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Technology One Ltd
Company typePublic
ASX: TNE
IndustrySoftware development
Founded1987
FounderAdrian 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]
RevenueIncreaseA$299 million (2020)[3]A$312 million (2021)[4]
IncreaseA$66 million (2020)[3]
Number of employees
1200[4] (2021)
Websitetechnologyonecorp.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.

History

[edit]

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.[5] DiMarco approached investors John and Dugald Mactaggart of J.L. Mactaggart Industries, a former customer, for financial backing.[6]

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.[7] TechnologyOne released its financial product suite FinanceOne[8] (now TechnologyOne Financials[9]) in 1991.[4] The company initially built products on the Oracle Database, but when Oracle launched its own financials product, TechnologyOne redeveloped its software to be database-independent.[8][10] According to the company, this experience led to the decision to develop internal sales and implementation teams, rather than working with external resellers and implementation partners.[10][11] The company first turned a profit in 1992.[12][13] In the early 1990s, TechnologyOne built the Automated Titling System (ATS) for the Queensland Department of Natural Resource and Mines.[14]

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.[15] Also in 1992, the company signed its first customer in New Zealand, providing software to Housing New Zealand.[16] TechnologyOne focused on the local government market in the 1990s, securing 20 deals to provide financial systems with a total value of more than $8 million.[17] In 1998 it also rolled out Student One, a student management system,[18] as part of its focus on the higher education market.[19] TechnologyOne's software is used by Australian universities, including Australian Catholic University,[20] La Trobe University,[21] and Curtin University.[22]

TechnologyOne was listed on the Australian Securities Exchange in 1999.[23] 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.[24]

In 2005, TechnologyOne shifted focus from functionality-centric software to people-centric software.[25] and rebuilt all its systems with CI (Connected Intelligence), a new framework offering more flexibility by using web-based technology.[26] In 2006, it expanded in UK with its first office in Maidenhead.[27] In 2006, the company opened its first office in the UK,[28] in Maidenhead.[29] Since then, the UK has become a growth market for the company, with increasing focus on the region as of 2020.[30]

In November 2010, TechnologyOne announced it would make its software available on the cloud.[31] The company invested heavily in research and development to transition its software functionalities into the cloud,[32][33] spending $150 million to develop its software-as-a-service cloud products.[34] It also released Ci Anywhere,[25] a version of its Connected Intelligence product hosted in the cloud and available from any desktop or mobile device.[35] From 1999 to 2019, TechnologyOne doubled in size every five years.[36] In 2014, TechnologyOne entered the S&P/ASX 200 Index and recorded $1 billion market capitalization.[37]

The company last hosted Evolve, its user conference held every two years,[38] in 2016.[39] In May 2017 Di Marco stepped down as CEO and COO, Edward Chung, took over as CEO.[40][7][41] 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.[42]

In 2019, the company announced that it had reached $300 million of annual revenues.[43] It also added Cliff Rosenberg, formerly managing director of LinkedIn, to its board of directors.[36] By December 2019, half of TechnologyOne's business was in the cloud;[44] in 2020, the company had 539 large-scale enterprise customers using its software as a service platform.[45] In 2020, the company announced that half of its customers had transitioned from on-premise to SaaS[46] and that 86% of its revenue is now subscription revenue.[3]

In 2021, TechnologyOne CEO Edward Chung announced the companies first patron saint - St Peter. As of May 2020, the company had posted 11 years of record annual profit.[47]

Research and development

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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.[48] The company has additional international R&D facilities.[49]

As of June 2019, the company had invested more than $500 million into research and development since its inception.[50] As of 2021, research largely focuses on developing additional functionalities for TechnologyOne's software-as-a-service enterprise resource planning software.[51] It is also creating applications for artificial intelligence[10] and developing a digital experience platform, intended to integrate front and back office applications.[50]

