08:38 AM EDT, 03/19/2024 (MT Newswires) -- TrueContext Corporation ( PPRRF ) , which includes ProntoForms and TrueContext ( PPRRF ) as registered trademarks, on Tuesday announced its Q4 2023 results (in US$).

The company reports that total revenue for Q4 2023 increased by 13% to $6.31 million, from $5.61 million in Q4 2022. Recurring revenue in Q4 2023 increased by 16% to $6.15 million.

Net income for Q4 2023 was $0.39 million, compared to a net loss of $0.55 million in Q4 2022.

TrueContext ( PPRRF ) last week announced that Battery Ventures will acquire the company for $1.07per share in cash by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Upon completion of the transaction, TrueContext ( PPRRF ) will become a privately held company.

The transaction values the company's total equity at approximately $150 million on a fully diluted basis. The transaction is expected to close in the second quarter of 2024.