The LiveTiles Ltd (ASX: LVT) share price has been a strong performer during morning trade on Wednesday.
At the time of writing the intelligent workplace software provider's shares are up a massive 11% to 50 cents.
Why is the LiveTiles share price storming higher?
Investors have been hitting the buy button this morning after LiveTiles announced a strategic partnership with Canadian artificial intelligence company Testfire Labs – one of the first approved AI vendors to the Canadian government and the company behind the Hendrix.ai automated meeting assistant.
According to the release, the company will combine its technology with Testfire Labs' flagship product Hendrix.ai to deliver LiveTiles' Intelligent Meeting Suite. This is a world first AI meeting solution that management believes will revolutionise meetings and collaboration in the workplace.
The release explains that the Intelligent Meeting Suite will be "powered by Starmind's cutting-edge AI algorithms, infused with neuroscience, that enable productivity gains by making the organisation's collective human intelligence accessible to any employee."
What is the market opportunity for Intelligent Meeting Suite?
Management believes that the problem of ineffective meetings is systemic across organisations of all sizes.
It pointed to a recent study which has shown that professionals spend an average of 2 hours per week in unproductive meetings, resulting in US$541 billion of wasted effort in 2019. Cumulatively, 24 billion hours will be lost to unproductive meetings in the next year.
So, with all organisations having a desire to improve the productivity of meetings and reduce inefficiency within the workplace, the company believes the addressable market for this solution is very large.
LiveTiles' Chief Product Officer, Simon Tyrrell, said: "Testfire Labs' AI product Hendrix.ai is a unique piece of AI technology that addresses two common workplace problems – ineffective meetings and inefficient collection of unstructured data from those meetings for actionable next steps. Our new partnership and technology alliance with Testfire Labs will deliver the world first "Intelligent Meeting Suite" and give our customers the opportunity to run smarter meetings, while also gaining meaningful insights on meeting topics and relevant experts within their business."
Should you invest?
I think this is latest product has a lot of promise and could give the company's annual recurring revenues a boost in the coming years.
Overall, I think LiveTiles is one of the most exciting small cap tech shares on the ASX along with ELMO Software Ltd (ASX: ELO) and Megaport Ltd (ASX: MP1). Whilst it is early days, investors that have a high tolerance for risk may want to consider a small position in the company.
