Publicly-listed software vendor LiveTiles has announced that the annualised recurring revenue (ARR) for Hyperfish has reached $2.1 million.
Employee profile and directory management software company Hyperfish was acquired for $8.9 million in May 2018 and the ARR growth since the acquisition was completed grew 425 per cent, according to LiveTiles.
Hyperfish, which is headquartered in the US, has exceeded its net dollar ARR retention target of 90 per cent for the year to 30 June 2019.
In a statement, LiveTiles explained that the market demand for Hyperfish’s capabilities has exceeded expectations and has driven several intelligent workplace deals combining all LiveTiles products, which in turn is driving up its average contract value (ACV).
"We are very pleased with the strong growth achieved by the Hyperfish team, with recurring revenue up more than 425 per cent in the past year," LiveTiles co-founder and CEO Karl Redenbach said.
"In addition to achieving strong growth, Hyperfish’s unique technology has enabled LiveTiles to extend our intelligent workplace platform to deliver exciting new capabilities to our global customer base."
According to Redenbach, the Hyperfish team will be fully integrated into LiveTiles' teams, systems and processes from 1 July 2019.
Hyperfish was established in 2015 by the co-founder of Nintex Brian Cook and former Microsoft executive Chris Johnson.
It uses artificial intelligence (AI) and bot technology to automatically identify missing or incorrect employee directory information as it initiates a conversation with employees to collect and validate data.
The software automatically updates employee directory records within Microsoft Azure and Office 365, ensuring information is accurate and complete.