2024

2023
Half Year
Results
Results
Ended 31 March 2024
Ended 31 March 2024

21 May 2024
Commercial in confidence
Disclosure Statement

TechnologyOne Ltd Full Year Presentation – 21 May 2024

TechnologyOne Ltd (ASX: TNE) today conducted a series of presentations relating to
its 2024 Half Year results.

These slides have been lodged with the ASX and are also available on the company’s
website: www.TechnologyOneCorp.com

The information contained in this presentation is of a general nature and has been prepared by TechnologyOne in good faith. TechnologyOne makes no representation or warranty, either
express or implied, in relation to the accuracy or completeness of the information. This presentation may also contain certain ‘forward looking statements’ which may include indications of,
and guidance on financial position, strategies, management objectives and performance. Such forward looking statements are based on current expectations and beliefs and are not
guarantees of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of TechnologyOne. TechnologyOne advises
that no assurance can be provided that actual outcomes will not differ materially from those expressed in this presentation.

This presentation includes the following measures used by the Directors and management in assessing the on-going performance and position of TechnologyOne: EBITDAR, EBITDA,
EBIT, ARR, Churn, Cash Flow Generation. These measures are non-IFRS under Regulatory Guide 230 (Disclosing non-IFRS financial information) published by the Australian Securities and
Investment Commission and have not been audited or reviewed.
Agenda
• Highlights
•• Financial
HighlightsResults
• Significant Achievements
• Financial Results
• Outlook for Full Year
•• Significant
Long Achievements
Term Outlook
• Building the Future
• Outlook for FY24
 H1 FY24 Results

ARR Profit
growth growth
21% 17%
 SaaS+

UK Profitable

DXP

ASX 100

On Prem to
SaaS
4Th Gen ERP
2012
2006 Cloud
1999 UK
1991 ASX listing
Finance One

1987 2024
Clear
ERP software – Deepest functionality Global SaaS
Strategy Mission critical
products
In 2008, we had 11 products,
for the markets we
serve
Mission critical products which
Solution – One
Global Code Line
Our SaaS customers
in 2023, we have 16 products power our customers unlock significant benefits
and over 500 modules.

Any device Power of one – Innovation Driven

anywhere One Vendor, Company
anytime One Experience Leveraging new and emerging
Delivered our 4th Solution as a Service technology in each generation
Generation ERP, CiA of product
Transition to SaaS - Careful reduction of legacy licence fees

4 5
$ 0 .0 m 1 6
$ 0 .0 m
Total ARR & Legacy Licence Fee ($m)

4 0 .0 m
$ $392.9m 1 4
$ 0 .0 m

Net Profit Before Tax ($m)

3 5
$ 0 .0 m

1 2
$ 0 .0 m

3 0 .0 m
$

1 0 .0 m
$

2 5
$ 0 .0 m

8 0
$ . 0
m

2 0 .0 m
$

6 0
$ . 0
m

1 5
$ 0 .0 m

4 0
$ . 0
m

1 0 .0 m
$

2 0
$ . 0
m

5 0
$ . 0
m

$26.7m $30.3m $35.1m $40.2m $46.5m $53.2m $58.0m $66.5m $76.4m $82.5m $97.8m $112.3m $129.9m
0 .0 m
$ 0 .0 m
$

FY11
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
FY18 FY19 FY20 FY21 FY22 FY23
FY23
Cohort Analysis
Clear
ERP software – Deepest functionality Global SaaS
Strategy Mission critical
products
In 2008, we had 11 products,
for the markets we
serve
Mission critical products which
Solution – One
Global Code Line
Our SaaS customers
in 2023, we have 16 products power our customers unlock significant benefits
and over 500 modules.

Any device Power of one – Innovation Driven

anywhere One Vendor, Company
anytime One Experience Leveraging new and emerging
Delivered our 4th Solution as a Service technology in each generation
Generation ERP, CiA of product
Total ARR
Growth of 21%
Record
Total ARR
$423.6m
Profit Before Tax Growth of 17%
Record Net Profit before tax of $61.5m

H1 FY19 H1 FY20 H1 FY21 H1 FY22 H1 FY23 H1 FY24

Surpass $500m+ ARR by FY26
Upgrades to $500m+ ARR by FY25
We continue to invest in R&D to
build future platforms for growth.

