Software company LiveTiles (ASX: LVT) is continuing its operational hot streak with yet more company metrics milestones being hit today.
LiveTiles told the market that its annualised recurring revenue (ARR) reached A$15 million at the end of the last financial year, up from A$4 million in the previous year. Overall, ARR has grown by 275% in the last 12 months.
LiveTiles has experienced exponential growth over the past year including a strong 315% revenue increase. The software developer has also just recently completed its high-profile switch to its New York headquarters and continues to expand its product range via a growing relationship with Microsoft.
The recent decision to acquire Hyperfish, a recognised leader in next-generation employee profile and directory management software, was considered as a crucial step for the company to realise its artificial intelligence-focused strategy to deliver the next generation of applications.
Furthermore, LiveTiles is developing its very own line of AI-powered functionality that looks set to revolutionise how businesses maintain their operations and empower users to develop their own intelligent workplace experiences.
In its most recent update, LiveTiles says that early adoption of its LiveTiles Bots has been “stronger than anticipated” and adds that an ongoing joint campaign with Microsoft in North America continues to strengthen brand and product awareness.
According to LiveTiles, its services are aimed at various industry sectors including financial services, healthcare, manufacturing, professional services and education. Some of the more avid early adopters of LiveTiles’ AI solutions have been Fortune 500 companies including the likes of Microsoft and N3.
Some of its other customers include a major global airline, one of the world’s largest brewers and a major mining and metals company based in Australia.
LiveTiles’ strategic relationship with sales and marketing consultancy and execution firm N3 is “progressing well”, the company said.
A team of 60 dedicated sales and marketing personnel (based in Rochester, New York) were on-boarded and trained during the June quarter. This initiative is now generating high volumes of leads and sales opportunities across the US.
The company said that another year of strong recurring revenue growth is expected in this financial year, driven by sales and marketing investment, Microsoft co-marketing initiatives and demand for recently launched AI products.
“Our significant investment in sales and marketing throughout FY18, 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 another year of strong revenue growth in FY19,” said Karl Redenbach, chief executive officer of LiveTiles.