US software company LiveTiles lists on the ASX via reverse takeover

US-based cloud-based software company LiveTiles listed on the Australian Securities Exchange (ASX) today following April’s reverse takeover of Perth-based Modun Resources, a coal company with interests in Mongolia.

The business, which targets the enterprise and SMB markets, has an initial market cap of around $AU57 million, following a $12 million raise and the sale of Nuurst coal assets in August for $2 million.

The net proceeds of the capital raising and the Nuurst sale are approximately $11.9 million in total after transaction costs and the redemption of interim funding provided in July. These funds will go towards ongoing product development and expansion of LiveTiles sales and marketing activities.

While the company’s HQ is in New York, there’s also an Australian office in Melbourne, and another in Richland, Washington State.

Cloud-based software tool works with Microsoft’s cloud collaboration platforms. It enables businesses to build and deploy software solutions, including intranets and extranets, across a range of devices. LiveTiles Mosaic is its kinder to year 12 education product.

The company’s also working towards bundling with sales of Microsoft Office 365.

LiveTiles became a standalone products company only last year, and counts corporates including Pepsico, soccer body UEFA, UK food supplier 2 Sisters Food Group and the Canadian Olympic Committee amongst its client base. The majority of sales are generated through partners and at the end of last month, it had 86 partners. Microsoft service providers such as rhipe, Bytes and Evolusys are part of a global partner program.

CEO and co-founder Karl Redenbach said the business wants to drive growth with partners like Microsoft.

“Our core product is an add-on software tool to Microsoft SharePoint, which has an estimated 200 million users, so we have a very large addressable market to pursue,” he said.

LVT opened at a high of 21 cents but later eased to trade around 17 cents.

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