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Founder of Software-as-a-Service (SaaS) giant TechnologyOne (ASX: TNE) Adrian Di Marco has announced today he will be stepping down from his role as executive chairman.
Founding the company in 1987, the entrepreneur built TechnologyOne from the ground up to become one of Australia’s largest and most successful publicly listed software companies.
He will officially depart from his role on 30 June and be succeeded by current deputy chair Pat O’Sullivan.
“Today’s announcement is the final step of a carefully planned transition, that started with the appointment of our long serving chief operating officer, Edward Chung to the role of CEO in 2017, the renewal of our Board over the last five years, and the recruitment of a very experienced deputy chair Pat O’Sullivan,” said Di Marco.
The company specialises in SaaS enterprise resource planning (ERP) for a range of sectors including government, education and health. It currently has 637 enterprise customers on board.
“We started at the front of a hides processing plant in an outer Brisbane industrial suburb and later became one of the first tech companies to list on the ASX in 1999 before the dotcom boom,” Di Marco said
“It has been an amazing journey as we have navigated successfully across four major technology paradigm shifts, starting first with the advent of Relational Database technology, then the PC, the internet and more recently the Cloud.
“At each stage we have had the conviction and courage to rebuild our products and our business to adapt to a new world.”
Di Marco says O’Sullivan has spent time as a seasoned executive at PricewaterhouseCoopers, Goodman Fielder, Singtel Optus, and Nine Entertainment (ASX: NEC) - bringing more than 30 years of international experience across a range of industries.
“He has extensive ASX board experience as the current chair of Carsales.com (ASX: CAR) and SiteMinder (ASX: SDR),” Di Marco added.
“Previously Pat has been a non-executive director of AfterPay, Marley Spoon AG (ASX: MMM), APN Outdoor Group Limited, iSentia, iiNet Limited and iSelect Limited (ASX: ISU)."
The decision to resign comes just after TechnologyOne reported a record net profit of $97.8 million for FY21 (year ending 30 September), reflecting a jump of 19 per cent year-on-year.
The company has projected total annual recurring revenue will reach more than $500 million by FY26.
“I am confident that our DNA of adapting, changing and never giving in, will allow us to continue to be very successful under the strong leadership of our outstanding CEO, Edward Chung and his team.” Di Marco said.
“In the end, TechnologyOne’s success comes down to the amazing hard working and passionate people that work at TechnologyOne, that I have had the honour to work with for so many years. To all of our people I say thank you.”
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