Readytech Holdings Ltd
ASX:RDY
Readytech Holdings Ltd
ReadyTech Holdings Ltd. engages in the provision of software as a service (SaaS) solutions. The company is headquartered in Sydney, New South Wales. The company went IPO on 2019-04-17. The company operates through three segments: Education, Workforce Solutions, and Government and Justice. Education segment provides products and services to tertiary education providers, including Technical and Further Education (TAFE). Its education segments products are its cloud-based student management systems and learning management systems for education and training providers to manage the student lifecycle from enrolment to course completion. Its workforce solutions segment provides products and services to mid-sized company across various industries with payroll software, outsourced payroll services and human resource management software solutions to employers. The company also engaged in talent acquisition and onboarding. Its government and justice segment provides government and justice case management SaaS solutions to local governments, state governments and justice departments.
ReadyTech Holdings Ltd. engages in the provision of software as a service (SaaS) solutions. The company is headquartered in Sydney, New South Wales. The company went IPO on 2019-04-17. The company operates through three segments: Education, Workforce Solutions, and Government and Justice. Education segment provides products and services to tertiary education providers, including Technical and Further Education (TAFE). Its education segments products are its cloud-based student management systems and learning management systems for education and training providers to manage the student lifecycle from enrolment to course completion. Its workforce solutions segment provides products and services to mid-sized company across various industries with payroll software, outsourced payroll services and human resource management software solutions to employers. The company also engaged in talent acquisition and onboarding. Its government and justice segment provides government and justice case management SaaS solutions to local governments, state governments and justice departments.
Revenue Growth: ReadyTech reported H1 FY '21 revenue up 13.4% to $21.8 million, showing strong growth and meeting expectations.
Recurring Revenue: 89% of total revenue is recurring, reflecting a stable and predictable business model.
Profitability: EBITDA margin reached 37.9%, aligning with the company's guidance range of 37% to 39%.
Customer Value: Average revenue per customer increased 22.3% to $11,800, and customer lifetime value rose 33% to $81,400.
New Business & Pipeline: High-value customer wins drove a 49% rise in annualized revenue per new customer to $42,500, and the sales pipeline stands at $13 million with a 65% win rate.
Open Office Acquisition: ReadyTech is set to acquire Open Office for up to $80 million, expanding into government and justice verticals—pending shareholder approval.
Outlook Reaffirmed: Management reiterated guidance for FY '21 mid-teens revenue growth and 37% to 39% EBITDA margin, excluding Open Office.
