Australia’s ERP SaaS champion is pairing a near-peerless recurring revenue engine with SaaS+ implementation and agentic AI—while macro rates and execution on “ERP in 30 days” define the next leg of returns.
Overview
Technology One (TNE.AX) is Australia’s largest ERP SaaS provider, differentiated by its “Power of One” model that keeps end-to-end accountability in-house across product development, sales, implementation, and support—reducing the execution risk often seen in reseller/consultancy-led ERP deployments. The business has largely completed its cloud transition: by FY25, SaaS and recurring business fees represented ~91% of revenue, creating a highly predictable earnings base. It serves ~1,200 enterprise customers across six core verticals (notably local government and higher education), with retention around 99% and net revenue retention around 115%. FY25 delivered the 16th consecutive year of record performance: revenue $610.0m (+18%), PBT $181.5m (+19%), ARR $554.6m (+18%), and free cash flow $184.2m (+55%). UK momentum is accelerating (UK ARR +49%), and the company is investing heavily in R&D (often 20–25% of revenue) to deliver “Plus” agentic AI and to compress implementation timelines toward “ERP in 30 days” by 2028, supporting the stated ambition of $1bn ARR by FY30.