TechnologyOne drives culture of innovation with $49.9 million investment in R&D
Fostering innovation remains a top priority for TechnologyOne in 2018 (ASX:TNE), as the leading enterprise software company announced a $49.9 million investment in R&D in FY2017, along with significant investment into its company culture and employee engagement.
The R&D investment, which exceeds the market average of approximately 12 per cent and equates to 18 per cent of the company’s revenue, makes TechnologyOne one of the leading Australian investors in enterprise software.
TechnologyOne’s Chief Executive Officer, Mr Edward Chung, says the company is committed to delivering awesome products, underpinned by a market-leading investment in R&D.
“TechnologyOne has established a reputation as a leader in enterprise software. We are leaders because we disproportionately invest in R&D to set us up for future growth," Mr Chung said.
“We are committed to a continuous cycle of redeveloping our software platform from the ground up, leaving no line of code untouched. This opens our mind to new ideas, concepts and technologies and ensures we are not limited by the past.
“Over 30 years, we have completely redeveloped our software platform four times. Since the introduction of SaaS and smart mobile devices, the pace of change is accelerating and our software will continue to evolve at a market-leading pace,” Mr Chung said.
TechnologyOne has one of the largest Australian-owned R&D centres for enterprise software, employing a team of more than 400 developers. In addition to its two Australian R&D centres, the company has offshore R&D centres in Indonesia and Vietnam.
“Despite tremendous growth, we've found ways to maintain our start-up spirit and innovative work environment," said Mr Chung.
“Our state-of-the-art R&D centres are designed to foster collaboration, creativity and innovation. Our R&D investment funds employment in Australia and generates export income from key overseas markets.”
In addition to significant R&D investment, TechnologyOne also bolstered its investment in company-wide initiatives to recognise high-performing team members and nurture up-and-coming talent. These included ongoing Hack Days, internal MARVEL awards, regular Town Hall meetings across all global offices, a dedicated collaborative ‘Hackspace’ and various graduate and intern programs.
“As a nationally-recognised Employer of Choice, TechnologyOne is dedicated to providing an environment in which our talented people can be innovative, creative and realise their full potential,” he said.
“Our people are a critical source of our competitive advantage, and we commit to investing in activities that support the recruitment, retention and development of individual talent within our workforce,” Mr Chung said.
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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 1,200 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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