After nearly four decades of homegrown innovation, Brisbane-based software company TechnologyOne has cemented its position among Australia's corporate elite by joining the prestigious ASX 50 index.
From Brisbane Startup to Corporate Heavyweight
Founded in 1987 by technology entrepreneur Adrian Di Marco, TechnologyOne began as a modest Brisbane startup focused on developing financial-management software for businesses and government agencies. The company launched its first product, FinanceOne, in 1991 during a pivotal moment when the global software industry was shifting toward relational databases.
The company officially entered the ASX 50 on September 8, 2025, joining established Australian corporate giants including BHP, Qantas and the Commonwealth Bank. This milestone comes after the company floated on the ASX in 1999 and has since seen its revenue and profitability double roughly every five years.
The Power of Vertical Integration
Executive vice-president of consulting services David Cope attributes the company's success to market focus, discipline and a strong belief in Australian innovation. "We know the industries that we play in, and we specialise heavily in those," Mr Cope said.
TechnologyOne's integrated business model, known internally as the Power of One, enables the company to design, build, sell and support all its own software. This vertical integration allows for faster product innovation and stronger customer relationships according to company executives.
"We've continued to invest in having tech as the solution moving forward," Mr Cope explained. "There's got to be a way that we can simplify this, automate this, transform this through technology."
Ambitious Growth Targets and R&D Advocacy
After doubling its revenue in the past five years, TechnologyOne hit its $500 million annual recurring revenue target 18 months ahead of schedule. The company, now valued at $13 billion, has set its sights on reaching $1 billion in revenue by 2030.
"Our ambition is to double in size every five years," Mr Cope revealed. "When I joined in November 2020, we were proudly an ASX 200 company. In March 2023, we became an ASX 100 company, and only a few months ago, we became an ASX 50 company."
Chief executive Edward Chung has used the company's success to call for greater collaboration between academics, researchers, governments and the business community to boost Australia's research and development performance. He criticised some businesses for treating the R&D Tax Incentive as an entitlement rather than an incentive to invest.
Australia's Business Expenditure in R&D has fallen from 1.37% of GDP in 2010 to 0.88% today, while OECD peers have grown investment to an average of 1.99% across the group of nations.
"At TechnologyOne, we have spent almost four decades investing heavily in R&D," Mr Chung said. "We don't do this to chase grants and subsidies. We do it because that's how we beat global software companies."
The company has expanded steadily over the years, rivalling global players such as SAP and Oracle, while acquiring complementary companies and opening offices across Asia, New Zealand and the UK. TechnologyOne has become one of Australia's largest enterprise-software providers and a world leader in the higher-education market.
From its humble beginnings as a Brisbane startup to its current position among Australia's blue-chip corporate giants, TechnologyOne's rise demonstrates how bold ideas built and backed by local ownership can achieve global success.
