TrueContext Announces Definitive Agreement to Be Acquired by Battery Ventures in An All-Cash Transaction

OTTAWA, March 13, 2024 (GLOBE NEWSWIRE) -- TrueContext Corporation (“TrueContext” or the “Company”) (TSXV:TCXT), a global leader in field intelligence, is pleased to announce that the Company and an entity (the “Buyer”) controlled by Battery Ventures (“Battery”) have entered into an arrangement agreement (the “Arrangement Agreement”) whereby the Buyer will acquire all of the issued and outstanding common shares of the Company (the “Shares”) for $1.07 per share in cash (the “Consideration”) by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”). Upon completion of the Transaction, TrueContext will become a privately held company.

The Transaction values the Company’s total equity at approximately $150 million on a fully diluted basis. The Consideration represents a 39.9% premium to the closing price of the Shares on the TSX Venture Exchange (the “TSXV”) prior to the Company’s announcement of the Transaction and a premium of approximately 40.1% to the 20-day, and 52.1% to the 60-day volume-weighted average trading prices of the Shares.

TrueContext, formerly ProntoForms, is a trusted and indispensable partner for field intelligence. The Company helps asset-centric organizations rise to the complexity of field service with adaptive mobile workflows built for the realities of their environment and around their technician experience. The Company’s no-code platform enables rapid workflow automation and data-driven transformation focused on delivering productivity, efficiency, and actionable real-time intelligence.

“The Transaction is a result of a thorough strategic review process conducted by a Special Committee of the Board of TrueContext with its financial advisors, with a view to maximizing value for shareholders. We are very pleased with the outcome of the process and expect that the Transaction will be well received by shareholders, as evidenced by the strong initial support from our major shareholders,” said Catherine Sigmar, Chair of the committee of independent directors of the Company (the “Special Committee”) responsible for overseeing the Company's strategic review process.

“TrueContext welcomes our new partner Battery Ventures as we continue our journey of delivering best-in-class workflows to field technicians,” said Alvaro Pombo, Co-CEO and Founder. “We are excited to work with Battery to accelerate the next chapter of our continued growth in the Field Intelligence space.”