Technology One crosses Tasman

Australian listed software developer and services company Technology One has set up a subsidiary in New Zealand.

It expects its New Zealand arm to reach turnover of $5 million within two years. The subsidiary's main office is in Auckland, with consulting staff in Wellington.

Technology One is one of Australia's largest 200 companies, having a capitalisation of $A450 million ($565.96 million). Its share price has risen from $A1 when it listed in December 1999 to $A4.50 last November.

Technology One has also moved into the Malaysian market and says it intends to "go global."