Revolution IT Enables Murray Goulburn to Launch Australia’s First Share Trading Platform.
As Australia’s largest dairy cooperative, 100% controlled by Australian farmers, Murray Goulburn partnered with Revolution IT to test its unique share trading platform in time for its public launch on the ASX.
This type of platform had only been built once before, and never in Australia. Nevertheless, according to Mr David Noonan, ex-Murray Goulburn General Manager for Corporate Development, “It was a once-in-a-lifetime opportunity to build something that hadn’t been done in the Australian market before.”
In July 2015, the cooperative made a strong debut on the ASX, and Mr Noonan couldn’t have been happier with the results: “We created a private stock exchange and really added value to the farming community. It isn’t about the large institutions, it’s about the farmers. We’ve added $800M to their balance sheets thanks to a fantastic performance from the Revolution IT team throughout the project”.
During the two-year project, Revolution IT’s capability scaled up to touch on all aspects of the delivery: from analysing requirements, to data migration, training, integration testing, and user acceptance testing.
A key challenge of the project was to coordinate the integration of three primary vendors, including a share registry, a broker and a market maker. By testing the systems successfully, Revolution IT helped Murray Goulburn to deliver a share trading platform that combines a private market where shares are only traded between co-op members, with an open market that’s available to external investors.
By working through all multi-vendor complexities, Revolution IT enabled Murray Goulburn to retain its cooperative structure while opening doors to external investors.