LiveTiles reports record 245% subscription revenue growth for 2017

Global software and artificial intelligence developer LiveTiles (ASX: LVT) has reported record sales growth for 2017 with annualised subscription revenue up 245% on 2016 levels, propelled by mounting quarter-on-quarter revenue increases.

By the end of December last year, LiveTiles’ annualised subscription revenue had tipped A$6.9 million, with the company forecasting this growth will continue in 2018.

“Our ongoing investment in sales and marketing is fuelling substantial growth in our sales pipeline,” LiveTiles co-founder and chief executive officer Karl Redenbach stated.

“This investment, together with the recent launch of our artificial intelligence products, gives us great confidence in our plan to deliver strong subscription revenue in financial year 2018 and beyond,” Mr Redenbach added.

Microsoft collaboration RAISE goes live

The record sales growth follows the company’s announcement it unveiled its retail artificial intelligence solution (RAISE) in partnership with Microsoft this week.

Microsoft and LiveTiles co-promoted RAISE a the three-day NRF 2018: Retail’s Big Show conference in New York, which wound up on Wednesday.

More than 35,000 people attended the event, which also included 18,000 retailers from around the world.

RAISE combines multiple systems including sales planning data such as inventory, turnover and profits, along with customer trends, employee data, performance analysis and marketing and promotional information.

LiveTiles claims its enhances the retail experience for sellers and buyers and the artificial-powered chatbots offer an intelligent shopping assistant.

“The coming together of LiveTiles and Microsoft products has the potential to completely revolutionise the retail experience for retailers and consumers within the next 12 months and it is exhilarating to play a part in transforming an industry which is expected to generate global sales of US$28 trillion in 2018,” Mr Redenbach said.

Meanwhile, LiveTiles managed to edge into another trillion dollar industry earlier this month, with a strategic partnership with Clean Energy Smart Manufacturing Innovation Institute.

As part of the partnership, LiveTiles will implement its design and collaboration software to assist Clean Energy with using its own technology to improve communication and productivity.

LiveTiles’ share price soared more than 18% to A$0.54 in mid-afternoon trade.