Sharechat Logo

Wynyard shares gain after signing up SFO

Wednesday 31st July 2013

Text too small?

Shares in Wynyard Group gained after the intelligence software developer signed up the Serious Fraud Office as its latest customer for an undisclosed sum.

The white-collar crime investigator will use Wynyard's investigations software as a means to improve efficiency and free up investigators to better manage their operations, the Auckland-based company said in a statement. That software is used to help "solve growing investigation integrity, case load and data veracity problems," according to Wynyard's prospectus.

The shares climbed 3.4 percent to $1.21 today, having climbed above the $1.15 IPO price this week after a disappointing start to its life as a listed company.

The contract comes after Wynyard signed up New Zealand Police in May, and adds to its client base including the London Metropolitan Police the Australian police force, global banks and corporations.

"Wynyard is now providing solutions for two of New Zealand's major investigative agencies and in the process is beginning to create the foundation for integrated crime detection and prevention across agencies," chief executive Craig Richardson said. "It is pleasing to see our solutions being used not only internationally, but here at home in New Zealand."

Last week the company bought the intellectual property, customer contracts and exclusive rights to the gateway service from MHA Compliance and Training, a 20-year-old, Surrey-based firm whose suite of tools are used in the financial crime consulting industry.

The acquisition was part of Wynyard's growth plans after it reaped $25.8 million from the recent $65 million capital raising when it was spun off from Jade Software.

The company sees the biggest growth coming from its intelligence product, which helps detect and prevent money laundering, fraud and other organised financial crime against banks, insurers and exchanges. Government clients use it to help counter-terrorism, disrupt trans-national crime, build cases in violent crime, and untangle complex white-collar crime, according to Wynyard's prospectus.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Wynyard on track to meet prospectus target for FY sales, Richardson says
Wynyard buys UK-based MHA Gateway service after Friday listing
Wynyard Group falls 4.3 percent in NZX debut, stays just inside indicative range

IRG See IRG research reports