Software company LiveTiles (ASX: LVT) has delivered another quarter of strong growth, with annualised revenue skyrocketing more than 200% in the past 12 months.
The Melbourne-based company recorded $22.9 million in annualised recurring revenue (ARR) at the end of December. This was up from $6.9 million a year prior, representing significant annual growth of 232%.
Detailing the performance of some its business units, it said that Hyperfish’s ARR had more than tripled since the acquisition last June.
Hyperfish is an employee profile and directory management software offering which makes use of artificial intelligence and bot technology to ensure directory and profile information is up-to-date.
Several customers have already acquired Hyperfish software as part of the LiveTiles intelligent workplace bundle, which the company said demonstrated the “highly complementary” fit between its suite of intelligent workplace software and Hyperfish’s AI-powered employee profile and directory management software.
Hyperfish has successfully exceeded the first earnout target by achieving ARR of more than US$1 million at the end of December 2018.
Growing sales opportunities to translate into revenue growth
Elsewhere in the business, LiveTiles said the ongoing, high-impact campaigns with Microsoft was generating strong demand for its intelligent workplace offerings.
Last October, Microsoft named LiveTiles as the first software company accepted into its AI Inner Circle Partner Program aimed at driving business transformation via AI.
Shedding light on its partnership with sales and marketing consultancy firm N3, LiveTiles said overall performance remained robust.
It comes after the N3 team generated a pipeline of sales opportunities in excess of $50 million.
Looking ahead, LiveTiles expects growing brand, product awareness and sales pipeline to translate into strong customer and revenue growth for the 2019 financial year.
“We have continued to build a very large pipeline of sales opportunities, driven by the N3 sales and marketing channel and our unique global partnership with Microsoft,” LiveWire co-founder and chief executive officer Karl Redenbach said.
“We remain focused on converting this large and growing pipeline into new customers in FY19 and beyond.”
The company expects to provide further details on its growth and operations in late January.
Shares in LiveTiles jumped 10.1% soon after market open to $0.38 per share.