Achieves 38% Year to Date Growth in Recurring Revenue
OTTAWA, ON--(Marketwired - November 10, 2016) - ProntoForms Corporation (TSX VENTURE: PFM), the leading provider of mobile data collection and analytics platforms for business, today announced its third quarter (Q3) financial results for the three and nine months ended September 30, 2016.
"We grew at 68% in direct recurring revenue offset by the performance of our operator channel for total recurring revenue growth of 38% for the first nine months of 2016 compared to the same period in 2015," said Alvaro Pombo, CEO of ProntoForms. "Overall, we continue to build a strong underlying recurring revenue base as we focus on direct sales."
"We continue to grow our leadership position in automating workflows and we are integrating with an ecosystem of channel partners that add value," Mr. Pombo continued. "These partners are delivering us tangible sales opportunities. This is a logical extension to our current go to market strategy."
Financial Highlights - 2016 Third Quarter
Operational Highlights
About ProntoForms Corporation
ProntoForms is a mobile workflow platform used by more than 3,500 businesses to collect and analyze field data with smartphones and tablets. Our product delivers an intuitive, secure and scalable solution for mobilizing business processes, with a very low total cost of ownership. Our customers harness the solution to increase productivity and reduce cost, improve quality of service and mitigate risks.
ProntoForms is the winner of the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.
The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute forward-looking information. For example, statements about the Company's future growth or value 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 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.
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.
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, 2016 found at www.sedar.com for a discussion of such factors.
For additional information, please contact:
Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
[email protected]
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]
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