We will continue to double in size every 5 years

 is a
gamer changer
and a key
platform for
growth
Outlook for FY24 is strong

Discussed later in
more detail
H1 FY24 Results Summary H1 FY24 H1 FY23 VAR VAR
Outlook for FY24 is strong $m $m $m %
Total ARR 423.6 350.6 73.0 21

SaaS & Recurring Revenue 223.1 183.9 39.2 21

Total Revenue 244.8 210.3 34.5 16
Profit ARR Profit Before Tax 61.5 52.7 8.8 17
growth growth Profit After Tax 48.0 41.3 6.7 16
17% 21%
Cash Flow Generation (3.8) 1.3 (5.1)
Cash and Investments 172.0 139.1 32.9 24

SaaS &
PBT Margin 25% 25% - -
NRR Recurring
117% Revenue EPS (cps)
Interim Dividend (cps)
14.75
5.08
12.73
4.62
2.02
0.46
16
10
21%
R&D Investment 56.9 49.4 7.5 15
R&D Investment % to Revenue 24% 24% -
Agenda
• Highlights
• Financial Results
• Significant Achievements
• Outlook for Full Year
• Long Term Outlook
H1 FY24 Profit and Loss
Record revenue and PBT. Exceeded ARR targets (highest quality revenue).

These strong results includes

our SaaS+ investment.
These results include the
Excluding
impact this, Net
of SaaS+ on Profit
Before Tax
revenue profitmargin is ~1%
and margin.
better would have
Margin
been ~1% better
H1 FY24 Profit by Segment
Profit Company
Strong Before Tax $129.9m,
profit of $61.5m,up
up 16% $17.5m
17% pcp

Operating segment analysis Geographic segment analysis

Up 22%
Up 35% $10.8m
$13.1m

Down 19% Down 67%

Down 45%
$2.0m ($2.0m)
$2.2m

$37.2m $50.3m $5.0m $2.8m $10.5m $8.5m $49.7m $60.5m $3.0m $1.0m

Software Consulting Corporate APAC UK

H1 FY23 H1 FY24 H1 FY23 H1 FY24

• Software Profit up 35%, driven by strong ARR growth.

• UK profit down 67%, as expected due to strategic investments in SaaS+,
• Consulting Profit down 45%, as expected due to the introduction of SaaS+.
which has short term impacts on revenue profit and margin.
• Corporate Profit down 19% due to non-recurring Scientia earn-out write-off.
Balance Sheet: Remains Strong
Significant cash holdings and no debt provide balance sheet flexibility for growth
Cash Flow
Cash Flow Generation will be strong for the full year and align with NPAT
Dividend track record continues: Interim dividend up 10%
Increased profit enables
• H1 NPAT before tax up 17%,dividend uplift uplift
enabling dividend
• Strong balance sheet supports dividend
• Payout ratio 34% (FY23 interim: 36%)
• Dividend franked to 65% (H1 FY23: 60%)
• Dividend paid every year since 1996

CAGR: 10%

5.08
4.62
4.20
3.82
3.47
3.15
2.86
2.60
2.36
2.15

H1 FY15 H1 FY16 H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 H1 FY23 H1 FY24
Agenda
• Highlights
• Financial Results
• Significant Achievements
• Outlook for Full Year
• Long Term Outlook
True SaaS ERP
Deepest functionality for the markets we serve

POWER OF A SINGLE INTEGRATED ERP SOLUTION

True SaaS ERP
Deepest functionality for the markets we serve

POWER OF A SINGLE INTEGRATED ERP SOLUTION

True SaaS ERP
Deepest functionality for the markets we serve

POWER OF A SINGLE INTEGRATED ERP SOLUTION

True SaaS ERP
Deepest functionality for the markets we serve

POWER OF A SINGLE INTEGRATED ERP SOLUTION

 Total ARR and Average ARR per Customer

$600m

$0.4m
$500m

Total ARR per Customer

$400m $0.3m
Total ARR

$300m
$0.2m

$200m $423.6m
$392.9m
$320.7m
$257.5m $0.1m
$221.9m
$100m $202.5m
$173.9m
$153.9m
$127.0m
$107.9m
$84.2m

