Software technology company LiveTiles has had a tough first day of trading on the ASX, after completing a reverse takeover of Perth-based Modun Resources.
New York-grown LiveTiles opened at 21 cents per share this morning and was down to 16 cents by 1:45pm.
The company recently completed a $12 million capital raising, most of which was underwritten by Blue Ocean Equities, to list with a market capitalisation of around $57 million.
Chairman Mike Hill said LiveTiles was a scalable business with a software tool that deploys on top of Microsoft’s cloud collaboration platforms.
“This enables organisations to increase adoption of their technology, improve productivity and better communicate with their employees,” he said.
“This listing on the ASX sets up LiveTiles to expand to the next stage of its development.”
Chief executive Karl Redenbach said the company was moving to accelerate growth opportunities with partners such as 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,” Mr Redenbach said.
“In the short to medium term, we will focus on increasing market penetration with existing and new customers through increased sales and marketing, grow our sales team and fund the development of new products.”
