Hesta selects TechnologyOne to power financial future

$60 billion industry super fund moves key finance operations to the TechnologyOne’s SaaS

BRISBANE, 10 June 2021 – HESTA, one of Australia’s largest industry superannuation funds, has selected TechnologyOne’s Software-as-a-Service (SaaS) platform to help manage key finance operations, a move it says will streamline financial reporting and create a better business partnering experience, allowing more time for member focused activities.

HESTA, which has $60 billion in funds under management, was recently lauded in Money magazine’s Best of the Best awards for 2021, winning four categories. It has more than 880,000 members, mostly drawn from the healthcare and community services sectors, and is focused on making a real difference in their financial futures.

As part of its digital transformation project, HESTA will bring key finance systems in-house, including its General Ledger increasing its direct control over its finance operations processes.

HESTA Chief Financial Officer Megan Bolton said internalising the accounting process will provide timely and efficient capture of financial reporting, integration, and real time visibility, enhancing finance business partnering model.

“Partnering with TechnologyOne will help us to drive this initiative that supports the continuous improvement of the efficiency and effectiveness of our operations. That ultimately benefits HESTA members,” she said.

Ed Chung, CEO of the Australian SaaS company TechnologyOne, said the events of 2020 have created have an appetite for change and a tipping point toward innovation.

“There are many organisations, in the financial services sector especially, for whom the application of modern, natively-integrated SaaS based technologies can offer increase productivity, improve resilience and deliver stronger cybersecurity.

“Many organisations like HESTA are taking the opportunity to ‘build back better’ and we are proud to be working with one of the country’s most well-respected super funds on this important digital transformation journey,” Mr Chung said.

As part of the project, which is expected to be completed late 2021, TechnologyOne will also migrate HESTA’s finance and enterprise budgeting.

Media contact
Amity Sturwohld
Public Relations & Investor Relations Manager
0439 646 389

About TechnologyOne

TechnologyOne (ASX: TNE) is Australia’s largest enterprise software company and one of Australia’s top 150 ASX-listed companies, with locations across six countries. We provide a global SaaS ERP solution that transforms business and makes life simple for our customers. Our deeply integrated enterprise SaaS solution is available on any device, anywhere and any time and is incredibly easy to use. Over 1,200 leading corporations, government agencies, local councils and universities are powered by our software.

Publish date

10 Jun 2021

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