$0m $0.0m
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 FY24

Total ARR Excl T&S ($m) T&S ARR Ave ARR per Customer Ave ARR per Customer (Excl T&S Impact)
All verticals performed strongly
Significant room to grow in future years

Vertical Market Analysis

ARR of $423.6m1, Up 21% | From $350.6m, H1 FY23

Our APAC market penetration in any single

Up 29%, $35.9m
vertical does not exceed 15%2
$160.2m

Up 15%, $13.6m
$103m

Up 21%, $10.9m
$62.4m Up 13%, $4.5m
$40m Up 16%, $4.6m
$34.1m Up 17%, $3.5m
$24m

Local Government Education Government Health and Comm Asset and Proj Fin Services & Corp
Intensive
H1 FY21 H1 FY22 H1 FY23 H1 FY24

1 Balance is at 31 March 2024 and growth is for the 12 months from 31 March 2023
2 Based on our existing customers and their use of TechnologyOne products and modules as a percentage of total addressable market.
 H1 FY24 United Kingdom
New Sales ARR ~40% higher than H1 2023

UK ARR up 36% to $28.8m versus pcp

UK profit of $1.0m
100% of consulting delivered via SaaS+ model

35.0m

30.0m $2.7m
$3.2m
25.0m
$1.9m
üUK sales team >15
20.0m
$1.6m üFirst Student+ customer win
15.0m üStrong LG Pipeline
10.0m

5.0m

$17.5m $21.2m $26.5m $28.8m

-
H2 2022 H1 2023 H2 2023 H1 2024

UK ARR UK NARR
• Largest core financials and HRP • Intense competitive sales process
• Replace Oracle
deal in UK Edu history • largest Asset Management deal in
• Very large value contract
• Direct Award history
• OneGov Solution
• SaaS+ • SaaS+ differentiated to win
• Cyber security key differentiator
• Short Sales Cycle • Already a strong reference customer
 Customer Journey – QLD LG $6.2M+

Total Potential
ARR

Human Resource
Management

$2.7M Human Resource

Management

Future ARR Human Resource

Management

Human Resource
Management

DXP LG
$3.5M
$375k
Current Customer
Product 11
Relationship
ARR Management

$210k
Strategic Asset Product 10
Management
$465k Rateable
Uplift
$390k CPI
Spatial Regultory
Management & Compliance
Management

$315k Product
Asset Operations
& Management 8&9
$760k
Human Resource
Management
CPI
Document
& Records
Management Modules
Product 6&7
Property and
Revenue Product 5 CPI
Management
CPI
$284k CPI
Product 4
$412k
CPI
Procurement
& Inventory

$367k Management

Corporate
Strategy
& Planning
Product 3
Financial
CPI
Product 2
YEARS
Management

Product 1 CPI
SaaS

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 …
Cohort Analysis - LG

Average ARR per customer by Cohort (LG)

$5.00m

$4.50m

$4.00m

$3.50m
Average ARR per Cohort Customer

$3.00m

$2.50m

$2.00m

$1.50m

$1.00m

$0.50m

$0.00m
Pre 2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024

Cohort Year
 Customer Journey – LG

Pre-SaaS Flip – Ave ARR CAGR 9% SaaS Post-SaaS Flip – Ave ARR CAGR 40+%

YEARS
SaaS

FY13 FY14 FY15 FY16 FY18 FY19 FY20 FY21 FY22 FY23
Product sales accelerates; SaaS Flips complete

SaaS Flips
Product

H1 FY22 H2 FY22 H1 FY23 H2 FY23 H1 FY24

 Market Leading NRR and Market Leading Churn

As expected, churn is higher than normal

Target of 115%-120% target due to End of On-premise (EOOP)
impact.
$600m
119%
117% 120%
114% 114% 114%
$500m 110% 111%
110% 108%
110% 1.8%
Target of 1% or less
$400m
100%
1.4%
$300m 90%
1.0% 1.0%
80%
$423.6m 0.8% 0.8%
$200m 1.0%
$350.7m
70% 0.6%
$276.2m 0.5%
0.4%
$100m $211.6m $233.7m
$164.0m $184.7m 60%
$114.4m $138.0m

