Australian institutional investment manager Queensland Investment Corporation (QIC) is transforming its back-office technology to support an expansion into the United States.
QIC, in collaboration with Oracle Cloud IT specialist PrimeQ, will replace several of its existing back-office systems with a more advanced global financial solution that can operate across national jurisdictions and in multiple currencies.
QIC now manages 12 U.S. shopping centres and is raising capital for a US shopping centre fund.
On behalf of QIC, PrimeQ will implement an extensive Oracle Software as a Service (Saas) footprint spanning almost every Oracle module across Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM), Analytics and Platform as a Service (PaaS).
PrimeQ will subcontract the implementation of Oracle’s Human Capital Management (HCM) solution and global payroll system to Presence of IT (POIT).
The project will be rolled out across Australia, the United States and the United Kingdom, replacing several of QIC’s current systems.
As a result of the project, PrimeQ will create 10 to 12 new roles at its Brisbane office. The project provides a baseline for further growth in Queensland for PrimeQ.
QIC Chief Financial Officer Claire Blake said QIC was seeking a technology solution to facilitate growth in Australia and overseas.
“QIC’s position as a global diversified alternatives investment firm with more than $85 billion in funds under management makes us a unique and complex organisation,” Ms Blake said.
“In recent years we have grown from fewer than 500 employees in Australia to more than 1000 people internationally, including 250 in the U.S.
“Our new technology solution is aligned with QIC’s cloud-first strategy and will fulfil our accounting requirements across multiple jurisdictions and currencies while providing additional HR capabilities to support our growing workforce.
“It will also provide our investment teams with improved access to dashboard information, allowing them to make better use of data and analytics.”
Ms Blake said QIC had run a robust tender process and looked at a number of systems and implementation partners.
“From a system perspective, Oracle was the best match for our requirements,” she said. “We chose PrimeQ because they demonstrated an affinity with our business model and were the standout for cultural fit.
“While many providers underestimate our complexities, PrimeQ took the time to understand QIC and our business.
“The PrimeQ team is genuine, transparent and down-to-earth, with a values-based approach to client relationships that is aligned with QIC’s own values and culture.
“PrimeQ has built a strong client base in financial services and given us confidence they will deliver the best overall solution for QIC.”
PrimeQ Chief Executive Mr Andrew McAdams said: “PrimeQ is pleased to support QIC to take a market leading position in technology.
“Financial institutions around the world are seeking opportunities to become more agile, and technology is the enabler to this.
“QIC understands the role of technology in delivering investment performance to its clients and we look forward to working with the QIC team to achieve this.
“Our work with QIC will allow PrimeQ to create 10 to 12 new jobs in our Brisbane office, taking our total workforce to more than 150 across Australia and New Zealand.
“Oracle’s unique SaaS solution will allow QIC to transfer risk out of their business and capitalise on the frictionless innovation that SaaS provides.
“As our clients experience the benefits of investing in Oracle SaaS technology, PrimeQ continues to support and grow with them and has quickly become the pre-eminent provider in this space.”
PrimeQ is the leading provider of Oracle Cloud technology across Australia and New Zealand. It sells, implements and supports Oracle Cloud enterprise software and provides long-term annuity protection. PrimeQ has offices in Brisbane, Adelaide, Melbourne, Sydney, Perth, Auckland and Wellington.
QIC is a global diversified alternative investment firm offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$85.6 billion/US$65.7 billion in funds under management.1 QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, Fort Lauderdale, San Francisco, London and Copenhagen.