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TMCNet:  Battery Ventures Completes C$150 Million Acquisition of Field-Service, Workflow-Automation Company TrueContext

[May 17, 2024]

Battery Ventures Completes C$150 Million Acquisition of Field-Service, Workflow-Automation Company TrueContext

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240517101555/en/

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 customrs-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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