Di Marco will step down from the company on June 30 and hand the reins to Pat O’Sullivan, the company’s current deputy chair.

O’Sullivan will be a non-executive chair so the day to day running will fall to well regarded chief executive Edward Chung.

TechnologyOne was one of the first tech companies to list on the ASX and Di Marco claimed it was also one of the first technology start-ups in Australia 35 years ago.

“It has been an amazing journey as we have navigated successfully across four major paradigm shifts starting first with the advent of relational database technology, then the PC, the internet and more recently the cloud,” he said.

“Today’s announcement is the final step of a carefully planned transition that started with the appointment of our long serving chief operating officer Edward Chung to the role of chief executive in 2017, the renewal of our board over the last five years and the recruitment of a very experienced deputy chair Pat O’Sullivan.”

Di Marco’s decision to stand down may come as a shock to many because he has kept a tight control on the company as executive chair.

It hasn’t all been plain sailing. The company was involved in a damaging wrongful dismissal case of an executive that lasted for years.

“There have been many challenges over the years at TechnologyOne and there will be more ahead,” he said.

“I am confident that our DNA of adapting, changing and never giving in will allow us to continue to be very successful under the strong leadership of our outstanding chief executive Edward Chung and his team.”

Di Marco has taken the company from its foundation at an office at the front of tannery to a $3.3 billion corporation with global operations and now aiming for $500 million in annual recurring revenue by 2025.