ASX-listed application developer Technology One has announced a bumper quarter and rubbed some of its success into the faces of the many software vendors struggling to make sales in a flat market.
Technology One managing director Adrian Di Marco touted the company had signed up 15 major new clients in the last quarter of the fiscal year 2000-01, raking in over $7.5 million in product sales and services revenue.
Di Marco said these contracts were won in tenders against the likes of Oracle and Navision, proving local application developers can match it with the big boys. "There are many in the market that are struggling to find new business," he said. "While the likes of Oracle are having trouble selling applications, we are continuing to win new business."
Over the quarter Di Marco had to hire in excess of 30 new staff, opened up new offices in New Zealand and Malaysia, and generally felt the poor economic climate had little effect on the business.
Di Marco said the company should exceed last year's $9 million profit, while keeping $30 million cash in the bank and a market capitalisation in the order of $280 million.