Bigtincan poised to acquire LiveTiles

Karl Redenbach (LiveTiles CEO)

Australia-founded software vendor Bigtincan Holdings has put an offer on the table to acquire 100 per cent of LiveTiles.

The sales enablement software vendor confirmed its intent in a statement to the Australian Securities Exchanged (ASX), claiming it has made a confidential, non-binding, indicative proposal to acquire 100 per cent of LiveTile’s share capital.

The current proposal is under a number of conditions, which include the completion of due diligence, no disposal or material change to LiveTiles assets or prospects and entry into a scheme implementation deed on customary terms and conditions.

A statement from the workplace software vendor meanwhile specified that the proposal is priced at $0.07 cash per share, which is to be funded through cash reserves and a capital raise by Bigtincan. With 923,221,306 shares as of 5 October, this prices the deal at $64,625,491.42.

Bigtincan’s statement added that discussions between the two companies are preliminary at this stage.

“No agreement has been reached and there is no certainty that any transaction will eventuate,” the statement added.

The move to acquire LiveTiles comes after it flagged its intentions in August to conduct an “extensive” operational review after flagging its intent to delist from the ASX, with its review including the continued move of “certain” jobs to Portugal and the Philippines.

It also said it would consider rebranding as well as review management, its organisational structure and software products, cut costs, focus more on large enterprise customers and cut back the costs associated with its ASX listing, which it estimates to be more than $1.5 million per annum.

Later that month, its final annual report revealed it had seen a significant improvement in its bottom line after cutting its previous $30 million profit loss down to just $818,000 for the financial year ended 30 June 2022. 

Last month, the company announced co-founder, chief experience officer and executive director Peter Nguyen-Brown was set to depart after nearly eight years following the end of the review.

According to an ASX statement, LiveTiles’ entire board believed that the company requires “a fresh injection of senior management talent” as it enters its next growth chapter.