Queensland-headquartered software provider TechnologyOne's has claimed that last year's $41 million investment in research and development programs qualified it as "Australia’s largest software R&D company".
The company, which has been putting money into product development and hiring local talent, invested 19 percent of total revenue into R&D. It expects the investments to yield positive results in the future.
This R&D investment by TechnologyOne makes it top of the range as it superceeds the industry average of 12 percent.
TechnologyOne’s executive chairman, Adrian Di Marco, said: “If companies want to remain competitive, R&D should be at the heart of their strategy, especially for those in the technology industry.
“We use our R&D spend to invest in product development and this benefits our customers through the ongoing evolution of our solutions and enables them to keep pace with technology. Over the next 18 months, we will focus our R&D efforts to bring all our remaining products onto our new powerful Ci Anywhere platform,” said Di Marco.
Di Marco also said that by investing into R&D, the company could hire more new local talent.
“Many would say investing in local talent is difficult and costly, however, TechnologyOne employs over 1,000 staff, 900 of which are located in Australia. We employ people who challenge conventional thinking and empower them to make a difference at TechnologyOne and in our customer’s businesses,” Di Marco said.
TechnologyOne is a top 200 ASX-listed and enterprise software company with offices across six countries. Last year, the company’s net profit grew from $30.9 million to $35.7 million which was an increase of 16 percent.