LiveTiles will begin trading on the ASX on September 18 using the ticker LVT with an initial market capitalisation of about $57 million.
This comes on the back of $12 million in fully subscribed capital raising that was used to help the company’s growth and expansion plans, which included markets such as the US.
$11 million of the capital raising was underwritten by Blue Ocean Equities.
LiveTiles announced the start of its reverse listing process in April of Modun Resources.
LiveTiles CFO, Matt Brown, said it attracted some good interest from institutional investors in Australia and a few foreign investors. The company was founded in Australia by Karl Redenbach and Peter Nguyen-Brown, but is headquartered in New York.
The LiveTiles core product is an add-on software tool to Microsoft SharePoint and the company is taking steps towards bundling the product with Microsoft Office365 sales via distributors in key global markets.
Using LiveTiles businesses can rapidly build and deploy modern solutions such as intranets and extranets.
Its second product called LiveTiles Mosaic is specifically developed for the K-12 education market that can be designed as a classroom portal for teachers to use with their students.
“As good as SharePoint is, the user experience, interface and presentation layer, doesn’t exist,” LiveTiles Chief Strategy Officer, Simon Tyrrell, said.
“We put a layer on top of it, that’s modern and can be reconfigured and built easily by someone that doesn’t have a lot of tech experience.
“We’re extremely important to Microsoft and they see us as a way to rapidly increase consumption of SharePoint in the Cloud.”
The core LiveTiles product has been deployed to 80 customers globally such as Pepsi, UEFA, Nike and CommBank. When the product was first launched more than a year ago, it was offered for free, but the second version which was released in February now charges users $US1 per user per month.
Mosaic will continue to be free for the education market and has been deployed in more than 2000 schools, which represents a teacher base of more than 2 million.
A majority of LiveTiles sales are generated through partners. Brown said it was also working on its channel strategy to leverage their teams and customer networks. It currently has about 86 technology consulting partners on board as well as scale partners such as Microsoft and CSPs including Rhipe and Ingram in the US.
Tyrrell said it currently has new products under development as it looks to extend its core technology into vertical solutions and tailoring it for specific markets such as retail.