Yahoo Finance A Global Top 20 Oil & Gas Enterprise Expands ProntoForms Deployment with Five-Year $2.5M Agreement
ProntoForms is the key technology enabling the customer to standardize asset service to achieve production objectives, all the while meeting regulatory commitments
OTTAWA, Dec. 12, 2022 (GLOBE NEWSWIRE) -- 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 Corporation
ProntoForms 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 Pombo | Babak Pedram |
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.
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