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STEPCHANGE HOLDINGS LTD (STH) - ERP momentum on the ASX: Step Change’s path from WA roots to tier-one delivery at scale
What if the real competitive edge in enterprise transformation isn’t a new tool, but the ability to deliver at speed with trust? We sit down with StepChange Holdings’ managing director Shane Bransby to unpack how a fresh ASX listing became a lever for credibility, talent, and tier-one wins—especially across Western Australia’s resource-heavy economy where multi-year programs demand both governance and grit.
We explore why demand for ERP transformation keeps rising: capital projects in mining and energy, the urgency of cloud migration, and the push for measurable productivity gains in finance, HR, and supply chain. From SAP-led programs to pragmatic client-side integration, we share the playbook that’s helping StepChange beat prospectus forecasts and grow to 161 billable consultants. Being sovereign-based and on the ground in Perth matters here—shorter feedback loops, tighter security postures, and a delivery culture that prioritises outcomes over slideware.
You’ll hear how cloud is the true starting line for AI, not the finish, and why structured ERP data unlocks practical automation—from invoice coding and asset maintenance to demand planning and spend analytics. We also talk through the growth thesis for FY26: steady organic demand from tier-one clients, a measured M&A strategy to add specialisation and scale, and the operating discipline that turns programs into referenceable wins. If you care about SAP, cloud ERP, AI readiness, or the realities of building a credible consultancy on the ASX, this conversation offers a clear, actionable view of what creates value right now.
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Andrew Musgrave
Welcome again to ASX Briefs, the podcast where we spotlight emerging leaders on the Australian Securities Exchange. And today we're joined by Shane Bransby, the Managing Director of StepChange Holdings, a newly listed ERP transformation consulting company that's just wrapped up a successful ASX debut following the acquisition of StepChange Consultants. Shane, great to have you with us today and welcome to the ASX Briefs podcast.
Shane Bransby
Thank you, Andrew. Thank you for having me on.
Andrew Musgrave
Now, StepChange newly listed. So, first of all, we'll just kick off for investors that may be unfamiliar with the company. Can you just provide a brief overview?
Shane Bransby
Yes thanks, Andrew. We're an IT consultancy firm. We've been around for 22 years now, and our core service offering is delivering digital transformation services to tier one clients that includes large groups in the resource industry, corporate as well as state government departments.
Andrew Musgrave
Okay, now you listed on the ASX a few months ago. So, what does that enable now for StepChange on the back of raising close to $15 million?
Shane Bransby
Yeah, it's a great step and an evolution of StepChange. The digital transformation that's going around globally represents a great opportunity for StepChange and their next step change in their own evolution. Part of that is getting the exposure with listing on the ASX. It gets more eyes; you get more credibility from governance and compliance when you're dealing with tier one type of clients and state government departments. They like to know that there's a robust governance compliance around a lot of the process that you do. But also, attracting talent as well, Andrew is a great thing. People know that you're listed. We've got a professional board who's done it before behind us. So, we decided to go to the ASX. We've had some history in the past with that. We've got great institutional support, a lot of our shareholders are fund managers and institutions that have been around this particular industry for a long period of time. So, it was a natural step, and we've sort of made that step in July of this year.
Andrew Musgrave
Okay, and the company has hit the ground running with results ahead of prospectus forecasts. So, what were the key drivers behind the strong start?
Shane Bransby
Yeah, I think it's our tier one client base. We've been working with these particular clients now for probably 18, 20 years and especially based in the resource sector, we're in Western Australia. There's a lot of capital projects that are still going. So the tailwinds of the resource, whether that's oil and gas or mining, and now with critical minerals coming online and the importance of critical minerals, we are seeing a lot of projects getting green lit. That allows us then to provide the digital transformation services to those projects, along with just day-to-day migration to the cloud. So we're seeing just a huge uplift in companies now moving to the cloud. For many, many years we've been working on-premise, but the move to the cloud now allows companies to be a lot more innovative. We can do things so much quicker. And our core services around developing and implementing ERP services. So from services like HR, finance, supply chain are all sort of core services that we provide to these tier one clients. So we see the uplift and the tick in the last few months, and that's been pretty steady now into the new financial year. So it's given us a good start to public life.