$0m 50%
H1 FY16 H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 H1 FY23 H1 FY24 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24*
Closing ARR NRR

• Full year forecast

 SaaS+ lifts
ARR by 40%
Solution as a Service
 Path to ERP in 30 days

Powered by

Days to
implement

30
2024 2025 2026 2027 2028
R&D Significant
Investment R&D investment
of $112.0m up
21%
Continuous
R&D staff
investment
for future
440 new Fastest
features Adoption

growth
Build an app Google to
faster without outcome
having to code experience

R&D 24% of
investment revenue2
of $56.9m1
1 R&D expenditure before capitalisation
2 Revenue excluding other income
H1 FY24 Record profit,
revenue, and
Cash and
Investments
SaaS & recurring
Revenue
ARR up 21% pcp
Summary up 24% pcp to
$172.0m to $223.1 m

UK Sales ARR Profit Before Tax NRR of 117%

up 40% pcp up 17% pcp above target of
to $2.7m to $61.5m 115%

R&D investment
Surpass $500m+ Total ARR
up 21%
Interim Dividend
up 10%
for future growth
of $56.9m, up 15%
ARR by FY25 to $423.6m to 5.08 cps pcp
Agenda
• Highlights
• Financial Results
• Significant Achievements
• Outlook for Full Year
• Long Term Outlook
 Outlook
Strong ARR growth Planned reduction of lower Full year NPBT
of 15% to 20% quality one-off Traditional margin growth of 1%
Consulting Fees replaced with
high quality SaaS+ revenue

• The markets we serve are resilient. • SaaS+ is creating significant

TechnologyOne provides mission opportunities for us. The pipeline for
critical software with deep 2024 is strong.
We will
functionality for the markets we continue to
serve. • We will continue to benefit from
improving margins because of the
double in
• Our Global SaaS ERP allows our significant economies of scale from size every
customers to innovate and meet the
challenges ahead with greater agility
our single instance Global SaaS ERP
solution
5 years
and speed, without having to worry
about underlying technologies,
making life simple for them.

On track to surpass $500m+ ARR by FY25

Outlook for
2024 Full Year
Strong consistent and
steady profit growth

Net Profit Before Tax

growth of 12% to 16%
Agenda
• Highlights
• Financial Results
• Significant Achievements
• Outlook for Full Year
• Long Term Outlook
 Multiple Platforms
for Growth
Strong Net Revenue Retention (NRR)
of 115-120%

$2b of ARR whitespace in our APAC customer

base

R&D over next 5 years doubles APAC ARR

whitespace from $2b to $4b
ARR
Solution as a Service is a
gamechanger, lifts ARR by 40%

Strategic acquisitions

Continuing growth in new logos in APAC

Continuing growth in the UK

Profit margins to grow to 35%+,

through significant economies of
scale
Appendices
• Appendix A – Transition to SaaS - Careful reduction of legacy licence fees
• Appendix B – Consulting Profit
• Appendix C – R&D Disciplined and Transparent
• Appendix D – Long History of Strong Cash Flow Generation
• Appendix E – Results Analysis and Key Metrics
• Appendix F – Drivers for Long Term Growth
• Appendix G – Scientia Acquisition Accounting Impacts
• Appendix H – Glossary
Appendix A:
Transition to SaaS - Careful reduction of legacy licence fees
Total ARR vs. Legacy Licence Fees vs. Net Profit Before Tax ($m)
$400.0m $140.0m

$350.0m $120.0m
Total ARR & Legacy Licence Fee ($m)

$300.0m

Net Profit Before Tax ($m)

$100.0m

$250.0m
$80.0m
$200.0m
$129.9m
$60.0m
$150.0m $112.3m
$97.8m
$76.4m $82.5m $40.0m
$100.0m $66.5m
$53.2m $58.0m
$40.2m $46.5m $20.0m
$50.0m $35.1m
$26.7m $30.3m

