TrueContext posts 14% revenue increase in final full year as public company

Alvaro Pombo and Philip Deck
Alvaro Pombo and Philip Deck are co-CEOs of Ottawa-based software firm ProntoForms, which changed its name to TrueContext in 2023. Photo by Kristin Small

TrueContext’s run as a publicly traded company is ending on a high note.

The Ottawa-based software maker – which is being acquired by U.S. private equity firm Battery Ventures in a $150-million deal that’s expected to close in the next few months – said Tuesday its revenues rose 14 per cent year-over-year to US$24.37 million in 2023.

The firm, which keeps its books in U.S. dollars, said its recurring revenues increased 15 per cent to $23.33 million. TrueContext trimmed its net loss for the fiscal year ended Dec. 31 to $2.15 million, down from $4.45 million a year earlier. 

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The company posted revenues of $6.31 million in the fourth quarter, a 13 per cent increase from the same period in 2022. It turned a profit of $390,000 in the three-month period ending Dec. 31, compared with a net loss of $550,000 the previous year.

Founded in 2001, TrueContext develops “low-code” custom mobile apps that allow field workers in heavy industries such as oil and gas to collect, send and receive data such as maintenance and compliance reports.

The company went public on the TSX Venture Exchange a few years later. In 2013, it changed its name to ProntoForms, but reverted to its original branding late last year.

TrueContext co-CEO Philip Deck told Techopia last week that while the company’s share price has risen 50 per cent over the past 12 months, management felt it needed investors with deeper pockets to finance its long-term growth plans.

“Battery is an amazing partner,” Deck said. “They really know what they’re doing, they have a lot of expertise, they have lots of experience and they look long term at growth.”

Founder and co-CEO Alvaro Pombo added that turning the company over to private ownership means TrueContext’s leaders will have “more time to worry about customers and market” because they will no longer be required to take the objectives of public shareholders into account when making decisions. 

In light of its pending exit from the public markets, TrueContext declined to host a conference call to discuss its 2023 financial results.

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