Battery Ventures Completes C$150 Million Acquisition of Field-Service, Workflow-Automation Company TrueContext
17 Mayo 2024 - 6:00AM
Business Wire
Partnership with Canadian company intended to
fuel further growth, increase focus on customers
Battery Ventures, a global, technology-focused investment firm,
announced it has closed its take-private acquisition of
field-service workflow company TrueContext, formerly known as
ProntoForms.
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The Canadian software company was officially delisted from the
TSX Venture Exchange yesterday after Battery acquired all of the
issued and outstanding common shares of the company at a price of
C$1.07 per share, valuing TrueContext at approximately C$150
million.
Founded in 2001, TrueContext provides a sophisticated mobile
software platform to help field-service workers do their jobs more
efficiently. The software allows remote workers and technicians to
collect and access data in the field, including notes, pictures and
geolocation data—and then share the information with other company
systems, including ERP and CRM software, as well as regulatory
bodies. Use cases for the software include asset inspection;
installation; repair; maintenance; and compliance with
environmental, health and safety regulations.
TrueContext is trusted by enterprise organizations across
various industries, streamlining operations for over 1,500
customers across the globe. The platform’s intelligent workflows
excel in high-complexity environments, such as medical, oil and
gas, and industrial equipment, where productivity, safety, and
compliance are critical to remain competitive.
“Partnering with Battery Ventures, a firm with huge amount of
experience scaling enterprise-software companies, is a natural fit
for TrueContext and one that will allow our firm to double down on
product development and better serve our existing customers—as well
as acquire new ones,” said Alvaro Pombo, the company’s CEO and
founder. “Being a privately held company again, backed by a firm we
feel is an extremely founder-friendly investor, will allow us to
focus on what really matters to the business.”
Battery was impressed with TrueContext’s product leadership and
its ability to acquire very large, blue-chip customers, said
Chelsea Stoner, a Battery general partner who joins TrueContext’s
board. “Alvaro and his team have built a truly innovative software
business, and we are thrilled to partner with him,” Stoner said.
“We see many opportunities for growing the business organically and
through targeted acquisitions. We can’t wait to get started.”
Added Battery Principal Dillon Joyce, who is also joining the
board: “TrueContext has built an impressive list of long-term
customers who view the company’s platform as mission-critical to
running their essential field workflows, which is a testament to
the company’s product-centric focus and belief in customer success.
We’re excited to work with Alvaro and the rest of the TrueContext
team to continue to drive product innovation and expand the
company’s global footprint.”
About TrueContext
TrueContext, based in Ottawa, Canada, is global leader in field
intelligence. The product’s field workflows and data collection
capabilities enable enterprise field teams to optimize
decision-making, decrease organizational risk, maximize the uptime
of valuable assets, and deliver exceptional service experiences.
Over 100,000 subscribers use the Company’s product across multiple
use cases, including asset inspection, compliance, installation,
repair, maintenance, and environmental, health & safety with
quantifiable business impacts. For further information, please
visit www.TrueContext.com
About Battery Ventures
Battery partners with exceptional founders and management teams
developing category-defining businesses in markets including
software and services, enterprise infrastructure, consumer tech,
healthcare IT and industrial technology and life-science tools.
Founded in 1983, the firm backs companies at all stages, ranging
from seed and early to growth and buyout, and invests globally from
offices in Boston, San Francisco, Menlo Park, New York, London, and
Tel Aviv. Follow the firm on X @BatteryVentures, visit our website
at www.battery.com and find a full list of Battery's portfolio
companies here.
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Megan O'Leary moleary@battery.com 415-426-5912