Northern Territory IT services company eNTITy1 has won a place on the panel of approved suppliers for small system development in a $21 million Northern Territory Government contract.
The recently listed company has also been short-listed as a prime contractor and subcontractor with partner IPEX Information Technology Group for the Government desktop outsoucing contract worth $120 million over three years.
While the desktop deal is not expected to be finalised until December, the company is looking at taking on more staff and expanding into interstate and overseas markets.
According to eNTITy1 managing director Prins Ralston, whilst the tender process required significant investment, the returns would give eNTITy1 more marketability.
"It has benefits for the company in terms of a better order book and it allows us to look at staffing strategies," he said.eNTITy1 has already opened a Victorian office and dabbled in overseas consulting contracts, as well as conducting a successful IPO just over a month ago. The company raised $5 million through the share issue, which it will use for software infrastructure and equipment, as well as for developing an e-commerce and educational portal, providing English and technology training to China.
"We closed oversubscribed," Ralston said of the nail-biting experience of listing on the stock market. "We defied the trend and closed very well on the first day and since then have traded very comfortably. Given the state of the market we are doing very well.
"It is very tricky because the fundamentals of the business are very good and we have a very loyal following, but nobody is bigger than the market."eNTITy1 operates three business divisions - application service provision, business innovation and Internet services and consulting. At this stage, its Victorian operations deal solely with the consulting space, but Ralston said expansion was just around the corner.
"The differences in the Victorian market are fairly significant in terms of market reach. But we have been here [in the NT] for a long time and while Victoria has a strong shareholder input, we are still working on building the depth of relationships."
Working with its outsourcing partners, Melbourne-based IPEX, eNTITy1 also plans to take its consulting services overseas.
"The issue is getting the first large project through the door. We have been chewing at bits and pieces but we need something really substantial to get going," Ralston said.
The company has also been involved in building the Territory's burgeoning IT industry, signing a joint venture with the local university and Darwin International to set up an incubator centre. The centre has been designed to help startups through business, market and product development to get to the stage where they are commercially viable and can attract investors.
"In terms of companies, there aren't many home-grown ones up here. In that respect, we are a stand out from the crowd."