$0.0m $0.0m
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Net Profit Before Tax ($m) Total ARR ($m) Legacy Licence Fees ($m)

Successfully transitioned to SaaS

with continued growth in profit and customers
Appendix B:
H1 FY24 Consulting Profit of $2.8m
New Project and AMS
Profit as planned as we make the careful and strategic transition from traditional consulting to SaaS+

Company Down 45%

Consulting is responsible for
services in relation to our APAC Down 11%
software

Two focused divisions

• New Projects
• Applications Managed Services
(AMS) for existing customers
UK down (100%+)

Disciplined use of $5.0m $2.8m $4.2m $3.7m $0.8m

implementation methodology

($0.9m)

H1 FY23 H1 FY24
Appendix C:
R&D Disciplined and Transparent Highly Disciplined approach to R&D
We expense maintenance and research.
We only capitalise development based on actual timesheets for
eligible projects.
Capitalisation and amortisation are independently audited along
with Financial Statements.

Because we are a SaaS ERP provider, we expect the norm to be

as follows:
• The expected range of capitalisation is 50-55%
• Five year amortisation period

If we vary from this we will provided detailed reasons.

Appendix C: R&D Investment

R&D Investment as % of revenue

27%
25% 26%
24% 24% 24%
24%

R&D Investment (A$m)

34.9
30.6 54% Capitalised
28.0 25.7

23.1 22.1
18.5

27.7 26.4 46% Expensed

22.7 23.7
19.3 19.4
16.1

H1 FY21 H2 FY21 H1 FY22 H2 FY22 H1 FY23* H2 FY23 H1 FY24

* H1 FY23 revenue excludes one off contingent consideration reversal of $7.4m

Appendix C: R&D Disciplined & Transparent

Software
R&D Development - Percent Amortisation Amortisation Net Expense
Investment Capitalised Capitalised Expense Period through P&L
($'000) ($'000) % ($'000) Years ($'000)

FY21 77,005 41,858 54.4% 13,429 5 48,576

FY22 92,197 50,060 54.3% 23,400 5 65,537
FY23 111,995 60,605 54.1% 34,055 5 85,445

($'000) ($'000) % ($'000) Years ($'000)

H1 FY23 49,388 25,701 52.0% 16,077 5 39,764

H1 FY24 56,929 30,562 53.7% 21,446 5 47,813
Appendix D:
Long History of Strong Cash Flow Generation
Cash Flow Generation1 will continue to grow as NPAT2 grows
NPAT and Cash Flow Generation
$120.0m

$100.0m

$80.0m

$60.0m

$40.0m

$20.0m

$0.0m
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

NPAT Cash Flow Generation

1 Cash flow generation is operating cash flow from operations less capitalised development costs, capitalised commissions and lease payments
2 This graph shows previously reported NPAT to FY18 and has not been restated for AASB 15
Appendix E:
H1 FY24 Results Analysis and Key Metrics
H1 FY24 H1 FY23 Var
H1 FY24 H1 FY23 Var
$’000 $’000 %
$’000 $’000 %
EPS (cents) 14.75 12.73 16
Revenue excl interest 240,954 208,7101 15 Dividend (cents per share)
Expenses (excl R&D, interest, D & A) 123,297 107,378 2 15 Interim dividend 5.08 4.62 10
EBITDAR 117,657 101,332 16 Dividend Payout Ratio 34% 36% (2pts)

EBITDAR Margin 49% 49% ROE 15% 16% (1pts)

R&D Expenditure (before capitalisation) 56,929 49,388 15 Balance Sheet

R&D as % of Revenue3 24% 24% Net Assets 317,450 253,458 25

R&D Capitalisation 30,562 25,701 19 Cash & Investments 172,000 139,131 24

4
EBITDA 91,290 77,643 18 Cash Flow Generation (3,789) 1,329

EBITDA Margin 38% 37%

Depreciation 1,944 1,369 42

Amortisation 30,678 24,111 27

EBIT 58,667 52,163 13 1 H1 FY23 revenue includes a gain of $7.4m due to the reversal of contingent consideration (earnout)
Net Interest Income / (Expense) 2,861 584 related to Scientia
2 Expenses includes derecognition of acquired intangible assets of $6.8m related to Scientia

