Global Enterprise Increases ProntoForms Commitment by Over $180K ARR to a New Total of $870K

The ProntoForms platform is key technology component of their full asset lifecycle business model

OTTAWA, ON – May 3rd, 2022, 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.

Contact Information

Alvaro Pombo
co-Chief Executive Officer
TrueContext Corporation
613.599.8288 ext. 1111
apombo@truecontext.com

Philip Deck
co-Chief Executive Officer
TrueContext Corporation
416.702.3974
pdeck@truecontext.com

Dave Croucher
Chief Financial Officer
TrueContext Corporation
613.286.9212
dcroucher@truecontext.com

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the revenues anticipated to be received by the Company from recent contracts referred to above and anticipated market trends 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. The Company’s business and value may not grow as anticipated or at all, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, and anticipated market trends may not occur or continue. 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 9, 2022 found at www.sedar.com for a discussion of such factors. 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. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2022 for a description of how the Company determines and uses ARR. 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.