UTS-developed business software is at the centre of a multi-million-dollar acquisition deal by private equity firm Whiteoak.
More than 20 years ago, then PhD student Dr Tim O’Neill co-developed the ABACUS enterprise architecture software as part of his degree to help businesses to model, analyse and optimise their IT systems and processes.
Dr O’Neill went on to found a start-up company, Avolution, which has further developed the ABACUS software and marketed it to a client base that includes blue-chip global companies.
He has also continued his association with UTS, as a research fellow in the UTS Faculty of Engineering and IT.
“We saw an opportunity, and have built a successful business over the past 20 years, by enabling organisations to better align their IT and business goals, manage complexity and drive digital transformation,” he says.
Now, mid-market private equity firm Whiteoak has acquired a stake in Avolution, and will accelerate its growth by providing fresh funds to strengthen product development, sales and marketing.
Avolution is the first investment in the $200 million Whiteoak Growth Fund II. Whiteoak focuses on investments in the software, healthcare, business services and consumer sectors.
We’re delighted to have brought Whiteoak on as our partners for the next phase of our journey,” Dr O’Neill says.
“We wanted to accelerate the success we’ve achieved by partnering with an investment firm that provides both capital and strategic support. Whiteoak has a proven track record of helping Australian companies succeed globally.”
UTS Deputy Vice-Chancellor (Research), Professor Kate McGrath, said the work highlighted what can be achieved when entrepreneurs and universities work together.
Avolution’s trajectory shows what can be achieved by universities like UTS working with clever founders to develop successful products.
“Tim’s innovation and entrepreneurial mindset have grown his business over the past 20 years to the point where this partnership with Whiteoak can push his ABACUS software further into global markets.”
“It also shows how the time for deep thinking that PhD research can provide can be an incubator for exciting entrepreneurial ideas.”