of inspection and maintenance services provided to medical devices located in hospitals and clinics around the world. Key benefits to the customer include: improving the quality of healthcare services provided to patients; improving customer satisfaction by meeting or surpassing “uptime” in service level agreements for medical devices; and improving reliability and consistency of technicians’ work in the field.
A crucial requirement for the customer was selecting an agile no-/low-code platform with integrated automated governance to help ensure compliance with IT; this type of platform allows ongoing development of apps for expanding use cases, as the business grows and evolves.
Ultimately, the customer selected ProntoForms’ Enterprise-tier solution, which includes key capabilities for a global rollout:
- Simple and agile platform to support unique work & compliance requirements in over 100 countries
- Contextual workflows to enable technicians through complex tasks
- Bi-directional integrations with their core systems of operations and service
- Workflows to share field data with management, partners, suppliers outside their core systems
- Support for high volume and quality of images as part of workflow
- Easy professional custom document creation and distribution workflows
- Enterprise-grade security and multi-lingual support
Mr. Pombo continued, "Enterprise companies are looking for fast time to market solutions that help them build business-user focused, non-technical, easy to use apps to accelerate their field automation initiatives. Our platform continues to demonstrate strength as a no-/low-code platform for this type of automation; a key element in our growth strategy.”
1. ARR is a Company key performance indicator used as one element to estimate recurring revenue for future reporting periods and to assess the performance of the business over time. ARR is calculated as the annual equivalent of the recurring elements of our contracts with customers that are in effect at the end of the period. Recurring revenue will fluctuate by the amount and timing of additions and deletions in the following periods and by the foreign exchange impact on non-US Dollar ARR. See Company Management Discussion and Analysis on www.SEDAR.com for more detail.
About ProntoForms Corporation
ProntoForms is a leading provider of smart mobile forms for enterprise. The Company's solution is used to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to corporate systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. 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 | Babak Pedram | |
| Chief Executive Officer | Investor Relations | |
| ProntoForms Corporation | Virtus Advisory Group Inc. | |
| 613.599.8288 ext. 1111 | 416-644-5081 | |
| apombo@prontoforms.com | bpedram@virtusadvisory.com | |
Certain information in this press release may constitute forward-looking information. For example, statements about the total value to the Company expected from this contract, the expected timing of such revenues and the benefits expected to be received by the customer as a result of using the Company’s products are all forward-looking information. 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. For instance, the Company may not achieve the revenues expected from the contract described in the time frame anticipated or at all for a number of reasons, some of which are outside of the Company’s control including the status of the customer’s ongoing business and financial situation and the presence of standard termination clauses in such contract. Historical growth levels and results may not be indicative of future growth levels or results. 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 16, 2018 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the quarter ended September 30, 2018 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.