Tech consulting company Terem Technologies will use a new $3 million round of fundraising to expand its ability to quickly develop and build digital products for clients.
Chief executive Scott Middleton’s pitch to clients is that his team of experts, who have worked for the Australian Tax Office, Qantas, QBE, and MYOB, can build a new product more quickly, and for much less, than the large consulting firms.
“There’s broad recognition now that technology without strategy leads to costly software that no one uses and strategy without technical depth leaves you with buzzword-packed presentations that don’t survive their first day in action,” he said.
“Technology is the primary revenue driver or primary customer experience for most companies today. Success at this requires tight, fast-moving multidisciplinary teams with expertise across strategy, product, software engineering, and design.”
Mr Middleton founded Terem in 2011, building it into an operation with 45 staff. In the past, he has criticized big-name consultancies for being too slow and too expensive when it comes to digital product development.
“We’ve purposefully designed Terem and our culture with a singular focus towards building tech products and ventures for scale-ups and large organizations,” he said.
Mr. Middleton said he would use the funding to acquire smaller technology firms over the next two years. He is particularly looking for firms that also build digital products for clients, are providing technology strategy advice, or helping clients improve their internal systems.
“Now, with the investment, we can supercharge our ability to deliver bigger and better outcomes,” Mr Middleton said.
The investment was made by Bondi-based investment company Parc Capital and will be followed by additional funding to acquire smaller tech services firms.
Jason Serda, Parc Capital’s managing director, said he was impressed by Terem’s “company values, the mission, and the exceptional team”. Parc has also invested in men’s health digital clinic Mosh, property technology start-up Hutly and cloud infrastructure services company Orro.
Sourced from the Financial Review