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Receivers to listed employee experience software company LiveTiles (ASX: LVT) have announced the sale of the company’s global business operations to Sweden-based intranet solutions provider Omnia Digital Workplace AB.
Omnia is backed by Scandinavian software growth investor Monterro and publicly listed Precio Fishbone with the merger billed by LiveTiles as setting the stage for “unparalleled leadership in the global digital workplace solutions market”.
The Melbourne-founded, New York-headquartered LiveTiles was placed into receivership in December last year although since then the group has continued to operate under the control of Michael Korda, Andrew Knight and Craig Shepard, of KordaMentha, as receivers and managers.
The receivers have announced that all the operations of the LiveTiles business will be sold to Omnia, although the My Net Zero and Human Link divisions do not form part of the transaction.
The Human Link is an employee experience business acquired by LiveTiles in 2022, while My Net Zero is a date-led climate action partner for businesses. It remains unclear what the receivers have planned for these subsidiaries.
LiveTiles CEO David Vander has described the sale of the global business to Omnia as a “terrific outcome” for the company.
However, the CEO will step aside following the sale, to be replaced by Omnia CEO Jesper Alfonsson who will lead the merged entity.
“(The sale) enables us to achieve our vision to accelerate, consolidate and expand the growth horizons with tremendous new ownership, capitalisation and as a private company,” says Vander.
“The merger will create the leading digital workplace solution globally, drive economies of scale, accelerate AI solution development and enable enterprises to help their employees achieve their full potential.”
LiveTiles was founded in 2014 and has grown to become a major player in intranet package solutions globally with an employee based of more than 500 people. Omnia has about 250 staff.
“LiveTiles has undertaken significant work internally to right-size and position itself to best serve our customers,” says Vander.
“I am proud of the work we have done and to attract partners of Monterro’s and Omnia’s calibre is a testament to the dedication of the team and the quality of our offering. We will be well placed in private ownership to realise the potential of the platform and scale globally.”
Monterro is a $2 billion B2B software investor in Scandinavia aiming to convert software companies into market leaders and global players.
Monterro founder and Omnia chairman Peter Larsson says the acquisition of LiveTiles represents a “milestone” for both companies.
“We see immense potential in their combined efforts to lead the future of digital workplace solutions industry,” says Larsson.
“We have been impressed with LiveTiles’ strong platform, great talent, global reach and the number of top-tier customers.
“The opportunity to capitalise on a new wave of enterprise technologies make this merger all the more pertinent and valuable. We think the combination and re-investment will accelerate a long and profitable growth journey ahead.”
Omnia CEO Alfonsson says the team is looking forward to supporting LiveTiles’ customers and partners as the new owner accelerates the business’s growth.
“The LiveTiles platform is a market leading platform, and its progress and impact are world class,” says Alfonsson.
“This recapitalisation, privatisation and acceleration will only serve to provide more value to our customers and the market and is a tremendous opportunity for all employees.”
Ends
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