TrueContext, formerly ProntoForms, an Ottawa, Canada-based provider of field services and workflow automation, was purchased by Battery Ventures, a technology-focused investment group with headquarters in San Francisco, California.
Investment
- The deal’s total value was not made public.
- Principal Dillon Joyce and general partner Chelsea Stoner joined TrueContext’s board.
Use of funds
The investment will help the business focus more on its clients and speed future growth. TrueContext was formally delisted from the TSX Venture Exchange in connection with the acquisition, which saw Battery purchase all of the company’s issued and outstanding common shares for C$1.07 a share, valuing TrueContext at around C$150M.
In high-complexity sectors like medical, oil and gas, and industrial equipment, where productivity, safety, and compliance are essential to staying competitive, the solution is utilized by over 1,500 corporate companies worldwide.
About TrueContext
TrueContext, founded in 2001 by CEO and creator Alvaro Pombo, offers a mobile software platform to facilitate field-service professionals’ effective job performance. With the use of the software, technicians and remote workers may gather and access data while on the job, such as notes, photos, and geolocation data. They can then share this data with regulatory agencies and other corporate systems like ERP and CRM software. The software’s use cases include asset inspection, installation, maintenance, repair, and compliance with safety, health, and environmental requirements.
About Battery Ventures
Battery Ventures in potentially cutting-edge, category-defining businesses in markets including application software, IT infrastructure technologies, consumer-internet and mobile services, and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to growth and private equity, and invests globally from offices in Boston, Silicon Valley, New York, London and Israel.
