20 May 2011

University of Queensland IT graduate Mark Bathie has come a long way since dreaming of launching a start-up company nine years ago.

He formed CVSDude in 2002, and then as the company became a world leader in collaborative software development, he moved it to California and changed its name to Codesion.

Now, Codesion has been taken over by CollabNet, one of the world’s largest, best known and most respected names in the software development tools industry.

Mr Bathie’s company was established with the support of business incubator ilab in Brisbane, Queensland, and the sale to Codesion occurred within three years of the company graduating from ilab and relocating to California.

ilab chief executive Colin Kinner said Codesion was recognised internationally as a pioneer in cloud-based source code management solutions and a leader in collaborative software development.

“ilab congratulates Codesion and its founder Mark Bathie on the company’s successful trade sale to CollabNet,” Mr Kinner said.

“It’s a great outcome for everyone.”

“As a business incubator that supports emerging technology-based ventures, ilab is actively seeking companies like Codesion with emerging technologies that have commercial potential,” he said.

Codesion has attracted more than 70,000 active users and 3400 customers in 90 countries since Mr Bathie launched it in 2002. The company grew quickly, serving more than 1000 users in its first 12 months.

Mr Bathie credits much of the company’s early growth to ilab.

“The ilab team helped me to think through all aspects of the business and focus on the non-technical issues such as sales and marketing,” he said.

“They really got me thinking beyond product to creating a sustainable and scalable business. Obviously it’s great having a good product but often as a developer you get focussed only on the product when there are a lot of other areas that are important to growing a competitive business.

“Bringing the experience of ilab on board helped me keep on track. I also found their mentor panel very valuable, and the extensive ilab network was helpful with making initial introductions to potential investors and collaborators.

“ilab was also a major factor in the company winning The University of Queensland Business School’s Enterprise business plan competition in 2007, which gave us a cash injection that helped us grow at a critical time.

“They were also helpful when I successfully applied for the inaugural 2007 Richard Joel Young Export Entrepreneur of the Year Award.”

Media: Colin Kinner, ilab CEO, +61 7 3327 9802 / +61 (0) 411 122 976, ckinner@ilab.com.au

About ilab: Through a comprehensive package of assistance, coaching, mentoring and training, business incubator ilab helps the founders of emerging technology-based ventures to build successful businesses and negotiate the many risks facing start-ups. Companies that have benefited directly from ilab membership include ASX-listed RedFlow Ltd, Charm Health and Codesion. ilab is owned by The University of Queensland and supported by the Queensland Government.