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TechnologyOne growth driven by SaaS engine

Press Release
Australia’s leading enterprise Software as a Service (SaaS) company, TechnologyOne (ASX:TNE), has doubled its cloud business for the third consecutive year, achieving critical mass and positioning the business for strong future growth.

2017 saw TechnologyOne add 112 new customers to the TechnologyOne Cloud, taking the number of enterprise customers using SaaS to over 270 customers. All large contract wins throughout the year were based on the TechnologyOne Cloud, as customers moved en masse to SaaS.

TechnologyOne’s Chief Executive Officer, Mr Edward Chung, said TechnologyOne was one of only a few companies globally working with cloud computing partner Amazon Web Services (AWS) that was “really pushing the limits of cloud” by delivering true SaaS.

“We're the only software provider offering an enterprise solution for the complete enterprise, delivering it for thousands of customers simultaneously,” Mr Chung said.

“The TechnologyOne SaaS solution is a single instance of software, delivered globally. It produces massive economies of scale, which unleash cost efficiencies that hosting providers cannot come close to.

“We have spent hundreds of millions of dollars optimising our software and improving the security and infrastructure,” he said.

“Through our SaaS solution, customers enjoy all the benefits of a SaaS solution, with none of the limitations. We offer an unparalleled ability to make it unique to customers, through various configuration options.

“Customers benefit from two releases of software per year, the TechnologyOne University for ‘just in time training’, and ‘defense in-depth’ security. This is all provided standard as part of our SaaS solution, and we guarantee it will be future-proof.”

TechnologyOne Annual Cloud Subscription Fees jumped 84 per cent from 2016 to $18.6 million in 2017, while Annual Contract Value (ACV) reached $27.2 million (recurring each year) up from $16 million in 2016. The company has previously said it expects the cloud business to generate ACV of $143 million of annual recurring revenue by 2022.

“The market is clearly distinguishing between older generation ‘hosted enterprise systems’, and true SaaS provided by TechnologyOne, and the proof is in our numbers,” Mr Chung said.

“We have delivered exceptional projects at breakneck speed, with several recent SaaS go lives being implemented in less than 12 weeks.

“Unlike companies such as Workday, TechnologyOne is the only SaaS provider with a fully integrated enterprise suite; a future-proof solution for customers.

“Workday has multi tenanted its customers’ data. So you rely on their security to keep your ratepayers, students, suppliers and customers’ data separate. We think that's crazy. They did it because it is simple, easy and cheap for the company,” he said.

The company invested $49.9 million this year in Research and Development to continually improve its SaaS offering, integrating new technologies, concepts and ideas - an investment that has paid off.

TechnologyOne’s SaaS solution has achieved global recognition for software innovation from the Australian Business Awards, UK Cloud Awards, SaaS Awards and AWS.

This year, the company was also independently audited and recommended to be certified for the Federal Government IRAP security standard, making it the first enterprise SaaS vendor to achieve this high level of security accreditation in Australia.

- Ends -

About TechnologyOne

TechnologyOne (ASX:TNE) is Australia's largest enterprise software company and one of Australia's top 200 ASX-listed companies, with offices across six countries. We create solutions that transform business and make life simple for our customers. We do this by providing powerful, deeply integrated enterprise software that is incredibly easy to use. Over 1,000 leading corporations, government departments and statutory authorities are powered by our software.

We participate in only eight key markets: government, local government, financial services, education, health and community services, asset intensive industries, project intensive industries and corporates. For these markets we develop, market, sell, implement, support and run our preconfigured solutions, which reduce time, cost and risk for our customers.

For 30 years, we have been providing our customers enterprise software that evolves and adapts to new and emerging technologies, allowing them to focus on their business and not technology. Today, our software is available on the TechnologyOne Cloud and across smart mobile devices.
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