TechnologyOne enters S&P/ASX 200 Index and hits $1 billion market capitalisation
TechnologyOne Limited (ASX:TNE) has welcomed its introduction to the S&P/ASX 200 Index. The enterprise software provider began officially trading as part of the S&P/ASX 200 Index on close of trading 19 September 2014.
TechnologyOne has recorded strong performance on the ASX this year, with its share price soaring 69 per cent year-on-year to reach a high this month of $3.41. The company also recently recorded $1 billion market capitalisation.
Executive Chairman Adrian Di Marco said TechnologyOne's index inclusion in the S&P/ASX 200 Index firmly positions the company as Australia's largest publicly listed software provider.
"This growth is testament to the passion and commitment of the entire organisation, and our close collaboration with our customers. It is a recognition of our achievements to date and vision going forward," Mr Di Marco said.
"It is an exciting time for the company as we roll out TechnologyOne Cloud and Ci Anywhere, continuing our momentum towards a cloud first, mobile first world.
"Our R&D program is at the leading edge of our industry, as we embrace new technologies, new concepts and new paradigms, such as the cloud and smart mobile devices. Our strategy is to embrace new innovations and consumer concepts to deliver powerful enterprise software that is incredibly simple to use. The level of innovation and creativity is greater than at any time in our company's 26-year history."
TechnologyOne recorded its tenth year of record profit for the 2013 financial year ending 30 September 2013. TechnologyOne's strong customer retention and satisfaction rates also saw recurring Annual Licence Fees grow by 14 per cent.
"Amid the many reports of failed, multi-million dollar ERP implementations, TechnologyOne continues to successfully deliver its projects and achieve strong growth in our seven key vertical markets in Australia and New Zealand," Mr Di Marco said.