Who we are
Founded in 1995, Theta is an Auckland based information technology consultancy. Our staff of more than 100 experienced professionals provide services to a growing number of customers throughout New Zealand and Australia.
We work across many industry sectors, helping organisations to select, implement, enhance, maintain and integrate systems.
The company is organised into specialist Practices or Centres of Excellence, headed up by experienced managers.
Our attitude is customer first and we regard our people as our greatest asset.
Theta is...
Theta is a company people want to work with
We aim to add real value to our clients' businesses. From the ideas and direction of our experts to the smart technology created by our developers, we have the goods to help you achieve sustainable results. Honesty is paramount, and we deliver what we promise.
More about what we do.
Theta is also a company people want to work for
Our diverse talent base creates a stimulating team environment and a variety of opportunities for professional growth. We have a reputation as an industry leader and a great place to work!
More about working for us.
Our people
Head of Software and Integration
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Relationship Manager
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Head of Business Intelligence
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Microsoft Dynamics NAV Practice Manager
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Sales Manager
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Relationship Manager
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Director and Manager, Utilities Centre of Excellence
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CEO
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Service Delivery Manager
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Our board
Independent Director
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Director
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Director and Manager, Utilities Centre of Excellence
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Chair
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Independent Director
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Our board
Theta is a privately owned company with four main shareholders. The shareholders elect the board. Directors are elected based on the value they bring to the board. Each is experienced in business and provides value by contributing to corporate governance matters, conceptual thinking and strategic planning. The directors play an important part in providing guidance to management to enable them to increase the profitable growth of Theta in the years ahead.
Theta’s board is currently made up of three independent directors, Bob Gray, Terry Allen and chair Susan Paterson, and two executive directors, Matt Owen and Lee Benson.
Board history
Matt and Lee were two of Theta’s founders and have worked in the company since 1995. The board of directors, initially made up of the 4 shareholders, started meeting on a regular basis from 2000. From September 2003 independent directors, including an independent chairman, were added to the board. Following changes to the company ownership in 2006, the managing director role was replaced by a CEO role, filled by Steve Saunders. Two additional independent directors, Bob and Susan, were appointed in 2008. Following Steve Saunders’ passing in 2010 Susan took the role of chair. Terry Allen was appointed in 2011.
Annual reports
Our annual reports provide an overview of activity, performance and highlights for the reporting year.
2009-2010 Annual report
Download the full annual report (11 pages, PDF), or read the Chair & Chief Executive's report below.
Chair & Chief Executive's report: quick links
A solid performance with an eye to the future
2009/10 was a difficult year for business worldwide. We set our revenue target at 10% below our record setting 2008/09 year, and both management and board are extremely pleased to have achieved this goal.
We are also grateful to the loyal customers who understand the competitive advantage information technology can bring, and have continued to support and work with us. The biggest of these are Genesis Energy and Southern Cross Health Society.
Financially the company is in a robust position. Theta has no external debt and maintains a conservative dividend policy. This ensures the company has the resources to see it through inevitable economic cycles, to take advantage of opportunities and has the ability to fund its growth.
Weathering the recessionary storm
For the most part justifiable project work went ahead in 2009/10, although economic uncertainty saw some projects postponed as customers adopted a “wait-and-see” attitude to the recession.
The medium term effect was underutilised staff so we embarked on a retention programme mid year, undertaking internal project work and lower margin projects to keep our valuable people on board. This did reduce profits, but left us well positioned for the February 2010 upturn.
With a new year and more positive economic indicators we immediately noticed a difference. Our average daily revenue increased by 20% from February 2010 and has remained at this level.
Geographic diversification
As per stage one in our geographic expansion plans we have a business development presence in Wellington. Encouragingly, we have already completed some small projects and are in dialogue with complementary providers in this market.
Project highlights
We earned a Supreme Award nomination in the Business Impact Solution of the Year category at the Microsoft New Zealand Partner Awards. Our Software Development practice built an innovative mobile services application for VirCom EMS that has delivered significant productivity gains for the metering services provider. It runs on a Motorola FR68 mobile device, and uses the device’s GPS, barcode scanner and camera to capture information, minimise errors, and maximise automation.
Our Business Intelligence practice worked with Heritage Hotels Management (HHM) to integrate complex and disparate information from their six hotels using the MS Data Warehouse and Business Intelligence suite of products. The project is now complete and has delivered relevant and timely information to sales, marketing and senior management in the form of reports and executive dashboards. Phase 2 of the project will align this BI capability with the new HHM property management system (Opera).
