One of Australia’s leading tech success stories, LiveTiles (ASX: LVT) has more than tripled its annualised subscription revenue (ASR).
The company confirmed it had achieved a 315% increase in its year-on-year revenue figures and hinted that some of its most novel artificial intelligence-based products had not yet been fully monetised or included in its audit estimates.
News of LiveTiles’ better than expected revenue figures helped lift its shares almost 10% higher to around $0.46 per share in early morning trade.
LiveTiles offers “intelligent workplace software” for commercial, government and education customers with a view to streamlining productivity, collaboration and facilitating better functioning business practices.
Its products include LiveTiles Bots, an intuitive web-based tool allowing users to create customisable virtual assistants that automate mundane and repetitive tasks and minimise human errors.
One of its popular products sold to hundreds of customers globally is LiveTiles SharePoint, a tool that enables teams to connect disparate business apps in an intuitively designed digital workplace, thereby generating a seamless experience across devices and between departments operating in different time zones.
LiveTiles’ growth has surprised many tech analysts, with the company quickly going from strength-to-strength and becoming a global software company which recently cut the ribbon on its New York headquarters in addition to its existing operations in Seattle, San Francisco, Los Angeles, Chicago, Minneapolis, North Carolina, London, Zurich, Netherlands, Sydney, Melbourne and Hobart.
On a fundamental level, LiveTiles kettles the large (and expanding) set of applications, cloud storage features, data repositories and a myriad of IT solutions into simplified plug-and-play tools with strong usability and appeal to tech users; especially those working sectors relying on digital tools.
According to LiveTiles, the past quarter saw the company engaging with Microsoft which in turn decided to market the product to several large enterprises in the US.
The move to promote LiveTiles Bots as a “quick-to-deploy artificial intelligence (AI) solution” is a superb endorsement for the company and sets the stage for several paid pilot projects with several large organisations, that “are not [yet] included in the company’s recurring revenue figures” published today.
In yet another record quarter, the company said it had achieved a total figure of A$11.2 million in revenue spread across all its products and services, offered to both small and large businesses globally.
According to the expansive tech firm, it had secured several new clients in the last quarter, with its most notable enterprise being N3, a sales and marketing consultancy based in the US that had signed a deal with LiveTiles to the tune of US$225,000 per month.
Signing up N3 is a big coup for LiveTiles given the company’s status as the leading outsourced sales and marketing execution vendor for Microsoft’s Azure and Dynamics platforms. N3 also services a global client base which includes SAP, IBM and Cisco.
Over the past six years, N3 has been integral to the implementation and execution of Microsoft’s integrated cloud sales strategy, delivering significant revenue growth for Microsoft and Microsoft partners.
The combination of N3’s expert understanding of Microsoft’s products and its sophisticated sales and marketing platform is expected to generate strong and highly scalable customer and revenue growth for LiveTiles.
According to LiveTiles, it has also signed up a “major” US-based financial services company, a “large British government department”, two large Australian universities and a global beverage business in the past quarter.
The strong additions to its client list and recurring sales revenue figures represent a tripling of its revenue figures over the past year and further validates the company’s strong focus on tech-enabled efficiencies for businesses.
“Our continued investment in sales and marketing is driving significant growth in our sales pipeline. This investment, together with the recent launch of our AI products, co-marketing initiatives with Microsoft and the launch of our N3 partnership, gives us great confidence in our plan to deliver strong subscription revenue growth in FY18 and beyond,” said Karl Redenbach, co-founder and chief executive officer of LiveTiles.