TechnologyOne

Last updated

Technology One Ltd
Type Public
Industry Software development
Founded1987;35 years ago (1987)
Founder Adrian Di Marco
Headquarters
Brisbane
,
Australia
Number of locations
14 [1]
Area served
 Australia, Malaysia, New Zealand, United Kingdom, South Pacific
Key people
Edward Chung (CEO)
ProductsCommercial support software
ServicesBusiness support
Project management
Consulting [2]
RevenueIncrease2.svg A$312 million (2021) [3]
Increase2.svg A$73 million (2021) [3]
Number of employees
1200 [3]  (2021)
Website technologyonecorp.com

TechnologyOne Limited is an Australian enterprise software company founded in 1987. The company is headquartered in Fortitude Valley in Brisbane, Australia, with other offices in United Kingdom (UK), New Zealand, South Pacific and Asia. [3] It is listed on the Australian Securities Exchange with the symbol TNE and is a constituent of the ASX 200 index.

Contents

History

TechnologyOne was founded by Adrian Di Marco in 1987, when he saw an opportunity to build a new generation of accounting software for businesses and government departments, using relational database technology. [4] DiMarco approached investors John and Dugald Mactaggart of J.L. Mactaggart Industries, a former customer, for financial backing. [5]

TechnologyOne set up its first R&D centre in a demountable office in the car park at Mactaggart’s hide processing plant in Hemmant, Brisbane, in 1987. [6] In the early 1990s, TechnologyOne built the Automated Titling System (ATS) for the Queensland Department of Natural Resource and Mines. [7]

In 1992, TechnologyOne developed a student administration system called College Administration System (CAP) for TAFE Queensland, which led to the development of StudentOne (now TechnologyOne Student Management), used by Australian universities. [8] The company also expanded in New Zealand. [9]

TechnologyOne was listed on the Australian Securities Exchange in 1999. [10] In October 2000, the company raised $18 million from investors including Hyperion Asset Management, Selector Funds Management, Pendal Group, Spheria Asset Management, Colonial First State, River Capital and Pengana. [11]

In 2005, TechnologyOne shifted focus from functionality-centric software to people-centric software. [12] In 2006, it expanded in UK with its first office in Maidenhead. [13]

In November 2010, TechnologyOne announced it would make its software available on the cloud. [14] The company invested heavily in research and development to transition its software functionalities into the cloud, [15] [16] spending $150 million to develop its software-as-a-service cloud products. [17] It also released Ci Anywhere, [18] a version of its Connected Intelligence product hosted in the cloud and available from any desktop or mobile device. [19]

In 2014, TechnologyOne entered the S&P/ASX 200 Index and recorded $1 billion market capitalization. [20]

In May 2017 Di Marco stepped down as CEO and COO, Edward Chung, took over as CEO. [21] [6] [22] At the company’s full year results on 21 November 2017, the company’s cloud business turned a profit for the first time, posting a $2.5 million profit for the year to September, and signing 112 new cloud customers. [23]

In 2019, the company announced that it had reached $300 million of annual revenues. [24] It also added Cliff Rosenberg, formerly managing director of LinkedIn, to its board of directors. [25] By December 2019, half of TechnologyOne's business was in the cloud; [26] From 1999 to 2019, TechnologyOne doubled in size every five years. [25]

In 2020, the company announced that half of its customers had transitioned from on-premise to SaaS [27] and that 86% of its revenue is now subscription revenue. [28] As of May 2020, the company had posted 11 years of record annual profit. [29]

In September 2021, the company made their first international acquisition by acquiring UK-based higher education software company Scientia for £12 million. [30] [31]

Software as a service

Since 2012, the company has transitioned the business from being an on-premises software provider to a software as a service business. [32] This has enabled clients to integrate [33] with third party providers such as MuleSoft and Salesforce.

