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.[3] DiMarco approached investors John and Dugald Mactaggart of J.L. Mactaggart Industries, a former customer, for financial backing.[4]
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.[7] The company also expanded in New Zealand.[8]
TechnologyOne was listed on the Australian Securities Exchange in 1999.[9] 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.[10]
In 2005, TechnologyOne shifted focus from functionality-centric software to people-centric software.[11] In 2006, it expanded in UK with its first office in Maidenhead.[12]
In November 2010, TechnologyOne announced it would make its software available on the cloud.[13] The company invested heavily in research and development to transition its software functionalities into the cloud,[14][15] spending $150 million to develop its software-as-a-service cloud products.[16] It also released Ci Anywhere,[17] a version of its Connected Intelligence product hosted in the cloud and available from any desktop or mobile device.[18]
In May 2017 Di Marco stepped down as CEO and COO, Edward Chung, took over as CEO.[20][5][21] 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.[22]
In 2019, the company announced that it had reached $300 million of annual revenues.[23]
It also added Cliff Rosenberg, formerly managing director of LinkedIn, to its board of directors.[24] By December 2019, half of TechnologyOne's business was in the cloud;[25] From 1999 to 2019, TechnologyOne doubled in size every five years.[24]
In 2020, the company announced that half of its customers had transitioned from on-premise to SaaS[26] and that 86% of its revenue is now subscription revenue.[27] As of May 2020, the company had posted 11 years of record annual profit.[28]
In September 2021, the company made their first international acquisition by acquiring UK-based higher education software company Scientia for £12 million.[29][30]
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.[23]
TechnologyOne products are used by more than 1,200 organisations in Australia and New Zealand. The company also has customers in the United Kingdom.[33] By 2018, more than 30 per cent of TechnologyOne customers had transitioned to the company’s SaaS platform.[34]
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.[35] The company has additional international R&D facilities.[36]
As of June 2019, the company had invested more than $500 million into research and development since its inception.[37] As of 2021, research largely focuses on developing additional functionalities for TechnologyOne's software-as-a-service enterprise resource planning software.[38] It is also creating applications for artificial intelligence and developing a digital experience platform, intended to integrate front and back office applications.[39]