Research and innovation (R&I)
Late 2009 saw the launch of our research and innovation programme. Led by Software Development Practice Manager Andrew Taylor, R&I is designed to help our customers innovate, grow their businesses and keep ahead of the competition, while improving Theta’s own technology, processes and services.
Prototyping new cloud services like Microsoft’s Azure development platform has been an early highlight of this programme. We have also analysed and investigated candidate ideas such as cloud-based business intelligence offerings and composite application framework development, and developed proof of concept work using Microsoft BizTalk server.
Moving to the cloud
Internally, we’ve continued our focus on improving processes and practices. A highlight in this area was outsourcing our email to the cloud. We’ve switched to MS Online Services, eliminating the need for back-ups, software upgrades and disaster recovery equipment – a move that has saved us money and kept our technical staff focused on customer needs. The knowledge gained from this migration added to the work done under Research and Innovation places us in a strong position to determine how our customers can benefit from cloud technologies.
New website generates new business
Since we launched the new Theta website in January 2009, our visitor numbers have almost doubled. We’ve noticed an increase in the number of leads originating from the website, including an inquiry from Conferenz that led to redevelopment work and ongoing application support. We built our site on Drupal, a popular and widely implemented open source content management system, and have gone on to implement Drupal solutions for clients too.
OUR PEOPLE
We’re known throughout the IT industry as a high quality partner with experienced staff, specialist skills and a proven track record. Our people are our core asset, and we recognise their hard work and commitment to Theta and our clients in what was in many ways a challenging year.
Bucking the global trend, our staff numbers took only a small dip from an all time high of 56 full-time equivalents in the year ending March 2009 to 49 in this financial year – still well above 2007 and 2008.
Theta also has a wide network of consultants who remain loyal to the company - ensuring specific expertise can be harnessed seamlessly for the advantage of our customers.
Tragically we experienced a significant loss in January this year, when our leader and friend, CEO Steve Saunders, died suddenly of a heart attack. This report and Theta’s resilience in 2009 is in many ways a tribute to Steve’s leadership. After time as interim CEO and a rigorous appointment process, long time Theta Sales Director Rob Lee took the helm in March 2010. Susan Paterson, Theta’s longest-serving independent director, was appointed as Theta’s new Chair. Our business continuity plan meant the transition went smoothly.
LOOKING FORWARD
In recent years we have consolidated our position with key clients, particularly in the Auckland market. We’ve weathered last year’s recessionary storm, and are now well placed to grow. We are expanding our customer and geographical base, and have acquisition possibilities on the horizon. Particular areas of focus for growth include Microsoft .NET, Microsoft Dynamics NAV and cloud computing.
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| Susan Paterson, Chair | Rob Lee, CEO |
Download the full annual report (11 pages, PDF).
2010-2011 Annual report
Download the full annual report (13 pages, PDF), or read the Chair & Chief Executive's report below.
Chair & Chief Executive's report: quick links
A year of overachievement in tough times
2010-11 was a strong year for Theta in a challenging economic environment dominated by the global financial crisis and earthquakes in Canterbury. An ambitious revenue target was set at 15% above the 2009-10 result and both management and board are delighted to have surpassed this goal.
We appreciate the continued support from our loyal customers who rely on us to create smart technology solutions that generate sustainable results. The biggest of these are Genesis Energy and the Southern Cross Healthcare Group - with Southern Cross Travel Insurance coming on board this year.
We exceeded our expectations across all measures. Our revenue was up 23% on 2009-10, largely attributable to the net gain of 12 clients. Notably we gained three new MS Dynamics NAV customers as this part of our business becomes even more established. Costs were prudently controlled and the result was a solid profit growth.
Daily revenue gradually increased throughout the year from $39,000 to $47,000. Our strategy of retaining our skilled staff by utilising them on internal projects in the challenging business environment of 2009-10 allowed us to seamlessly deliver this increased workload.
Expanding the business
Financially the company is in a robust position with no external debt, making us well able to fund growth. We have laid the foundation for expansion beyond normal organic growth and expect this to begin to bear fruit during the 2011-12 year.
.img_assist_custom-300x200.jpg "Streetside@Theta is home to Theta Software and Sales")
Streetside@Theta is home to Theta Software and SalesEmerging brands
In 2010-11 the main source of growth has been our two largest practices, which have emerged this year as strong brands in their own right. Theta Software is the biggest and together with faster growing Theta BI (Business Intelligence) they account for more than 60% of our business.
