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On 27 February 2019, Technology One Limited (ASX:TNE), a company from the Information Technology sector and engaged in software sales, services and R&D, announced the appointment of Mr Clifford Rosenberg as an independent, Non-Executive Director.
Mr Adrian Di Marco, who is the Executive Chairman of Technology One stated that the company has earlier discussed the renewal process of the board and also about the plans to increase the size of the board by adding four new independent directors by 2019. In 2016, the company added Dr Jane Andrews as the independent director. In 2018, Ms Sharon Doyle joined the board as an independent director and on 27 February 2019, Mr Clifford Rosenberg has joined the board as the third independent director. [optin-monster-shortcode id="swikrbu1d9j9aq0o4cko"]
Mr Clifford Rosenberg has extensive experience in leading innovation and change. He had played the executive and directorial roles in ASX listed companies in the fields of technology and online media. He was the former Managing Director of LinkedIn for Australia, New Zealand and South-East Asia. While he was associated with LinkedIn Australia from 2009 to 2017, there was an increase in the number of members from 1 million to 8 million. Earlier, he was also the managing director of Yahoo! Australia and New Zealand. He was also the founder of iTouch Australia NZ, and under his leadership, the Australian office became one of the largest mobile content and application providers in Australia.
On being appointed as an independent, Non-Executive Director, Mr Clifford Rosenberg stated that it is an exceptional opportunity for him where he can offer his contribution to an iconic ASX-listed SaaS company, TechnologyOne. TechnologyOne comes under ASX200 with the valuation of above $2.3 billion while rapidly scaling its global SaaS business. Mr Clifford Rosenberg is excited to be a part of the TechnologyOne Board and is looking forward to work with Mr Di Marco along and the team to contribute to the sustained growth of the company.
On 26 February 2019, in the annual general meeting, the chairman Adrian Di Marco highlighted about the renewal of the board, and its plans to increase the size of the board with the addition of four new independent Directors by 2019.
The AGM also covered the results of the full year for the period ended 30 September 2018. During the period, there was an increase in the total annual recurring revenue by 22% which stood at 169 million. The NPAT during the period was 15%. Its net profit margin improved to 22%. The annual license increased by 16%. Through SaaS platform, the company made a profit of $7 million which was up by 175%. The company expects an annual recurring SaaS platform fee to reach $143 million by FY2022. Over the last six years, the compounded growth in NPAT was noted AS 14% per annum.
Outlook:
The company expects that year 2019 will deliver healthy growth. The enterprise software market continues to be robust and will be driven by TechnologyOneâs enterprise SaaS solution. In last five years, the company has positioned itself well and its aiming toward doubling its size every four-five years through future growth in the customer base. They will continue its growth in the APAC as well as the UK region.
Stock performance
In the last six months, the stock has generated a return of 36.07%. By the end of the trading session on 27 February 2019, the closing price of TNE was A$ 7.400. The company has a market capitalization of A$2.35 billion with approximately 317.12 million outstanding shares and a PE ratio of 45.910x.
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