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ELMO share price higher on artificial intelligence project news

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In morning trade the ELMO Software Ltd (ASX: ELO) share price has pushed higher following the release of an announcement.

At the time of writing the cloud-based HR and payroll solutions provider’s shares are up 1.5% to $6.88.

What did ELMO announce?

This morning ELMO announced that it is joining forces with UTS, Australia’s leading technology university, on an innovative product development project.

According to the release, the project will place predictive analytic tools that leverage artificial intelligence for the benefit of ELMO’s customers across Australia and New Zealand.

Management believes that by drawing upon the combined strengths of both entities, ELMO will be able to provide HR and payroll professionals with a deeper understanding of their workforce and ultimately allow them to make more informed business decisions at a faster pace.

The company’s CEO, Danny Lessem explained: “From day one, ELMO’s primary focus has been to help employers automate processes, streamline workflows, and provide a seamless employee experience. Through this partnership, ELMO will be able to build solutions that will bring to light the right information at the right time, so the smartest decisions can be made.”

“Through predictive analytic tools that leverage workforce data, our customers will gain better insights into their people and ascertain probable employee behaviour. These insights could then be used to refine strategies around recruitment, workforce planning, professional development, succession management, benefits and remuneration,” Mr Lessem added.

The partnership gives ELMO access to UTS’ state-of-the-art Data Arena. The release explains that this interactive data visualisation facility was developed to help researchers and data scientists intuitively explore large and complex data in great detail. It features a 360-degree screen, 6 projectors and 3D modelling capability.

Elsewhere in the tech sector today, the Afterpay Touch Group Ltd (ASX: APT) share price is up 3% following its results release and the Redbubble Ltd (ASX: RBL) share price has edged lower following the release of its results.

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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. recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended Elmo Software and REDBUBBLE FPO. The Motley Fool Australia owns shares of AFTERPAY T 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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