ProntoForms (TSX-V:PFM) continues to grow its enterprise customer base, announcing a sizeable contract Thursday to start its year off on the right foot.
The Ottawa-based firm said in a release that it had landed a $900,000 contract with an unnamed Fortune 500 customer. The deal includes $520,000 in subscription revenues from now until mid-2020 as well as professional services revenue earned this past year. (All figures in USD.)
The customer will use ProntoForm’s product, which collects and analyzes data from the field on mobile devices, to improve inspection and maintenance services for medical devices at hospitals and clinics around the world.
The firm’s CEO Alvaro Pombo also noted, outside of official regulatory filings, that annual recurring revenue sat at $12.6 million at the end of 2018, up 26 per cent year-over-year. ProntoForms is consciously pushing further into the enterprise space, with 26 per cent of its customer base comprised of these large firms in 2018 – an increase of 18 per cent from the year before.