The Livetiles Ltd (ASX: LVT) share price has risen by 20% due to an impressive quarterly update.
Livetiles began as an Australian startup company in 2014, it's now based in New York City and offers technology to serve small and large businesses.
This morning, the headline figure is that annualised subscription revenue (ASR) reached $6.9 million as at 31 December 2017, up from $5 million as at 30 September 2017 and $2 million as at 31 December 2016. This translates to annual subscription revenue growth of 245% over the past year.
Livetiles' artificial intelligence products are now being promoted to Fortune 500 companies, in partnership with Microsoft.
The company said that further investment in sales and marketing has driven a significant step-up in the sales pipeline and is expected to contribute to strong ASR growth in FY18.
Although Livetiles didn't name names, it said that some of its new customers included a large Australian university, an Australian Federal Government agency, a major airline in the Asia-Pacific region, a leading insurance company in the UK and one of the world's largest investment managers headquartered in the US.
LiveTiles CEO, Karl Redenbach, said "Our ongoing investment in sales and marketing is fueling substantial growth in our sales pipeline. This investment, together with the recent launch of our AI products, gives us great confidence in our place to deliver strong subscription revenue growth in FY18 and beyond".
The share price has risen by 36.8% over the last month, there could be more growth to come with more impressive quarterly updates like this one.
