The LiveTiles Ltd (ASX: LVT) share price is one of the best performers on the ASX today. This comes after the employee experience software company announced it has secured a major deal with Fortune Global 100 company, Nestlé.
At the time of writing, LiveTiles shares are up an astonishing 20% to 18 cents.
What's the deal?
Investors are fighting to get a hold of LiveTiles shares following the company's significant contract win.
According to its release, LiveTiles revealed that it has signed another large enterprise licencing deal with international company, Nestlé.
Headquartered in Switzerland, Nestlé is the world's leading nutrition, health and wellness company. The business has a market capitalisation of roughly US$333 billion and employs over 328,000 people worldwide.
Under the agreement, LiveTiles will deliver a range of products and services encompassing its employee experience solution. Around 125,000 users will adopt the initial phase. If successful, a second phase will take place where 300,000 people will participate in the program.
Most notably, the contract is a record signing for LiveTiles EMEA. The project integrated and rolled out services last month, and is scheduled to go live on 1 November 2021.
The contract is valid for a period of 3 years and will generate a minimum revenue of $2.1 million for LiveTiles.
LiveTiles co-founder and CEO, Karl Redenbach commented:
We're proud to be working with Nestlé and delivering an all-encompassing Employee Experience Platform solution to one of the world's biggest employers. To have a quality brand such as Nestlé signing with LiveTiles shows us that Employee Experience is now top of mind for the biggest employers in the world, particularly in a post-pandemic environment.
LiveTiles share price summary
While the LiveTiles share price is accelerating today, when comparing against the last 12 months, its shares are heavily down. The LiveTiles share price is sitting close to a 30% loss from this time last year, and 26% down year-to-date.
Based on valuation grounds, LiveTiles presides a market capitalisation of roughly $161 million, with about 912 million shares outstanding.
