TechnologyOne SaaS soars 44% and drives strong profit growth

BRISBANE: One of Australia’s largest enterprise Software as a Service (SaaS) companies, TechnologyOne announced its financial results for the year ended 30 September 2019, showing continuing strong growth with profit up 208% on the prior year statutory profit restated for AASB15, and up 50% on the prior year comparable profit, underpinned by the continuing fast growth of the TechnologyOne SaaS ERP solution.

TechnologyOne CEO, Mr Edward Chung said: “I am pleased to announce our tenth consecutive year of record profit and record Annual Recurring Revenue (ARR) for TechnologyOne.

“Our global SaaS ERP solution is transforming our customers’ business and makes life simple for them. This is resonating strongly with the market, driving our continuing strong results.

“The TechnologyOne global SaaS ERP solution is growing very fast with SaaS ARR of $102m, up 44%. This growth is all organic and includes no acquisitions. We added 88 enterprise customers this year to our global SaaS solution. We now have 435 large scale enterprise customers, with hundreds of thousands of users, making it the largest single instance SaaS ERP offering in Australia.

“Our Total Annual Recurring Revenue has now hit $202m and is set to exceed $500m in FY24.

“Our global SaaS ERP solution is delivering a compelling value proposition for our customers providing them any device, anytime access from anywhere around the globe as well as a simple and cost-effective way to run their enterprise. This is allowing our customers to innovate and meet the challenges ahead with greater agility and speed, without having to worry about underlying technologies. We take care of all of this, making life simple for them.

“This year we continued to acquire new, large enterprise customers from our competitors. 18 organisations replaced our competitors’ systems, including systems from Oracle, SAP, Microsoft, and Infor.

“TechnologyOne continued to dominate in the Local Government sector, where we closed 24 major deals with $65 million in total contract value. We have more than 300 council customers and are continuing to grow fast. In Education, we closed 13 major deals with $50m in total contract value, cementing our position as the dominant provider to the APAC education sector.

“The APAC region performed strongly with profit up 40%, underpinned by strong SaaS growth from our market leading enterprise SaaS offering. We continued to invest strongly in the UK and its result improved by 64%. “We remain excited about the significant opportunities for the coming years in both our SaaS offering and the UK market.

“We will continue to grow quickly, and like we have in the past 32 years, we expect to double in size again in the next 5 years” Mr Chung said.

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