Tech pioneer seeks 400 workers
as it eyes IPO
Australian technology services company Brennan has revealed it aims to recruit 400 professionals in the coming year, as it prepares for a possible ASX initial public offering and client demand for its work climbs.
The 26-year-old consultancy and systems integrator plans to increase its headcount by about 20 per cent to some 1300 within the next year as it eyes an IPO to fund acquisitions.
Founder and managing director Dave Stevens told The Australian Financial Review the hiring spree was needed to meet sales demand from customers wanting to leverage technology to take costs out of their business.
“Ironically, we are growing at a greater pace in the tough economic climate, as many customers want to increase productivity or reduce costs,” Mr Stevens said.
“They are looking for technology partners who can either run their important digital assets for them or drive digital change to enable greater efficiency, cost reductions, and or profitability.”
Sydney-based Brennan is the largest Australian systems integrator, with about 1500 customers, and is approaching $300 million in annual revenue.
Of the new roles, which cover data & AI, cybersecurity, principal consultants, and software developers, about 100 will be employed within three months, and the remainder will be in place over the next year.
Mr Stevens said the company has “no burning need to IPO” but was exploring alternative capital sources that would allow it to make multimillion-dollar acquisitions in the future.
“There are lots of clear benefits to someone like us being a public company on the ASX and when the markets open again we would stand ready to IPO – if that was our next best move at that point,” he said.
Last year, Brennan won a bidding war to acquire listed tech company MOQ for $23 million, which added 400 employees to its headcount and $80 million in revenue.
Mr Stevens said the business would further be acquisitive and that future deals would likely be the same size or larger than MOQ, which came to almost $30 million after costs.
“There comes a point where our private capital structure may not be able to keep pace with our acquisition aspirations,” he said.
While layoffs across the tech sector have taken the heat out of the hiring market and slowed skyrocketing salaries, Mr Stevens said he expects it will still be challenging to fill the 400 new openings.
He said the company’s rapid growth could provide opportunities for staff to progress rapidly, working across a broad range of projects.
The roles will be split across the company’s offices, with a focus on increasing its presence in Perth, Adelaide, and Darwin, and potentially opening new offices in Canberra and Hobart.
The hiring binge at Brennan, mirrors plans recently revealed to be underway at PwC, where it is reporting insatiable client demand for IT services, like help with moving systems into the cloud and protecting data from hackers.
Technology specialists now make up almost 45 per cent, or roughly 4400 professionals of PwC’s 10,000-strong Australian firm.
For more information on Brennan, visit www.brennanit.com.au