TechnologyOne
# TechnologyOne

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. It is listed on the Australian Securities Exchange with the symbol TNE and is a constituent of the ASX 200 index.

## 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. DiMarco approached investors John and Dugald Mactaggart of J.L. Mactaggart Industries, a former customer, for financial backing.

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. In the early 1990s, TechnologyOne built the Automated Titling System (ATS) for the Queensland Department of Natural Resource and Mines.

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. The company also expanded in New Zealand.

TechnologyOne was listed on the Australian Securities Exchange in 1999. 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.

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

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

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

In May 2017 Di Marco stepped down as CEO and COO, Edward Chung, took over as CEO. 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.

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

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

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

## 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. This has enabled clients to integrate 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.

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

## 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. The company has additional international R&D facilities.

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

## List of mergers and acquisitions

TechnologyOne was founded in 1987.

| Number | Acquisition date | Company | Business | Country | Price |
| - | - | - | - | - | - |
| 1 | January 2000 | Tablelands Computer Systems | | Australia | — |
| 2 | December 6, 2001 | ProClaim Software Pty Ltd | Claims Management | Australia | A$10.6 million |
| 3 | March 2002 | Infoplan | | Australia | — |
| 4 | October 1, 2007 | Avand Pty Ltd | Enterprise Content Management (ECM) | Australia | A$10 million |
| 5 | August 1, 2008 | Outcome Manager | Business Performance Management (CPM) | Australia | A$1 million |
| 6 | January 30, 2015 | ICON Software | Enterprise Resource Planning (ERP) | Australia | A$10 million |
| 7 | May 8, 2015 | Digital Mapping Solutions | Geographic Information System | Australia | A$12 million |
| 8 | September 3, 2015 | Jeff Roorda & Associates | Asset Management | Australia | A$10 million |
| 9 | October 2, 2021 | Scientia | Education | United Kingdom | £12 million |
