TechnologyOne announces $46 million R&D investment in 2016
TechnologyOne (ASX:TNE) has demonstrated why it is one of Australia’s most successful publicly listed companies, investing some $46 million in its research and development program this year.
The investment equated to almost 20 per cent of revenue, making TechnologyOne the largest Australian investor in enterprise software.
“It is critical that R&D is at the heart of a company’s strategy, especially for those in the technology industry,” said TechnologyOne’s Executive Chairman Adrian Di Marco.
“That’s why we continually invest 20 per cent of revenue in R&D each year, way above market average - almost double our competitors.
“We are the largest Australian-owned R&D centre for enterprise software, with a dedicated team of more than 300 developers. We continue to produce leading-edge technology and provide our customers with a long term, secure and valuable partnership.
“The success of our cloud first, mobile first strategy has been because we have invested this in the right place, and are focused on driving our technology forward. We have built our software for mobile from the ground up, providing the full functionality on all devices, with no shortcuts.
“Only through our investment in R&D have we been able to grow into the highly successful $1.75 billion market cap, ASX-200 listed company we are today.”
Mr Di Marco said key to TechnologyOne's success has been its investment in fostering a culture of innovation and creativity. This has included investment in Village Green collaborative spaces and the establishment of company-wide Hack Days. The aim of Hack Days is to allow employees to invest one day each quarter, to work on innovative projects that push the normal boundaries.
“Our investment in our Village Green creative spaces has enabled us to better engage with our regional offices and drive this culture of innovation across the business, with the spaces including state-of-the-art interconnected audio visual equipment. Four of our offices are now equipped with Village Green areas, with another two currently planned for FY 2017,” Mr Di Marco said.
“We have always prided ourselves on developing incredibly simple software solutions that empower our customers. This is where innovation and creativity amongst our R&D teams is key.
“We create software that sets us apart from the rest, and our developers are leaders in this regard. They challenge conventional thinking and go beyond the traditional realms of development methodology.
“Some of the innovations that have come out of Hack Day have truly transformed the way we operate and have made our customers lives simpler.”
The company also continued to invest in young talent, sponsoring a number of industry STEM programs and bolstering its award-winning graduate and intern program.
“As one of Australia’s leading software companies, we are committed to actively fostering a diverse and vibrant ICT industry. We want to create opportunities around this exciting time in Australia’s economy and ensure we are engaging early with Australia’s youngest and brightest minds in STEM,” Mr Di Marco said.
“As part of this commitment, we sponsor the QUT Dean’s Scholars Program and UQ’s Prentice Scholars Program, with many of these students feeding directly into our internship program.
“We have also partnered with the Australian Computer Society (ACS) Foundation to sponsor the national BiG Day In™ series, as well as the Tech Girls Movement.”
Mr Di Marco said the company remains committed to a continuous cycle of redeveloping its products from the ground up every seven years, leaving no line of code untouched.
“This opens our mind to new ideas, concepts and technologies and ensures we are not limited by the past,” he said.
“Our scale in R&D is now allowing us to do more, and will underpin profit growth over the next ten years. It is providing us significant synergies and scale, enabling us to continue to pursue our ambitious world class R&D agenda.”
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TechnologyOne (ASX:TNE) is Australia's largest enterprise software company and one of Australia's top 200 ASX-listed companies, with offices across six countries. We create solutions that transform business and make life simple for our customers. We do this by providing powerful, deeply integrated enterprise software that is incredibly easy to use. Over 1,000 leading corporations, government departments and statutory authorities are powered by our software.
We participate in only eight key markets: government, local government, financial services, education, health and community services, asset intensive industries, project intensive industries and corporates. For these markets we develop, market, sell, implement, support and run our preconfigured solutions, which reduce time, cost and risk for our customers.
For 29 years, we have been providing our customers enterprise software that evolves and adapts to new and emerging technologies, allowing them to focus on their business and not technology. Today, our software is available on the TechnologyOne Cloud and across smart mobile devices.