Microsoft partner LiveTiles has nearly quadrupled its annualised subscription revenue in the past six months.
Annualised subscription revenue reached $4 million in the 2017 financial year, an increase of 293 percent. LiveTiles said $1.4 million alone was added in the last quarter ending in June. This came from 10 new customers, which LiveTiles did not mention by name, but said included a top Australian university, a large Australian food company and one of the world's biggest brewers.
"Hitting $4 million in recurring revenue in just over two years and quadrupling our recurring revenue in FY17 is a huge accomplishment for LiveTiles," said chief executive Karl Redenbach.
"We're very pleased with the growth of our business to date and we expect our rapid growth to continue in FY18."
LiveTiles said it had grown more than six times faster than the rest of the software-as-a-service industry, based on a survey by Pacific Crest Securities in 2016.
The company provides digital workplace software based on Microsoft products for commercial, government and education customers. Its flagship product is a user interface tool for creating tiled interfaces for Sharepoint and Azure implementations with more than 3.7 million users as of 2014.
Though the company is headquartered in New York, LiveTiles was founded in Australia, and was listed on the ASX in 2015 through a reverse takeover with mining company Modun Resources.
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