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Wednesday 24 November 2021

SaaS ERP drives TechnologyOne growth

TechnologyOne logoASX-listed ERP provider TechnologyOne has announced its results for the year ended 30 September 2021.

Total revenue was up 4% to A$312.0m (2020: A$299.0m) with revenue from its SaaS and continuing business up 9% to A$293.6m (2020: A$269.8m). Growth was driven by its SaaS ERP business, with SaaS annual recurring revenue (ARR) up 43% to A$192.3m (2020: A$134.6m). This growth was all organic. Profit before tax was up 19% to A$97.8m (2020: A$82.5m).

The company continues to make significant investment in the UK and it appears to be paying off. UK ARR was up 20% to A$9m, which represents approximately 3.5% of its total ARR for the year. UK profit was A$1.6m compare to A$0.1m in the previous year. The company closed eight new logos in the country, seven of which were from local government. This included moving up from its core district council base to closing two unitary council deals. The company secured one higher education contract during the year, but has significantly bolstered its proposition in this market with the recent acquisition of Scientia.

The company has also announced it has appointed Leo Hanna as its new UK Executive Vice President. He brings more than 20 years of experience in technology and SaaS firms, most recently as Executive Vice President International for Corporate Visions, where he oversaw customers and operations in both EMEA and APAC. Prior to that, Hanna held senior positions at Saba, Oracle, Symantec and Microsoft.

TechnologyOne sees great potential in the UK over the next few years and is investing accordingly. It has expanded its position in local government, including securing its first council in Wales, its first unitary authority, and extending its reach in Northern Ireland, and the Scientia deal provides a strong platform for growth in UK higher education to build upon its recent Bath Spa University deal.

Posted by: Dale Peters at 08:43

Tags: results   erp   saas   appointment   local+government   higher+education  

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