QIC transforms tech as company expands

Queensland Investment Corporation (QIC) has joined forces with Oracle Cloud IT specialist, PrimeQ, to replace back-office systems with more advanced global financial solutions that can operate across jurisdictions and currencies as the investment manager expands across the US.

PrimeQ would implement an extensive Oracle software as a service (SAAS) footprint spanning every module across enterprise resource planning, enterprise performance management, analytics and platform as a service.

The project, which would be rolled out across Australia, the US and the UK, would create between ten and 12 new roles for PrimeQ’s Brisbane office.

QIC’s chief financial officer, Claire Blake, said the firm was looking to facilitate growth in Australia and overseas given it now employed over 1000 people internationally, including 250 in the US.

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“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,” she said.

“It will also provide our investment teams with improved access to dashboard information, allowing them to make better use of data and analytics.”

PrimeQ chief executive, Andrew McAdams, said financial institutions around the world were seeking opportunities to become more agile, and technology was the enabler to do this.

“Oracle’s unique SAAS solution will allow QIC to transfer risk out of their business and capitalise on the frictionless innovation that SAAS provides.”