ProntoForms Thursday said it’s seeing a “steady growth in bookings” for its workplace management software as it reported a significant jump in second-quarter revenues.
The Kanata-based firm, which makes platforms that help field workers in oil and gas, heavy manufacturing, medical equipment and other industries manage their workflows, reported revenues of $4.84 million for the three-month period ending June 30, up from $4.16 million a year earlier.
ProntoForms, which generates most of its income from monthly subscription fees for its platform, saw its recurring revenues rise to $4.55 million from $3.89 million in the same period in 2020.
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“We are encouraged by the steady growth in bookings, strong (customer) retention and enterprise opportunities,” CEO Alvaro Pombo said in a statement.
“We continue to invest in our enterprise go-to-market with new leadership, more vertical product solutions and improvements in customer experience through new community and learning platforms.”
Indeed, the second quarter was an eventful one for ProntoForms.
In June, the company announced that a Fortune 500 HVAC and refrigeration manufacturer would be rolling out its platform to more than 1,000 technicians.
New chief revenue officer
Later that month, ProntoForms added veteran executive Michael Kramer to its C-suite. Kramer, who previously held senior sales roles at high-profile companies including SAP and Workday, has been appointed chief revenue officer.
While the firm’s revenues continued to rise in the second quarter, so did expenditures. ProntoForms reported a net loss of $1.12 million, up slightly from $1.1 million a year earlier, as the company boosted its spending on R&D by more than 60 per cent and invested 50 per cent more in marketing and sales efforts.
In financial filings this week, the company said it expects its go-to-market strategy – which relies heavily on partnerships with resellers in North America, South America and Western Europe – will pay dividends as more customers turn to automated workflow management solutions.
“We expect that this increasingly global distribution network will provide us with broad worldwide reach to capitalize on the expected growth in the mobile business application software market,” said a report from ProntoForms management.
The company’s shares were unchanged at $1.07 in Thursday’s trading on the TSX Venture Exchange.