TechnologyOne (ASX:TNE) has consolidated three of its offices and more than 350 staff into a new $12 million software R&D facility, and its new international headquarters.
Queensland Minister for Public Works and Information and Communication Technology, Robert Schwarten, officially opened the R&D centre in Brisbane’s Fortitude Valley this week as part of the city's Enable2010 showcase of innovation.
The opening of the new office also signals the commencement of a new $150 million software project from TechnologyOne, codenamed ‘Next Gen’.
TechnologyOne executive chairman, Adrian Di Marco, said the company would seek to deliver software solutions to meet the company’s changing customer base.
“Our facilities need to be at the cutting edge to attract and retain the best IT talent in the country and to compete effectively in the global software market,” Di Marco said in a statement.
According to Di Marco, the facility has been designed to improve innovation for the company’s software developers.
TechnologyOne's new R&D facility comes as other international businesses close up innovation shops in Australia, but precedes the passing of new legislation that would see further tax concessions from the Federal Government for external software research and development.
The company recently announced it had secured contracts worth over $1 million to provide software to three additional Victorian Vocational Education and Training (VET) institutes, bringing its number to a total of 18.
Back in May, TechnologyOne posted an after tax profit rise of 47 per cent to hit $5.7 million for the six months to 31 March.