Technology One announces expansion plans

Technology One announces expansion plans

Local software developer, Technology One, plans to significantly expand its operations this year, according to executive chairman, Adrian Di Marco. This follows an 18 per cent increase in net profit in its latest half-yearly results.

New staff - including business development managers, consultants and researchers - would be added to help the company grow mid-market share, he said. However, the sales expansion would not involve the channel.

"The market is too small here and VARs cannot afford to invest in understanding enterprise applications," Di Marco said. "If there is a problem, they don't have the resources to fix it and they actually become a hindrance to us."

Technology One sells direct in Australia, New Zealand and Asia but in the larger UK market it uses a VAR model.

The Queensland-based developer reported net profits after tax of $4.49 million on revenues of $26.31 million for the half-year to December 2004. This compared with net profits of $3.8 million and revenues of $24.5 million for the equivalent period of the preceding financial year.

Strong growth across its finance, government, student and HR products were the main revenue contributors, Di Marco said.

Operating cash flows of $5.6 million, up 32 per cent on last year, would be used to fund an acquisition strategy into new and established markets.

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