The LiveTiles Ltd (ASX: LVT) share price has continued its strong run and pushed notably higher again on Wednesday.
At the time of writing the intelligent workplace software provider’s shares are up 3.5% to 58 cents. This latest gain means the LiveTiles share price has now rallied 35% since this time last month.
Why is the LiveTiles share price on the rise today?
This morning the company announced that it has partnered with Oxford University-backed Zegami to launch the world’s first enterprise-grade, visual search, and analytics solution.
According to the release, Zegami’s data exploration platform presents a simple way for business users to view large sets of data visually, to facilitate its easy interpretation and analysis, dissemination of the resulting findings and conclusions across the organisation without IT involvement.
The company was spun out of the university via its investment arm, Oxford Sciences Innovation, which aims to “help Oxford’s outstanding scientists build and grow great businesses that can improve the world.”
The partnership will see Zegami’s technology integrated into LiveTiles’ Intelligent Workplace Platform, providing a big data analysis solution for existing and future enterprise customers.
Management believes the addition of the solution will lead to larger sales opportunities across a number of industries where big data analysis is in high demand.
In addition to this, it is expected to play an important role in differentiating its value proposition to key industries for even greater productivity, innovation, and competitive advantage. This includes the higher education, manufacturing, retail, utilities and public sectors.
The two parties will jointly market the solution.
Should you invest?
I think this latest development is another reason to consider a small investment in this exciting tech company.
Last week LiveTiles announced that its annualised recurring revenue (ARR) had reached $34.5 million at the end of the third quarter, up 208% from $11.2 million over the last 12 months.
It also reiterated its aim of organically growing its ARR to at least $100 million by the end of June 2021. With partnerships like this and its close ties with Microsoft, I’m becoming increasingly confident that it will achieve this target.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO and VOLPARA FPO NZ. The Motley Fool Australia has recommended MEGAPORT FPO and VOLPARA FPO NZ. 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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