Entrepreneurs who sold their successful IT business for AUD25m, start IT software venture on the ASX

April 30, 2020 | Software

Image Credit: LiveTiles

Kyle Redenbach and Peter Nguyen-Brown are the Co-founders of nSynergy Group.

nSynergy Group is a global technology (IT) consulting and services business. It is a Microsoft-centric Cloud business focusing on Office365 implementation with offices in Melbourne, Sydney, Shanghai, New York and London.

It was acquired by Rhipe Limited (ASX:RHP) for AUD25m in 2014.

After selling nSynergy Group, Kyle and Peter founded their next venture, LiveTiles, in 2015.

LiveTiles is listed on the Australian Stock Exchange under the ticker symbol LVT (ASX:LVT).

LiveTiles is an intelligent workplace intranet platform for Microsoft Sharepoint, Azure and Office365. With its smart design, boost productivity in no time.

Kyle and Peter founded LiveTiles because they saw a huge problem in the intranet space during their consulting days, so they productised their knowledge into software.

As of 2020, LiveTiles has raised more than AUD100m in total funding.

In March 2020, LiveTiles made it into the Australian Financial Review’s (AFR) Fast 100 companies list. It was ranked fifth, achieving 110 per cent growth in the prior 12 months.

In March 2020, the company announced Annual Recurring Revenues (ARR) of AUD55.2m and almost AUD40m in the bank. It has also advised it is aiming to achieve cash flow neutrality during the 2020 Calendar Year along with cost cutting initiatives and an organic growth approach.

In April, LiveTiles also announced that it is trading at a 61% discount to its Lifetime Value (AUD366m), when compared to its current Enterprise Value (AUD190m). This essentially means that the company believes that if you combine the total profit from its recurring revenues that it expected to receive from clients for the foreseeable future (let’s say 5 years), and you discount these profits back to today, this total value is 61% higher than the valuation it has today on the market.

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