Case Study


Construction management and team communication platform.

‘’We appreciated TDM’s long-term, stable support as shareholders. Their deep understanding of technology and growth companies, coupled with a long-term view, made for constructive and value adding investor relations.’’


Aconex is an Australian based, global provider of construction management and collaboration software founded in 2000. Aconex is the industry pioneer and global market leader. The company develops innovative software products creating massive efficiencies for major construction projects, transforming an industry that traditionally has been paper-heavy and inefficient.

Aconex listed on the ASX in 2014, during a time when Australian investors did not fully appreciate the software as a service (SaaS) businesses model. Our global view and previous SaaS experience allowed us to clearly understand its substantial global growth opportunity and the quality of its business model.

Immediately post IPO, we saw an opportunity to own a portion of the business at an attractive price. We had always been comfortable with the quality and vision of the co-founders and did not hesitate to back them when an opportunity presented itself.

Our early engagement with management allowed for deeper insight into the value drivers of the business, the company culture and the quality of the senior leadership team.


Aconex was acquired by Oracle in December 2017 for $1.6bn.

Aconex’s management team executed exceptionally well during the period that TDM was an owner, which resulted in the share price increasing over 4x from our initial entry price within 3 years.

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People and Culture

We instantly recognised the passion of CEO and Co-Founder Leigh Jasper, who possessed a bold long-term vision and who cared deeply about the culture of the business. When TDM invests in a business, we do so with an ownership mentality, and backing highly capable founders is highly aligned with this philosophy.

We felt strongly aligned to an innovative Australian business with a global growth aspirations and shared management’s views on how big this business could be and the strategic value it could hold.

Competitive Advantage

Our primary framework for assessing competitive advantage is Hamilton Helmer’s 7 Powers. Find further details in our Four Pillars Framework.

Given the scale of both the customer base and projects Aconex was being used on, there was a huge barrier to replacing the product.

As the dominant software and pioneer used in the industry, everyone from the construction site worker to the project manager responsible for delivering the project loved the product, and with this, it became the default industry standard to use it.


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