The first iteration of TechnologyOne’s cloud software was launched in 2014, which enabled users to access the platform via the cloud. This allows the company to offer a fully configurable service from its own servers. [24]

TechnologyOne products are used by more than 1,200 organisations in Australia and New Zealand. The company also has customers in the United Kingdom. [34] By 2018, more than 30 per cent of TechnologyOne customers had transitioned to the company’s SaaS platform. [35]

Research and Development

In 2010, TechnologyOne moved into its new $12 million headquarters in Brisbane, which included what was at the time the largest Australian-owned research and development facility. [36] The company has additional international R&D facilities. [37]

As of June 2019, the company had invested more than $500 million into research and development since its inception. [38] As of 2021, research largely focuses on developing additional functionalities for TechnologyOne's software-as-a-service enterprise resource planning software. [39] It is also creating applications for artificial intelligence and developing a digital experience platform, intended to integrate front and back office applications. [40]

List of mergers and acquisitions

TechnologyOne was founded in 1987.

NumberAcquisition dateCompanyBusinessCountryPriceRefs.
1January 2000Tablelands Computer SystemsFlag of Australia (converted).svg  Australia — [7]
2December 6, 2001ProClaim Software Pty LtdClaims ManagementFlag of Australia (converted).svg  Australia A$10.6 million [41]
3March 2002InfoplanFlag of Australia (converted).svg  Australia — [7]
4October 1, 2007Avand Pty Ltd Enterprise Content Management (ECM)Flag of Australia (converted).svg  Australia A$10 million [4]
5August 1, 2008Outcome Manager Business Performance Management (CPM)Flag of Australia (converted).svg  Australia A$1 million [42]
6January 30, 2015ICON Software Enterprise Resource Planning (ERP)Flag of Australia (converted).svg  Australia A$10 million [43]
7May 8, 2015Digital Mapping Solutions Geographic Information System Flag of Australia (converted).svg  Australia A$12 million [44]
8September 3, 2015Jeff Roorda & Associates Asset Management Flag of Australia (converted).svg  Australia A$10 million [45]
9October 2, 2021Scientia Education Flag of the United Kingdom.svg  United Kingdom £12 million [46]

