In a statement, TechnologyOne also said its revenue over the period grew by six per cent to $59.2 million.

Research and development expenses rose one per cent year-on-year while non-R&D expenses increased by three per cent to $39.6 million.

said the company was moving towards a solutions based provider.

"We are really uniquely placed to do that. I would argue that SAP and Oracle wills struggle to do that, and have struggled," he said. "If you talk to people they'll tell you they are struggling. The reason is, SAP and Oracle are software companies, that is all they do, build the software. They still use third parties to implement the solutions and we believe that fragmented model is not going to work in the future. Because, in the end, it is about doing the whole thing. You build it, you implement it and you support it and service it. Having your people do the whole thing you are able to capture all the places where it is not working and fix the solution. You can't do it when you have that fragmented business model."

Di Marco did not agree with some industry analysts that competitor .