Products

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TechnologyOne's preconfigured enterprise products include OneCouncil, enterprise management software for smaller governments;[52][53] OneEducation, for educational institutions;[20][54] OneGovernment, for large government enterprises;[55][56][57] and OneCorporate, for businesses.[58] These products are composed of standalone functional products that are also sold individually, including Financials,[59] Enterprise Content Management,[60] and Supply Chain Management.[61]

Software as a service

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Since 2012, the company has transitioned the business from being an on-premises software provider to a software as a service business.,[62] including its enterprise resource planning software.[63] This has enabled clients to integrate[64] 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.[43] The company has a mass production mindset,[65] producing software that can scale globally to maximize efficiency.[66]

TechnologyOne products are used by more than 1,200 organisations in Australia and New Zealand. The company also has customers in the United Kingdom.[67] By 2018, more than 30 per cent of TechnologyOne customers had transitioned to the company’s SaaS platform.[68]

Acquisitions

[edit]
 TechnologyOne 

Company founded in 1987

Tablelands Computer Systems[14]
January 2000

ProClaim Software Pty Ltd[69]
A$10.6 million
6 December 2000

Infoplan[14]
March 2002

Avand Pty Ltd[5]
A$10 million
1 October 2007

Outcome Manager[70]
A$1 million
1 August 2008

ICON Software[71]
A$10 million
30 January 2015

Digital Mapping Solutions[72]
A$12 million
8 May 2015

Jeff Roorda & Associates[73]
A$10 million
2 October 2015

References

[edit]
  1. ^ "Office Locations". TechnologyOne.
  2. ^ "Services". TechnologyOne.
  3. ^ a b c d "FY20 Annual Report" (PDF).
  4. ^ a b c "FY21 Annual Report" (PDF). pp. 6–13.
  5. ^ a b Bingemann, Mitchell (12 October 2007). "TechnologyOne acquires Avand for $10 million". iTnews. ITWire.
  6. ^ "How this man built a $250 million IT company". Business News Australia. 28 January 2011.
  7. ^ a b Redrup, Yolanda (7 April 2017). "TechnologyOne CEO Adrian Di Marco steps down after 30 years". Financial Review.
  8. ^ a b c Bryant, Gale (20 July 1998). "'Technological cringe' leaves industry at a loss, says IT boss". Australian Financial Review.
  9. ^ Jenkin, Michael (19 July 2018). "TechOne gets $2 million software renewal with Department of Prime Minister and Cabinet". CRN Australia. Retrieved 3 February 2022.
  10. ^ a b c Redrup, Yolanda (28 March 2017). "TechnologyOne CEO Adrian Di Marco steps down after 30 years". Australian Financial Review. Retrieved 2 February 2022.
  11. ^ Brooks, Steve (14 October 2021). "A conversation with Technology One". Enterprise Times. Retrieved 3 February 2022.
  12. ^ Riley, James (1 March 2016). "Di Marco's seven year renewal cycle". InnovationAus. Retrieved 3 February 2022.
  13. ^ Connors, Emma (10 November 2006). "Reboot". The Australian Financial Review.
  14. ^ a b c "TechnologyOne Book 2017". Issuu. 7 January 2018.
  15. ^ O'Neill, Rob (19 November 2019). "TechOne surges in New Zealand as SaaS drives sales overall". Reseller News.
  16. ^ Pullar-Strecker, Tom (17 March 2010). "Criticism grows over $43m Housing NZ project". The Dominion Post. Stuff. Retrieved 2 February 2022.
  17. ^ Hellaby, David (14 September 1999). "Buyers wary of costly top-end players". The Australian.
