ProntoForms Continues Enterprise Momentum with $900k Contract
OTTAWA, Ont. - January 31 2019 - 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"
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.
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.
For additional information, please contact:
Chief Executive Officer
613.599.8288 ext. 1111
Virtus Advisory Group Inc.
co-Chief Executive Officer
Chief Financial Officer