With a market valuation of $15 million, 13 major contract wins and a workforce racing towards the 200 mark, PrimeQ is no ordinary start-up.
Built in Adelaide, the born-in-the-cloud provider is hurtling towards a mid-2017 listing on the Australian Stock Exchange, on the back of achieving forecasted first year revenue of $10 million.
Yet this intriguing Oracle-focused partner has only existed since April, barely six months old yet effortlessly sweeping up market share.
“We started the business with a view to have a deep services annuity company and we all saw an opportunity around Oracle Cloud,” PrimeQ CEO, Andrew McAdams, said.
“We’ve chosen to partner with Oracle because of its position as one of the largest application and technology companies in the world and its leadership in the adoption of cloud-based solutions.”
Operating as channel specialists, McAdams said PrimeQ focuses on providing Oracle Cloud applications, technology and managed services solutions for customers across Australia and New Zealand.
Created in unison with fellow co-founders Chris Downie (CTO); Mike Luyckx (COO); Simon Cohen (CFO) and Andrew Treloar (Director Cloud Annuity), the South Australian-based company focuses solely on Oracle Cloud business solutions and services.
Born following a dramatic shift in enterprise IT spend, PrimeQ was initially funded through a combination of private and offshore investment, with more than half of its employees investing into the business.
Since more than doubling in value since its $6 million price tag in April, McAdams leads a company capable of flipping the cloud market upside down, such is its appetite for acquiring major customers, customers ranging from the $200 million to $1 billion mark.
“There’s a move from IT spend on infrastructure to what we call, the ‘innovation layer’,” he explained. “As partners, I think we have gotten ahead of that curve slightly.”
McAdams said PrimeQ’s highly skilled consultants have years of experience in designing, delivering and supporting large-scale on-premise solutions based on JD Edwards EnterpriseOne and Oracle E-Business Suite applications.
Yet PrimeQ doesn’t own what it sells, adopting a similar market approach to tech disruptors Airbnb and Uber.
“We could see that money would be in applications, which is where you can make a difference to businesses,” McAdams added.
“Oracle applications across transportation management, supply chain and logistics are set to play out strongly in the year ahead.”
With a healthy line-up of customers, the Oracle Platinum Partner works with Parliament of Victoria, Australian Container Freight Services, Queensland University of Technology, Home Repair, Fulton Hogan and Australian Vintage to name a few.
“We have had some big brands sign with us, so we just have to remember to keep our feet on the ground and keep the organisation concentrated, humble and focused,” McAdams cautioned.
“But the challenge for us is that IT companies need to remain agile which means the 200 staff mark is where we want to be. At 200, everybody knows each other, we can keep the culture and maintain a connection to the customer.”
With staff spread across all states - alongside an office operating across the Tasman in Auckland - the founding members remain duty bound to ensure PrimeQ remains quintessentially South Australian.
“We want to be an iconic Australian company, because no one else is out there doing it,” McAdams said.
“There’s a huge window of opportunity to achieve this which is why our $5 million investment round has been so strong. Most businesses have consolidated into overseas corporates but that’s not what we want to do.”
FOUNDED – 2016
HEADCOUNT – 65
KEY TECH – Cloud
KEY VENDORS – Oracle
KEY CUSTOMERS – Parliament of Victoria, Queensland University of Technology, Home Repair, Fulton Hogan and Australian Vintage
This article originally appeared in the December issue of ARN magazine - to subscribe, please click here