The project, to undertake a financial management and improvement program, is being funded by the Asian Development Bank, AusAID and the United Nations Development Programme (UNDP). The PNG Government believes the project will provide an effective basis for broader economic, governance and public sector reform.
PNG secretary for the Department of Finance, Thaddeus Kambanei, said the specific objectives of the project are to improve accountability, transparency and better utilisation of the Government's limited resources.
'The new system will enable better prioritisation of Government efforts and improved fiscal control to be achieved through improved planning, budgeting, and monitoring,' Kambanei said.
'By providing better and more timely information, the project will reduce waste and improve efficiency in the implementation of all government activities,' he said.
'Technology One demonstrated significant experience and understanding in the requirements of government, particularly in relation to the management of budgeting and reporting across all government departments.
'The solution will scale from the central departments of Finance and Treasury, to line departments, provinces and spending units. It will give us the mechanisms to control our budget, both top-down, and bottom up, and easily integrate with our other finance systems.'
Technology One chairman Adrian Di Marco described the PNG deal as a major win for the company in the government market.
'Our experience in all levels of government, from local, to state, central and federal, gave us an edge over our competitors,' Di Marco said.
'It was critical for the PNG Government that they chose a business partner that could work with the government to implement a solution that met their requirements to drive fiscal change,' he said.
'Over 40% of our clients are in the government market space, giving the PNG Government confidence of our experience and ability to meet their requirements and deliver the project on time and to budget.'
TNE shares jumped 3.5c to close on 58.5c and were heavily traded with depth.