LiveTiles Ltd (ASX:LVT) shares rocket higher on new Microsoft partnership

It has been yet another positive day of trade for the LiveTiles Ltd (ASX: LVT) share price.

The software company’s shares reached an all-time high of 73 cents on Tuesday before closing the day with a 9% gain at 72 cents.

This brought its year-to-date gain to an impressive 67%.

Why are LiveTiles shares on fire?

This morning the company announced that it is working with global tech giant Microsoft to accelerate the pace at which artificial intelligence can be deployed by enterprises of all scales in all sectors.

According to the release, this will be done through the AI Spark Partner Program which has been designed by the two companies to help lift the AI capabilities of participating Microsoft partners.

The aim here is to allow partners to develop and deploy AI solutions for their customers and prospects around Australia.

Which certainly is a growing market. Management has stated that “the enterprise AI market is predicted to drive more than $50 billion in revenue by 2021”.

The AI Spark Partner Program will be launched in Australia, before heading to the United States, Europe and then the rest of the world. Management has advised that the two companies are confident of signing the first 10 AI Spark partners in Australia over the next three months.

LiveTiles CEO Karl Redenbach appears confident in the offering and the opportunity.

He stated that: “Australian businesses are now striving for intelligent transformation and they want to control their own digital destinies – using tools that allow them to take an intelligent DIY approach, and develop sophisticated, impactful solutions without the need for coding. Through this new partner program, we expect to help accelerate AI adoption within the enterprise.”

Should you invest?

While it is still at the speculative stage and carries a lot of risk, especially given its current valuation, I do believe that LiveTiles could have a bright future ahead of it.

This could make it worth considering a small investment in the company’s shares along with fellow small cap tech stars such as ELMO Software Ltd (ASX: ELO) and Megaport Ltd (ASX: MP1).

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended ELMOSFTWRE FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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