PrimeQ has revealed plans to build a cloud campus in South Australia, with the start-up set to create 72 new jobs as part of a major investment across the state.
Designed to drive cloud research and development, the Adelaide-based software provider will establish an Innovation Centre, 24/7 Technology Support Hub and Graduate Program, generating new roles within the next three years as a result.
PrimeQ’s investment will be supported by a $500,000 grant from the South Australian Government via Investment Attraction South Australia, and is designed to increase access to cloud technology expertise locally.
“PrimeQ’s three projects will spark major growth in cloud services across Australia and New Zealand (A/NZ),” PrimeQ CEO Andrew McAdams said.
The move comes as end-user appetite for cloud computing increases across all aspects of the market, with 80 per cent of worldwide IT budgets expected to be spent on cloud services by 2025.
“PrimeQ’s Innovation Centre will build intellectual property capability within this state, placing South Australia leagues ahead in the innovation layer of cloud technology,” McAdams explained.
Meanwhile, McAdams said the 24/7 Technology Support Hub will allow the company to expand the provision of skilled professional support, maintaining such services in South Australia rather than sending them offshore.
“Our Graduate Program will see us work closely with South Australian universities and TAFEs to nurture new skills and expertise in the rapidly evolving cloud environment,” he added.
“Our investment firmly positions PrimeQ, from our South Australian headquarters, as the leading provider of cloud services across A/NZ.”
Following launch plans, the South Australian Centre for Economic Studies has calculated that the value of the project’s GSP in its first 10 years would be $69.2 million.
“PrimeQ has seen impressive growth in a short period and is to be commended on its commitment to keep growing this innovative business here in South Australia,” Minister for Investment and Trade Martin Hamilton-Smith added.
Looking forward, Hamilton-Smith said the new jobs created will require highly technical and in-demand skills.
“It’s IT graduates program is particularly exciting, as it represents a rare pathway for students to advance to senior ranks in highly skilled careers here in Adelaide,” he added.
“A third of the new 72 jobs will go to IT graduates. The skills and technical capabilities which will be created and fostered under the PrimeQ expansion represent high transformational value and potential to South Australia.”
During the past 18 months, Investment Attraction South Australia has attracted around a $1 billion in new investment in projects, including Boeing, Inghams and Babcock, and more than 5200 jobs.
“PrimeQ commends the State Government for its commitment to jobs growth in South Australia,” PrimeQ chair Jane Yuile said.
“PrimeQ is proud of our South Australian base from which we are building the cloud IT sector nationally through the creation of jobs, R&D capability and skilled technological expertise.”
Founded in 2016, PrimeQ focuses solely on Oracle Cloud business solutions and services across A/NZ.
During its first 12 months of operations, the start-up has generated multi-million revenue and grown to 86 staff with offices on both sides of the Tasman, with strong roots and headquarters in South Australia.
Specifically, PrimeQ sells, implements and supports Oracle enterprise software via the cloud, with customers including Pacific Brands, Australian Vintage, Parliament of Victoria, Fulton Hogan and the Queensland University of Technology.
As reported by ARN, the company, which anticipates a listing price of $0.50 per share, also expects to list on the ASX by early 2018, in an initial public offering (IPO) that is likely to value the Australian-based business at around $50 million.