Australia’s tech industry, which expanded 80% between 2016 and 2021, is projected to reach AUD$167 billion by 2030 (USD$112 billion) as global software and fintech firms continue to spring up across the continent.1
Buy Now, Pay Later. Australian companies have pioneered the “buy now, pay later” (BNPL) sector, which includes software that allows consumers to pay only a portion of an entire purchase up front and spread the remainder over time, often with no interest charges. Afterpay now owns roughly 44% of the BNPL market in Australia and 25% in the U.S., while Zip Co., Afterpay’s nearest Australian competitor, continues to increase its presence.2
Enterprise Software. Australia’s robust agricultural and minerals exports have helped Wisetech become an established leader in freight-forwarding software. Meanwhile, the medical-imaging software company Pro Medicus has become a big player in integrated healthcare informatics, driven by management’s early adoption of cloud-native software (as opposed to hardware-based approach) and AI tools.
Mobile Apps. Life360, which went public on the Australian Securities Exchange in 2019, is a hit with families looking to keep an extra eye on their loved ones. The company’s location-sharing app is now one of the 10 most downloaded apps in the U.S. and Canada.
Some Australian tech names have even fetched handsome sums from international acquirers.
Square (now called Block Inc.) bought Afterpay for $29 billion in 2022.3 Altium, which provides software to automate the design of printed circuit boards, was picked up for $5.9 billion by Renesas, a Japanese company that aims to expand its global footprint.4 Most recently, AirTrunk, which operates data centers for hire, was acquired by Blackstone and Canada Pension Plan for AUD$24 billion (USD$16 billion).5
In our view, Australia’s significant progress thus far—combined with its abiding cultural ties to the West and strategic proximity to the Asia-Pacific rim—suggest that The Lucky Country will continue to make its own luck on the global tech stage.
WiseTech
Richard White, once an aspiring rock ’n roll star who repaired guitars for Australian rock bands like AC/DC, found his true calling in logistics management software. In 1994, he co-founded WiseTech Global with Maree Isaacs to help logistics companies manage goods and information across supply chains. Initially, they began by writing code for Australian freight forwarders, setting the foundation for what would become a global logistics software powerhouse.
The logistics industry is fraught with challenges such as inefficiencies, complex regulations and the constant need for timely deliveries. CargoWise, WiseTech’s flagship software, addresses these issues effectively. It centralizes logistical information and operations, providing a uniform interface for supply chain management. CargoWise integrates seamlessly with existing systems, offering functionalities like shipment tracking, inventory management and documentation handling. Its broad API features allow custom integrations, making it adaptable to specific business needs. This versatility and efficiency have made CargoWise a preferred choice for prominent freight forwarders like DHL, DB Schenker, and CEVA Logistics.
Heightened geopolitical tensions in recent years, including Red Sea disruptions, the Ukraine-Russia war and trade tariffs, are accelerating the digitization of global logistics. Geopolitical shifts are redefining trade routes and increasing the demand for integrated global software solutions with enhanced visibility. The global digital logistics market, valued at USD$28 billion in 2023, is projected to grow to USD$120 billion by 2032, with a robust CAGR of 17.8%. This growth underscores the importance of reliable and efficient digital solutions, a domain where WiseTech excels. With over 17,000 customers in 183 countries, WiseTech’s global footprint is undeniable.
Since its 2016 IPO, WiseTech has achieved a 34% CAGR in revenue growth and has consistently remained profitable. Its mission-critical software solutions have garnered a loyal customer base, with 96% of its revenue being recurring. WiseTech invests 30% of its revenue in product development, leading to over 5,200 product enhancements in the last five years. CargoWise now covers all modes of transport—ocean, air, road and rail—and continues to expand its functionalities.
As WiseTech celebrates its 30th anniversary, its proven track record, strategic advantages and expanding market reach, position the company at the forefront of shaping the future of digital logistics.