3 R&D as % of revenue exclude interests based on R&D expenditure before capitalisation

Profit Before Tax 61,529 52,747 17
4 Cash Flow Generation is Operating Cash Flow less capitalised development costs, capitalised

Profit After Tax 48,003 41,281 16 commission costs and lease payments
Appendix F:
Drivers for Long Term Growth
Increase Product Penetration
Increase Market Penetration Expand Geographies
16 Licensable products1
6 Vertical markets1 APAC & UK1
Over 500+ licensable modules

New

BY PRODUCT BY VERTICAL Asset United

Zealand,
9.5%
Intensive, Financial Kingdom,
Diversified SCM,
12.7% T&S, 3.4% EB, 3.9% 6.3% Services
&
6.8%

revenue ECR, 3.2%

CPM, 11.6%
Local
Corporate,
7.4%
Government,
streams Business
Analytics, 37.8%
EAM, 11.7% 3.9%
Education,
HRP, 8.1% 24.3%
ECM, 5.5%
PP, 0.8%
SAM, 0.4%

STM, 8.7% Health

Financials, APAC,
DXP LG, P&R, 7.9% Spatial, 16.5% Services, Government, 83.7%
1.0% 0.7% 9.4% 14.7%

PROVIDES MISSION CRITICAL SOLUTION – 'STICKY CUSTOMER BASE'

Strong,
99%+ CUSTOMER RETENTION RATE
very loyal
customer 90%+ OF OUR REVENUE IS NOW SAAS and RECURRING2
base
TECHNOLOGYONE GLOBAL SAAS ERP SOLUTION

1 Based on total ARR

Appendix G:
Scientia Acquisition Accounting Impacts
Scientia was an excellent acquisition: The sellers did not achieve their aggressive earnout targets, but
ü A world class Timetable and Scheduling product, with a exceed our business case on many facets:
broad customer base and strong cash flows. • contingent consideration reversed ($7.4m gain).
ü The acquisition has opened the opportunity to sell our ERP • acquired intangible assets were derecognised ($6.8m
(primary focus is Student Management) into the ~100 expense).
acquired Scientia customers in the UK alone.
ü Further enhances our Student DXP offering which is in
development.

TechOne (excl Scientia Write-back) Scientia Write-back TechOne (incl Scientia Write-back)
H1 FY24 H1 FY23 Var $ PCP % H1 FY24 H1 FY23 Var $ Var % H1 FY24 H1 FY23 Var $ PCP %

Total Revenue 244,771 202,901 41,870 21% 0 7,400 -7,400 244,771 210,301 34,470 16%

Total Expenses 183,242 150,753 32,489 22% 0 6,800 -6,800 183,242 157,553 25,689 16%

Profit before tax 61,529 52,147 9,382 18% 0 600 -600 61,529 52,747 8,782 17%

Reversal of contingent consideration Derecognition of acquired intangible assets

 Appendix H:
Glossary
Annual Licence ARR Annual Recurring Revenue relating to annual licence fees for On-premise customers
APAC Asia Pacific - Includes Australia, New Zealand, Malaysia and the South Pacific
ARR Annual Recurring Revenue
Cash Flow Generation (CFG) Cash flow from Operating Cash Flow less capitalised development costs, capitalised commission costs and lease payments
Churn Lost customers
CPS Cents per share
DXP Digital Experience Platform
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation, and amortisation
EBITDAR Earnings before interest, taxes, depreciation, amortisation, and research and development costs
EPS Earnings per share
Legacy Licence Fees On-premise licence fees / Perpetual licence fees
LG DXP Local Government Digital Experience Platform
NPAT Net Profit After Tax
NRR Net Revenue Retention
PBT Profit Before Tax
PCP Prior Corresponding Period
R&D Research & Development
ROE Return on Equity
R4Q Rolling Four (4) Quarters
SaaS ARR Annual Recurring Revenue relating to customers on SaaS
SaaS + Solution as a Service
TAM Total Addressable Market