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References

  1. ↑ "Office Locations". TechnologyOne.
  2. ↑ "Services". TechnologyOne.
  3. 1 2 3 4 "FY21 Annual Report" (PDF). pp. 6–13.
  4. 1 2 Bingemann, Mitchell (12 October 2007). "TechnologyOne acquires Avand for $10 million". iTnews. ITWire.
  5. ↑ "How this man built a $250 million IT company". Business News Australia. 28 January 2011.
  6. 1 2 Redrup, Yolanda (7 April 2017). "TechnologyOne CEO Adrian Di Marco steps down after 30 years". Financial Review.
  7. 1 2 3 "TechnologyOne Book 2017". Issuu . 7 January 2018.
  8. ↑ Bryant, Gale (20 July 1998). "'Technological cringe' leaves industry at a loss, says IT boss". Australian Financial Review .
  9. ↑ O'Neill, Rob (19 November 2019). "TechOne surges in New Zealand as SaaS drives sales overall". Reseller News.
  10. ↑ "TechnologyOne Limited details". Archived from the original on 4 March 2016.
  11. ↑ Tuner, Sarah; Richardson, Tom (24 April 2020). "Hyperion leads the Mercer long-only pack". Australian Financial Review .
  12. ↑ Swan, David (25 November 2014). "TechnologyOne posts record profit". The Australian .
  13. ↑ Woodhead, Ben (28 February 2006). "Profit paves the road for UK push". Australian Financial Review .
  14. ↑ Ho, Colin (15 November 2010). "TechnologyOne announces cloud strategy". ZDNet. Retrieved 3 February 2022.
  15. ↑ Lohman, Tim (23 May 2011). "R&D central to TechnologyOne's Cloud transition". Computerworld.
  16. ↑ Boreham, Tim (7 May 2012). "Feet firmly on ground while eyeing the cloud". The Australian.
  17. ↑ Boreham, Tim (28 May 2014). "Head in the clouds, but there's lots of blue sky". The Australian.
  18. ↑ Swan, David (25 November 2014). "TechnologyOne posts record profit". The Australian .
  19. ↑ Redrup, Yolanda (19 November 2018). "TechnologyOne hits nine years of record profits". Australian Financial Review. Retrieved 3 February 2022.
  20. ↑ "The ASX's largest software company Technology One Limited nears 52-week high". Fool.com.
  21. ↑ Redrup, Yolanda (18 January 2016). "TechnologyOne CEO Adrian Di Marco prepares to pass the baton". The Sydney Morning Herald.
  22. ↑ McLean, Asha (7 April 2017). "TechnologyOne CEO and founder hands reins to current COO | ZDNet". ZDNet.
  23. ↑ "TechnologyOne cloud captures $2.5M profit". Arnnet.com.
  24. 1 2 Foye, Brendon (20 November 2018). "TechnologyOne scrapes $300 million milestone thanks to SaaS platform". CRN. Australia. Retrieved 8 July 2019.
  25. 1 2 Kitney, Damon (27 April 2019). "Learning the 'Fosbury flop' taught boss to aim higher". The Australian. Retrieved 2 February 2022.
  26. ↑ Kitney, Damon (16 December 2019). "Technology boards 'must balance risk and creativity'". The Australian. Retrieved 3 February 2022.
  27. ↑ Chanthadavong, Aimee (16 November 2015). "TechnologyOne inks AU$5.8 million deal with Department of Treasury". ZDNet .
  28. ↑ "FY20 Annual Report" (PDF).
  29. ↑ Swan, David (19 May 2020). "TechnologyOne still on growth path". The Australian. Retrieved 4 February 2022.
  30. ↑ "TechnologyOne acquires Scientia to accelerate international growth". Technology One. Retrieved 7 June 2022.
  31. ↑ "Australia's TechnologyOne acquires UK-based higher-ed platform Scientia for $16.6M". TechCrunch. Retrieved 7 June 2022.
  32. ↑ Herrick, Chloe (22 February 2012). "Evolve 2012: TechnologyOne invests $200m in new Cloud platform". CIO from IDG. Retrieved 8 July 2019.
  33. ↑ "TechnologyOne rips out Vic council legacy enterprise system". ARN. Retrieved 6 June 2020.
  34. ↑ Williams, Shannon (20 June 2019). "TechnologyOne launches STEAM Lab pilot launch in Queensland". IT Brief. Australia. Retrieved 8 July 2019.
  35. ↑ Thomson, James (25 November 2018). "Cloud shift helps Technology One float above tech damage". Australian Financial Review. Retrieved 8 July 2019.
  36. ↑ Sharma, Krishan (26 July 2010). "TechnologyOne launches $12m Brisbane headquarters". CRN Australia. Retrieved 4 February 2022.
  37. ↑ Mezrani, Leanne (3 April 2008). "TechnologyOne recruits overseas staff, skills shortage blamed". CRN Australia. Retrieved 4 February 2022.
  38. ↑ Redrup, Yolanda (6 June 2019). "TechnologyOne reveals its new app arsenal". Australian Financial Review. Retrieved 4 February 2022.
  39. ↑ Arboleda, Nico (25 May 2021). "FedGov wins buoy TechnologyOne's record half". CRN Australia. Retrieved 4 February 2022.
  40. ↑ Redrup, Yolanda (6 June 2019). "TechnologyOne reveals its new app arsenal". Australian Financial Review. Retrieved 4 February 2022.
  41. ↑ Swan, Georgina. "Technology One ProClaims acquisition ambitions". Computerworld. Retrieved 14 June 2016.
  42. ↑ Sainsbury, Matthew. "Technology One acquires Brisbane ISV". ARN. Retrieved 12 August 2008.
  43. ↑ Dinham, Peter. "TechnologyOne buying ICON Software in $10 million deal". iTWire. Retrieved 30 January 2015.
  44. ↑ Redrup, Yolanda. "TechnologyOne acquires Digital Mapping Solutions for $12m". Financial Review. Retrieved 8 May 2015.
  45. ↑ Redrup, Yolanda. "TechnologyOne acquires Jeff Roorda and Associates for $10 million". Financial Review. Retrieved 2 October 2015.
  46. ↑ Butcher, Mike. "Australia's TechnologyOne acquires UK-based higher-ed platform Scientia for $16.6M". Tech Crunch. Retrieved 1 September 2022.
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