A Global Top 20 Oil & Gas Enterprise Expands ProntoForms Deployment with Five-Year $2.5M Agreement
December 12 2022 - 7:00AM
ProntoForms Corporation (TSXV: PFM), the global leader in
enterprise mobile forms, announced today that a global top 20 oil
& gas enterprise expanded their deployment of ProntoForms to
support their asset compliance, EHS, work standardization, and leak
inspection workflows.
“The energy industry is under tremendous pressure to safely ramp
production to meet a growing global demand. This expansion from
approximately $200K to $500K of annualized recurring revenue
(“ARR”) broadens their ProntoForms deployment into multiple new
production use cases. ProntoForms workflow data from the field
enables the organization to respond to challenges and rapidly
deploy process updates to ensure they’re meeting their production
goals. This expansion is a powerful example of the agility and
scalability of our platform to meet business objectives,” said
Alvaro Pombo, Founder and Chief Executive Officer of
ProntoForms.
Mr. Pombo continued, “ProntoForms provided the scalability,
agility in deploying use cases, and management capabilities needed
for the customer requirement to manage production assets.
Additionally, single sign-on; seamless integrations with Microsoft
SharePoint™, ERP, and EHS systems; and the ability for
non-technical staff to build and deploy forms were also key
features that influenced the decision to expand.”
About ProntoForms CorporationProntoForms is the
global leader in enterprise mobile forms. ProntoForms' platform
empowers organizations with field teams that perform complex work
to rapidly deploy tailored mobile forms that intuitively guide
field engineers to the most effective path to service completion.
The platform offers the greatest depth and breadth of mobile forms
integrations, enabling organizations to leverage data insights to
drive quantifiable impacts in field productivity, operations,
manufacturing, production, CSAT, and compliance.
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 expected
future revenues from the contract described, 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. 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 example, contracts can be cancelled on the
occurrence of certain events and events affecting the Company’s
customer may impact its ability to continue to perform its
obligations under the contract for the full term. 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 latest annual
management discussion and analysis found at www.sedar.com for a
discussion of such factors. Annual Recurring Revenue (“ARR”) is an
element we use to estimate our recurring revenue for future
reporting periods and is a measure we use to assess the performance
of the business over time. ARR does not have any standardized
meaning prescribed by IFRS and cannot be reconciled to a directly
comparable IFRS measure. 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. It excludes one-time
professional service fees and assumes that customers will renew the
contractual commitments on a periodic basis as those commitments
come up for renewal, unless such renewal is known to be unlikely at
period end. ARR 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.
SharePoint is a trademark of the Microsoft group of
companies.
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