The LiveTiles Ltd (ASX: LVT) share price has continued its positive run on Monday and is charging higher again.
At the time of writing the intelligent workplace company’s shares are up over 7% to 36.5 cents.
This latest gain means that LiveTiles’ shares are now up 52% since this time last week.
Why is the LiveTiles share price up 52% in a week?
Investors have been buying the company’s shares following the release of a couple of positive announcements.
This first on Monday of last week revealed that the company has been granted U.S. Federal Government General Services Administration (GSA) approval. This means that LiveTiles is now an approved GSA Vendor under the U.S. Government’s IT Schedule 70 multiple award schedule (MAS).
As an approved GSA vendor, the procurement of the company’s software by governmental agencies can now occur at an accelerated pace. Management estimates that the reduction in procurement duration is from an average of over 10 months to under 30 days.
With the U.S. government projected to spend over A$127 billion in 2020 on IT, this bodes well for LiveTiles. Furthermore, it has paved the way for LiveTiles and its partners to pursue joint opportunities with Microsoft under the tech giant’s recently announced A$14.6 billion JEDI cloud contract with the U.S. Department of Defense.
Also giving its shares a lift was an announcement this morning. According to the release, LiveTiles has partnered with design platform company Canva.
This partnership will see the company integrate Canva into its core platform, providing LiveTiles users the ability to rapidly build graphic design elements without the need for any previous design experience.
Karl Redenbach, LiveTiles Co-founder and Chief Executive Officer, said: “We are pleased to be working with Canva who are at the forefront of intelligent design and data-rich visuals. LiveTiles’ global growth initiatives are strongly supported through its identification of best-of-breed partners like Canva, who represent a highly complementary fit – as our products are empowering end users within the workplace.”
“As two of Australia’s fastest growing software companies, LiveTiles looks forward to working more closely with Canva to deliver innovative, design-led experiences for our customers as we increase our total addressable market, grow our footprint and target valuable new segments for expansion,” he added.
The post LiveTiles share price shoots higher on Canva partnership appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended LIVETILES FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020