Business software maker LiveTiles shows the way in the US
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Special report: ASX-listed software-as-a-service stock LiveTiles has brought further US tech expertise to the Australian exchange by appointing early stage technology expert David Lemphers as a non-executive director.
Mr Lemphers is a founder of a number of US-based artificial intelligence and machine learning tech companies including Code Pilot, Super, Hyperplane Research and ZenDeals.
LiveTiles (ASX:LVT) is one of a handful of ASX-listed tech companies with a global focus, particularly the US.
Too small to list on the Nasdaq, the question has always been whether it makes sense to maintain an Australian listing with an international footprint.
So far, the trend to list on the ASX appears to be continuing. US chip manufacturer Revasum has just completed an $US8 million ($10.9 million) pre-IPO funding round ahead of a listing on the Australian exchange.
While there have been concerns about some US-based companies on the ASX, LiveTiles enjoys enduring support from local and offshore investors.
LiveTiles has just completed a capital raise of $25 million to institutional investors earlier this month.
This comes on the back of another $20 million raise in February and $12 million in August last year, which it’s putting to use largely in the US.
The strategy seems to be working. The software maker recently booked a 275% increase in annualised recurring revenue to $15 million.
It also captured headlines recently for its deepening relationship with Microsoft, with news that the ASX-listed software company will run an accelerator program to increase the artificial intelligence capabilities of Microsoft partner firms across Australia.
LiveTiles’s chair Cassandra Kelly commented that Lempher’s extensive experience across multiple roles for Microsoft will bring “new and valuable insight” to its relationship with the US software giant.
This is the second international board appointment for LiveTiles. Last year, LiveTiles appointed senior Facebook marketing executive Andy McKeon to the now six-person board.
This special report is brought to you by LiveTiles.
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