TLDR:
Key Points:
- Battery Ventures, a technology-focused investment firm based in San Francisco, acquired TrueContext, an Ottawa-based field-services, workflow-automation company.
- The amount of the deal was not disclosed, but TrueContext was valued at approximately C$150M.
Battery Ventures has acquired TrueContext, formerly known as ProntoForms, in a deal that was not disclosed. This acquisition will allow TrueContext to accelerate its growth and focus on its customers. With the investment, Battery general partner Chelsea Stoner and Principal Dillon Joyce have joined TrueContext’s board.
Founded in 2001 by Alvaro Pombo, TrueContext provides a mobile software platform for field-service workers to efficiently collect and access data in the field, such as notes, pictures, and geolocation data. The software also allows for the sharing of this information with other company systems, including ERP and CRM software, as well as regulatory bodies.
TrueContext serves over 1,500 enterprise organizations globally in industries like medical, oil and gas, and industrial equipment. The software is used for asset inspection, installation, repair, maintenance, and compliance with environmental, health, and safety regulations in high-complexity environments.
As part of the deal, TrueContext was delisted from the TSX Venture Exchange after Battery acquired all of its issued and outstanding common shares at a price of C$1.07 per share. This move positions TrueContext to continue its growth and further develop its offerings in the field-services market.
