managing director of LinkedIn, to its board of directors. By December 2019, half of TechnologyOne's business was in the cloud; From 1999 to 2019, TechnologyOne doubled in size every five years. In 2020, the company announced that half of its customers had transitioned from on-premise to SaaS and that 86% of its revenue is now subscription revenue. As of May 2020, the company had posted 11 years of record annual profit. In September 2021, the company made their first international acquisition by acquiring UK-based higher education software company Scientia for £12 million. Software as a service Since 2012, the company has transitioned the business from being an on-premises software provider to a software as a service business. This has enabled clients to integrate with third party providers such as MuleSoft and Salesforce. The first iteration of TechnologyOne’s cloud software was launched in 2014, which enabled users to access the platform via the cloud. This allows the company to offer a fully configurable service from its own servers. TechnologyOne products are used by more than 1,200 organisations in Australia and New Zealand. The company also has customers in the United Kingdom. By 2018, more than 30 per cent of TechnologyOne customers had transitioned to the company’s SaaS platform. Research and Development In 2010, TechnologyOne moved into its new $12 million headquarters in Brisbane, which included what was at the time the largest Australian-owned research and development facility. The company has additional international R&D facilities. As of June 2019, the company had invested more than $500 million into research and development since its inception. As of 2021, research largely focuses on developing additional functionalities for TechnologyOne's software-as-a-service enterprise resource planning software. It is also creating applications for artificial intelligence and developing a digital experience platform, intended to integrate front and back office applications. List of mergers and acquisitions TechnologyOne was founded in 1987. References External links Companies based in Brisbane Software companies of Australia Australian companies established in 1987 Companies listed on the Australian Securities Exchange Australian brands