  18. ^ Pennington, Sylvia (10 November 1998). "Technology One wins uni deals". The Australian.
  19. ^ Hellaby, David (16 November 1999). "Tech One goes south". The Australian.
  20. ^ a b Johnston, Matt (17 August 2020). "Australian Catholic University expands its use of TechnologyOne". iTnews. Retrieved 3 February 2022.
  21. ^ "La Trobe moves student management to the cloud". iTnews. 24 June 2016. Retrieved 3 February 2022.
  22. ^ Guan, Lilia (27 March 2019). "Curtin University cuts new three-year cloud deal with TechOne". CIO. Retrieved 3 February 2022.
  23. ^ "TechnologyOne Limited details". Archived from the original on 4 March 2016.
  24. ^ Tuner, Sarah; Richardson, Tom (24 April 2020). "Hyperion leads the Mercer long-only pack". Australian Financial Review.
  25. ^ a b Swan, David (25 November 2014). "TechnologyOne posts record profit". The Australian.
  26. ^ Philipson, Graeme (20 September 2005). "Beautiful one day, leading the software field the next". The Age.
  27. ^ Woodhead, Ben (28 February 2006). "Profit paves the road for UK push". Australian Financial Review.
  28. ^ Woodhead, Ben (28 February 2006). "Profit paves the road for UK push". Australian Financial Review.
  29. ^ Mills, Kelly (14 March 2006). "TechOne sets up shop in Britain". The Australian.
  30. ^ Brooks, Steve (24 November 2020). "TechnologyOne targets UK market for expansion after 2020 growth". Enterprise Times. Retrieved 2 February 2022.
  31. ^ Ho, Colin (15 November 2010). "TechnologyOne announces cloud strategy". ZDNet. Retrieved 3 February 2022.
  32. ^ Lohman, Tim (23 May 2011). "R&D central to TechnologyOne's Cloud transition". Computerworld.
  33. ^ Boreham, Tim (7 May 2012). "Feet firmly on ground while eyeing the cloud". The Australian.
  34. ^ Boreham, Tim (28 May 2014). "Head in the clouds, but there's lots of blue sky". The Australian.
  35. ^ Redrup, Yolanda (19 November 2018). "TechnologyOne hits nine years of record profits". Australian Financial Review. Retrieved 3 February 2022.
  36. ^ a b Kitney, Damon (27 April 2019). "Learning the 'Fosbury flop' taught boss to aim higher". The Australian. Retrieved 2 February 2022.
  37. ^ "The ASX's largest software company Technology One Limited nears 52-week high". Fool.com.
  38. ^ "ECM takes centre stage at TechnologyOne Evolve | IDM Magazine". Information & Data Manager. 27 February 2009. Retrieved 3 February 2022.
  39. ^ Barker, Sara (19 October 2016). "TechnologyOne's Evolve 2016 conference brings the silver lining to enterprise cloud". IT Brief Australia. Retrieved 3 February 2022.
  40. ^ Redrup, Yolanda (18 January 2016). "TechnologyOne CEO Adrian Di Marco prepares to pass the baton". The Sydney Morning Herald.
  41. ^ McLean, Asha (7 April 2017). "TechnologyOne CEO and founder hands reins to current COO | ZDNet". ZDNet.
  42. ^ "TechnologyOne cloud captures $2.5M profit". Arnnet.com.
  43. ^ a b Foye, Brendon (20 November 2018). "TechnologyOne scrapes $300 million milestone thanks to SaaS platform". CRN. Australia. Retrieved 8 July 2019.
  44. ^ Kitney, Damon (16 December 2019). "Technology boards 'must balance risk and creativity'". The Australian. Retrieved 3 February 2022.
  45. ^ Chanthadavong, Aimee (23 November 2020). "TechnologyOne delivers profit of nearly AU$63m as SaaS customers crack 500 mark". ZDNet. Retrieved 3 February 2022.
  46. ^ Chanthadavong, Aimee (16 November 2015). "TechnologyOne inks AU$5.8 million deal with Department of Treasury". ZDNet.
  47. ^ Swan, David (19 May 2020). "TechnologyOne still on growth path". The Australian. Retrieved 4 February 2022.