Streetside@Theta
With growth across the business we made a decision to secure additional space in Theta House, dubbed Streetside@Theta.
Geographic diversification and acquisition
During the year we added two staff in Wellington and are developing relationships with local customers and complementary businesses. We are currently working on two possible acquisitions.
Project highlights
Building on work we’ve already done at electricity meter provider Metrix we’re now part way through a new Microsoft BizTalk Server integration project to support smart meter services and the electronic activation, reading, disconnection and reconnection of meters.
This year Southern Cross Travel Insurance (SCTI), an online travel insurer, also selected Theta Software as a key supplier of core systems. Our first project with SCTI, the support and modernisation of their suite of websites, is already delivering increased reliability – a critically important factor to a company that does 80% of its business in NZ online. We’re also at the beginning of an 18-month project to replace their legacy policy administration system with a bespoke solution that will deliver tight integration between online and back office systems, cost and time savings and competitive advantage.
Microsoft technologies
Microsoft technologies play an increasingly important role across all areas of our business and we have approximately 20 Microsoft specialists.
Within Theta Software we now have a specialist BizTalk team. .NET development work is also on the increase, and our innovative Windows Mobile application for VirCom EMS earned us a finalist nomination for the Microsoft Supreme Award - Business Impact Solution of the Year in the 2010 Microsoft Partner Awards.
We have one of the most experienced Microsoft Dynamics NAV implementation teams in New Zealand and Theta BI has recently featured in a Microsoft case study for its work with boutique hotel chain Heritage Hotels.
Our IT Systems Management practice manages SQL servers for five customers and has helped eight customers make the transition to Microsoft’s cloud offering, Microsoft Online Services.
As part of our ongoing development of Microsoft capability we continued to re-certify our staff in the 2010-11 year, earning us Microsoft Silver Certified Partner status.
Moving to the cloud delivers scalability and reliability
Internally, we’ve continued our strategic focus on outsourcing core business systems to the cloud. Following our switch to MS Online Services for email, we’ve replaced our bespoke time and project management system with IT business management platform Autotask. It’s the key system we use to run our business; managing support and service desk requirements, projects, time recording and billing.
Continuing the cloud theme we have signed up with New Zealand company Sonar 6 for the provision of their award winning HR performance management system.
Both systems allow us to scale without fuss and pay as we grow rather than making a large capital outlay.
Website and online advertising generate new leads
Our website continues to grow, with unique visitors up 118% on last year. The site ranks particularly well for specific, less widely used technologies such as PowerBuilder and Liferay Portal, bringing in unsolicited business and new clients in those areas. Our increased focus on the use of Google ads is also delivering new business – with particular success in sales of Microsoft Online Services.
It’s time proven, especially for service companies, that you are only as good as your people. Our people are our core asset and are the key to our reputation throughout the IT industry as a high quality partner with experienced staff and specialist skills.
To ensure our excellent service we are committed to objectively and consistently measuring, managing and developing our staff, and this work is already being supported in the new financial year by the rollout of Sonar 6 HR performance management system.
Our wide network of associates and permanent staff have remained loyal to the company and its clients throughout a challenging year and this has worked to everyone’s advantage. The mix of core staff and associates provided project flexibility and the ability to access specific expertise for the benefit of our customers.
We have a staff of more than 80 of which around 75 are billable. Our billing staff numbers increased to an average of 54 full time equivalents (FTEs) in the year ending March 2011, where one FTE is defined as 225 days billed.
We are particularly proud of the response of everyone at Theta to the Canterbury earthquakes donating over $8,000 and assisting a Christchurch-based IT consulting firm.
At the October Annual Shareholder Meeting a number of changes to Theta’s constitution were made. These included a change in board composition, so that independent directors make up more than 50% of the board, and enabling the issue of shares to facilitate the growth of the company. Theta has a robust strategic planning cycle, a dedicated and capable management team, and good monitoring and reporting to the board and shareholders.
In the year ahead we plan to further grow the business and invest in:
- Increased capacity in marketing and customer relationship management
- Development of our Wellington and Australian presence
- Innovation, especially mobile and cloud technologies
- Partnering both as a reseller and a provider of services
With a strong balance sheet Theta has the ability to grow organically and by acquisition where sound opportunities arise.
.preview.jpg "Susan Paterson, Chair, and Rob Lee, CEO")
Susan Paterson, Chair, and Rob Lee, CEO
Download the full annual report (13 pages, PDF)