Andrew Musgrave
Now you've recently been appointed as a transformation partner by major energy clients. So what's driving demand for ERP upgrades right now and how does StepChange differentiate?
Shane Bransby
Yeah, one of the advantages that we're having, especially being based in Western Australia, Andrew, is that we're on the ground, we're sovereign based, all our consultants are either living in Perth or very close by. So, we're very nimble. We can work client side as well. So, we can work with the actual IT teams of these tier one type client’s side by side. So, if they need a specific capability, we can work with them on that, or we can work very independently on projects that come up. So, our independence and being based in Perth with the resource sector has been very very helpful.
Andrew Musgrave
Now you've ended FY25 with 161 billable consultants versus a forecast of 143. So, what's driving this hiring momentum and are you seeing continued demand into FY26?
Shane Bransby
Yes, the momentum has continued, Andrew, it's been it's been steady, which is fantastic. The projects are continuing, as I mentioned previously. These type of projects, especially if they're in oil and gas or resource sector, are multi-year. And while we'll be involved at various parts of those projects, that momentum's continued. The lead up to obviously end of full year 25 was very, very solid. And I think that was all the hard work that was put in the previous year. So, we're able to get a little bit ahead of headcount where we thought. Obviously, the intention is to keep that going. Being again in public life, there's new conversations going on, which is great. Nothing material of note, but again, our reference ability in this industry, especially resources, over the last 22 years has been strong. So, we continue that, we deliver well, and that's the key of being successful. So that question around you know what makes us a little bit different, it's our delivery. We pride ourselves on the delivery. We've got very, very good consultants who've had many, many years of experience. So, the delivery piece, being based in Western Australia for the resource and oil and gas sector is something that our clients value.
Andrew Musgrave
Now, at a more macro level, as a specialist in SAP-led ERP transformation, what industry trends do you see that support StepChanges growth? And are specific sectors or project types leading the way?
Shane Bransby
Yeah, I think it's you know the big vendors like Microsoft, Oracle, SAP have been pretty dominant for many years. SAP supports the infrastructure of many companies here in Western Australia. Probably a lot of people don't know that SAP is now the largest market cap company in Europe. So, we're seeing some great innovation come out of SAP, whether that's through AI or their obviously cloud migration with their ERP projects. And you see that generally. I think what's sometimes missed is ERP is a huge productivity uptick if you can get it right. So, a lot of companies are now looking at that. This is just the first step. So, once you go into the cloud, you now got the ability to look at AI, which is obviously what everyone's been talking about recently. Innovation can happen at breakneck speed once you're in the cloud. On-premise takes more time. So, this driver or trend in ERP is now very strong. People realize it's actually an important step to be more innovative, to be more productive. And I think there's been government round tables recently over the last couple of months on these particular points. So, we sit in this sweet spot being ERP partners and having the people and the consultants who actually can implement these services and help these companies drive value within their business.
Andrew Musgrave
Now, Shane, just to wrap things up, looking ahead for current or potential shareholders, what's the key message you'd like them to take away about StepChanges business and FY26 growth outlook?
Shane Bransby: 08:20
One of the things I'd sort of like to you know make people aware of is that digital transformation is a long-term project or is a long-term transition. So, we see this as multi-years. It's not just over the next 12 months while everyone's migrating. Innovation is continuing. We see the development of AI. This is just in its you know starting phase, even though you know we see a lot of new things happening daily. So, we'll embrace that. We are getting core people who can help us with that journey. But most importantly, I think as part of our growth story, Andrew is our inorganic growth as well. So, we'll scale up. My background is in M&A, so and I think most people know that that there's great opportunities within Australia to build a larger, independent, scalable IT consultancy firm that's independent and that can act nimbly. So, we see it multifaceted being inorganic, but also organic with the type of clients that we've got. So, we're in the right space and we've got the right type of clients, and their appetite to continue to digitally transform is still strong.
Andrew Musgrave
Okay, well, Shane, it's been great to chat today. So, thanks for your time, and we look forward to further updates from StepChange Holdings in the upcoming months.
Shane Bransby
Thank you, Andrew.
Andrew Musgrave
That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.