  48. ^ Sharma, Krishan (26 July 2010). "TechnologyOne launches $12m Brisbane headquarters". CRN Australia. Retrieved 4 February 2022.
  49. ^ Mezrani, Leanne (3 April 2008). "TechnologyOne recruits overseas staff, skills shortage blamed". CRN Australia. Retrieved 4 February 2022.
  50. ^ a b Redrup, Yolanda (6 June 2019). "TechnologyOne reveals its new app arsenal". Australian Financial Review. Retrieved 4 February 2022.
  51. ^ Arboleda, Nico (25 May 2021). "FedGov wins buoy TechnologyOne's record half". CRN Australia. Retrieved 4 February 2022.
  52. ^ Bajkowski, Julian (17 October 2010). "TechOne thinks outside box". Australian Financial Review. Retrieved 4 February 2022.
  53. ^ Say, Mark (3 September 2020). "Warwick Council signs TechnologyOne for finance SaaS". UKAuthority. Retrieved 4 February 2022.
  54. ^ Jenkin, Michael (15 January 2017). "TechnologyOne wins $12m contract to overhaul TAFEWA student portal". CRN Australia. Retrieved 4 February 2022.
  55. ^ Talevski, Julia (31 July 2013). "TechnologyOne scores 21 Western Australia Government deals". ARN. Retrieved 4 February 2022.
  56. ^ Chanthadavong, Aimee (15 November 2015). "TechnologyOne inks AU$5.8 million deal with Department of Treasury". ZDNet. Retrieved 4 February 2022.
  57. ^ Barbaschow, Asha (8 September 2016). "TechnologyOne signs AU$6.2m deal with Agriculture". ZDNet. Retrieved 4 February 2022.
  58. ^ "Queensland Rugby League invests in TechnologyOne SaaS solution". Technology Decisions. 16 September 2021. Retrieved 4 February 2022.
  59. ^ Jenkin, Michael (19 July 2018). "TechOne gets $2 million software renewal with Department of Prime Minister and Cabinet". CRN Australia. Retrieved 4 February 2022.
  60. ^ "TechnologyOne ECM goes live". IDM Magazine. Retrieved 4 February 2022.
  61. ^ "Western Australia's Curtin University bolsters SaaS solution with TechnologyOne". iTWire. 18 May 2020. Retrieved 4 February 2022.
  62. ^ Herrick, Chloe (22 February 2012). "Evolve 2012: TechnologyOne invests $200m in new Cloud platform". CIO from IDG. Retrieved 8 July 2019.
  63. ^ Barbaschow, Asha (18 November 2019). "TechnologyOne profit steady at AU$58.5m as SaaS customers reach 435". ZDNet. Retrieved 3 February 2022.
  64. ^ "TechnologyOne rips out Vic council legacy enterprise system". ARN. Retrieved 6 June 2020.
  65. ^ Adhikari, Supratim (18 October 2016). "TechOne clears the cloud with message of simplicity". The Australian. Retrieved 3 February 2022.
  66. ^ Durie, John (9 August 2019). "Perseverance the key to success". The Australian.
  67. ^ Williams, Shannon (20 June 2019). "TechnologyOne launches STEAM Lab pilot launch in Queensland". IT Brief. Australia. Retrieved 8 July 2019.
  68. ^ Thomson, James (25 November 2018). "Cloud shift helps Technology One float above tech damage". Australian Financial Review. Retrieved 8 July 2019.
  69. ^ Swan, Georgina. "Technology One ProClaims acquisition ambitions". Computerworld. Retrieved 14 June 2016.
  70. ^ Sainsbury, Matthew. "Technology One acquires Brisbane ISV". ARN. Retrieved 12 August 2008.
  71. ^ Dinham, Peter. "TechnologyOne buying ICON Software in $10 million deal". iTWire. Retrieved 30 January 2015.
  72. ^ Redrup, Yolanda. "TechnologyOne acquires Digital Mapping Solutions for $12m". Financial Review. Retrieved 8 May 2015.
  73. ^ Redrup, Yolanda. "TechnologyOne acquires Jeff Roorda and Associates for $10 million". Financial Review. Retrieved 2 October 2015.
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