LiveTiles Limited (ASX: LVT), a global software company headquartered in New York on 2 May 2019 announced the strategic partnership with leading IT service provider to the Australian Government and Financial Services clients, Search365. Search365 traces its roots to the team that worked on the FAST Search capability for Microsoft.
LiveTiles has entered into a partnership with Search365, where LiveTiles will be combining its technology with the Search365 Knowledge Miner for creating the most sophisticated information discovery tool that is capable of real-time file search and response. Through the AI-powered Knowledge Miner, the LiveTiles’ Bots would be able to carry out instantaneous, personalized as well as actionable responses to the user’s request by directly fetching the relevant information from relevant data sources. Based on the ability of the Knowledge Miner to deliver a response that reflects the most recent changes to source data, the users can rely more on Bots to provide a correct answer from the relevant document whenever required.
The announcement also highlighted that the product which integrates LVT’s intelligent workplace offering with Knowledge Mine of Search365 has a wide addressable market whose core focus is Compliance and Risk Management.
With this strategic partnership between LiveTiles Limited and Search365, both the parties have the scope to grow their existing global customer footprint and also pursue more commercially significant opportunities. Also, under the partnership, both the parties would be able to pursue opportunities within government, financial services, and other highly regulated industries jointly. The tie up is reportedly experiencing early success with ongoing pilots with leading Australian Financial Services and Government clients.
The strategic partnership also provides structure to the previously established relationship between LiveTiles and Search365, with Microsoft introducing the parties under the “AI Spark” program, which is a joint initiative between Microsoft and LiveTiles.
With the strategic alignment between LiveTiles and Search365 with Microsoft along with the ongoing joint marketing initiatives will make sure that both the parties will be strongly positioned and will also be benefitted from this significant sector growth as well as from the dominant market position of Microsoft and investments in Microsoft Azure and Office 365.
On 30 April 2019, the company announced the appointment of the Chief Financial Officer, Rowan Wilkie, who was earlier the head of the strategy and consumer at the largest Australian based software product provider, Telstra Health.
For the quarter ended 31 March 2019, the annualized recurring revenue of the company reached $34.5 million, up by 208% in the last 12 months. The company reported that there were 879 customers as at 31 March 2019. During the quarter, the company acquired Wizdom, which is Europe’s leading plug and play, Microsoft aligned digital workspace software business. There was a significant improvement in the operating cash flow during the March 2019 quarter. There was also an increase in brand and product awareness. By 2021, the focus of the company is to organically grow ARR to $100 million.
LVT has generated a strong YTD return of 44%. Today, 03 May 2019, the shares of LVT are trading on ASX at A$0.457 (AEST: 12:00PM), down by 6.735% as compared to its previous closing price. LVT has a market capitalization of A$320 million and approximately 653.06 million outstanding shares.
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