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The LiveTiles share price is up 9% today, 81% this year

The LiveTiles Ltd (ASX: LVT) share price is up over 9% today and it’s gone up by 81% since the start of 2019.

It’s been a turbulent last 12 months for the software business, which has seen its share price rise up to $0.76 last August, drop to $0.28 by December 2018 and recover to $0.58.

The cloud-based workplace software is being utilised by commercial, government and education markets.

Last week, LiveTiles announced that its annualised recurring revenue had reached $34.5 million, which was an increase of 208% year on year.

A sizeable part of this increase was due to its acquisition of Wizdom, a bolt-on Microsoft aligned digital workplace software business. The rest of the growth was achieved organically, amounting to $3.6 million, despite the March quarter being a less active period for Microsoft-aligned enterprise software sales.

LiveTiles said that some of the client win highlights of the quarter were a US-based global investment manager, a large US-based life insurance company, a US-based cable television network, a major US-based consumer products manufacturer and one of the world’s largest pharmaceutical companies based in Europe.

I think one of the main things that’s attracting a lot of attention for LiveTiles is that it has outlined an annualised recurring revenue target of $100 million by 30 June 2021. The company is essentially looking to almost triple its revenue in just over two years. That would be really impressive if it’s able to achieve that goal.

If you’ve been interested in LiveTiles for a while, now could be an attractive time to buy before it bocomes profitable, which is when it would likely attract a lot more investor attention.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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