The market may have dropped lower today, but the same cannot be said for the LiveTiles Ltd (ASX: LVT) share price.
In morning trade the intelligent workplace software provider's shares have rocketed 12.5% higher to 40 cents.
Why is the LiveTiles share price on fire today?
Investors have been buying the company's shares today after it announced a new agreement with global tech behemoth Microsoft.
According to the release, LiveTiles' product portfolio, including its Wizdom and Hyperfish products, is now under a co-sell arrangement with Microsoft in 39 countries. The current focus is around its Microsoft Teams features and benefits.
The release explains that Microsoft Teams is a collaboration platform that combines chat messaging, video meetings, file storage, and application integration. It is the fastest growing application in the company's history and has more than 13 million daily active users and 19 million weekly active users.
LiveTiles has extended its entire intelligent workplace solution to include Microsoft Teams in addition to its existing solutions for Office365 and Azure. This means that its product suite now provides customers with integrated features that support the adoption and use of the fast-growing Microsoft Teams platform.
LiveTiles CEO, Karl Redenbach, said: "Microsoft have continued to up the ante in the new era of collaboration and productivity enablement. We continue to build and innovate on Microsoft platforms, including Office 365, SharePoint, Azure and now Microsoft Teams, presenting another layer of opportunity for expansion of our intelligent workplace vision. Having successfully demonstrated how Microsoft Teams is supported within our intranet platform to ensure success in their adoption of Microsoft Teams, LiveTiles is thrilled to be working with Microsoft to bring its products to more customers."
The company will now have the opportunity to showcase its products at several exclusive Microsoft events over the remainder of the year.
If this goes well then it could put the company on a path to achieving its key objective of organically growing its annualised recurring revenue to at least $100 million by the end of June 2021.
Also on the rise at the small end of the market on Monday have been the shares of Oventus Medical Ltd (ASX: OVN) and Volpara Health Technologies Ltd (ASX: VHT) after positive updates.
