After nearly four decades of homegrown innovation, Brisbane-based software company TechnologyOne has cemented its position among Australia's corporate elite by joining the prestigious ASX 50 index.
From Humble Beginnings to Corporate Heavyweight
Founded in 1987 by technology entrepreneur Adrian Di Marco, the company began as a Brisbane start-up focused on developing financial-management software for businesses and government agencies. Its first product, FinanceOne, launched in 1991 during a pivotal shift in the global software industry toward relational databases.
The company expanded steadily over the years, competing directly with global giants like SAP and Oracle while acquiring complementary companies and establishing offices across Asia, New Zealand and the UK.
Since listing on the ASX in 1999, TechnologyOne has achieved remarkable growth, with revenue and profitability doubling approximately every five years. This consistent performance has established the company as one of Australia's largest enterprise-software providers and a world leader in the higher-education market.
The Power of Vertical Integration
Executive vice-president of consulting services David Cope attributes the company's success to market focus, discipline and a strong belief in Australian innovation. "We know the industries that we play in, and we specialise heavily in those," he said.
TechnologyOne's integrated business model, known internally as the Power of One, enables the company to design, build, sell and support all its own software. This vertical integration allows for faster product innovation and stronger customer relationships according to company executives.
The company recently achieved its $500 million annual recurring revenue target 18 months ahead of schedule and has now set its sights on reaching $1 billion by 2030. "Our ambition is to double in size every five years," Mr Cope confirmed.
Call for Australian R&D Reform
TechnologyOne chief executive Edward Chung has issued a strong call for reform in Australia's research and development landscape, urging a "grand bargain" between academics, researchers, governments and the business community.
Chung criticized past business community responses to R&D policy reform as "rent-seeking" and highlighted concerning statistics: Business Expenditure in R&D in Australia has fallen from 1.37% of GDP in 2010 to 0.88% today, while OECD peers have grown investment to an average of 1.99%.
"At TechnologyOne, we have spent almost four decades investing heavily in R&D. And we make that investment in Australia," Chung stated. "We don't do this to chase grants and subsidies. We do it because that's how we beat global software companies."
The company's remarkable journey from Brisbane start-up to ASX 50 member demonstrates how bold ideas, built and backed by local ownership, can achieve global success while maintaining their Australian roots.
