Cloud-based digital workplace software vendor, LiveTiles (ASX:LVT), has raised $20 million via share placement and will invest the money in its sales, marketing and customer success teams to drive customer and revenue growth.
The Australian Securities Exchange-listed company informed of its plans to launch a share purchase plan (SPP) to raise an extra $3 million from existing eligible shareholders.
All existing Australian and New Zealand shareholder will be offered a chance to increase their holding by up to $15,000.
On 30 January, LiveTiles posted its results for the previous quarter.
“LiveTiles was pleased to deliver another record quarter, with annualised subscription revenue of $6.9 million as at 31 December 2017, an increase of 245 per cent year on year, reflecting a strong return on past investment,” LiveTiles co-founder and CEO, Karl Redenbach, said.
“We continue to see strong demand and excitement for our products including our artificial intelligence offering and our ability to continue to secure additional customers and grow revenue at a rapid pace is only limited by the resources available to pursue leads and convert additional customers.”
In November 2017, LiveTiles announced plans to establish a new Asia Pacific headquarters along with a Global Innovation Centre in Geelong.
LiveTiles told shareholders at the time that the new Geelong team would provide digital marketing, sales, technical and operational support to help drive the company’s expansion in the Asia-Pacific region while also supporting its global operations.
LiveTiles is an Australian company founded in 2014 and headquartered in New York, in the US. The company also has offices in Washington, London, Sydney, Melbourne and Hobart.