TechnologyOne expects revenue growth of 15% through FY24 and annual recurring revenue growth of more than AU$500 million through FY26. This expected growth is made possible by its SaaS ARR which will jump 43% to AU$192 million in 2021.
While more on-premise customers made the transition to its SaaS platform, the company’s total revenue came to AU$312, a 4% increase over the previous year. From total revenue, AU$294 million came from SaaS and continuing operations, while the rest came from the legacy licensing business. TechnologyOne stated that its SaaS’s growth was organic.
“We added approximately 100 enterprise customers this year to our Global SaaS ERP solution, and we now have 637 large scale enterprise customers, with hundreds of thousands of users, making it the largest single instance SaaS ERP offering in Australia,” the company said.
TechnologyOne also stated that it is working to end its on-premise business by 2024 as it seeks to move its remaining on-premise customers to its global ERP SaaS ERP solution, a move that will further boost the company’s growth and revenue.
For more information, read the original story in ZDNet.