TechnologyOne Boosts Profits By 15pc, Targets Universities, Boards
“The move from on-premise software to software as a service for our customers has been seamless. We can move in weeks, not years, unlike some of our competitors like SAP or Oracle, ”he said.
A point of distinction is that all TechnologyOne software can also be run on mobile as well as desktop.
Mr Chung said the company’s revenue growth strategy is to expand into Australia, the UK and, in a few years, the US. In the UK, the software publisher only targets universities and local governments.
Mr Chung said that over the next year TechnologyOne will spend around 10-15% of its future revenue, researchers and developers will focus on automating business processes, scaling its platform -Software as a service, digital experiences for students and taxpayers, and security.
The company announced a final dividend of 10.09 per share, or a total dividend of 13.91 per share for the year.
TechnologyOne is involved in an ongoing legal case with former state manager Behnam Roohizadegan, who worked at the company from 2006 to 2016 and sued his former employer, claiming he was unlawfully dismissed and victimized by ‘intimidation to the point that he couldn’t work again.
While the company was originally ordered to pay Mr. Roohizadegan $ 5.2 million, it got a new appeal in August and the bill for damages was overturned.
Mr Roohizadegan said he would seek leave to challenge this decision in the High Court before any new trial begins.
The stock, which trades as TNE, fell 3% to $ 12.53 after Tuesday’s results.