UPDATE: Wynyard's Cognevo division sold to Telstra

Tuesday 22nd November 2016

The administrators of crime-fighting software company, Wynyard, have sold its Cognevo division to Australian telecoms giant, Telstra.

In a statement to the NZX, Grant Graham and Neale Jackson of Kordamentha said the deal was expected to complete within the next ten days and is subject to a number of termination rights. The Cognevo division was focused on business customers, rather than local and national governments.

Telstra confirmed its purchase in a separate, e-mailed statement, saying that "Telstra is an existing Cognevo customer and we are acquiring the assets to further enhance the capabilities of our managed security services offer for customers in Australia and globally."

Christchurch-based Wynyard went into voluntary administration last month after failing to secure emergency funds to keep it going from UK lender Skipton Building Society.

It listed on the NZX in 2013, with investors paying $1.15 a share. The stock closed as high as $3.12 in March 2014 but shares were worth just 21.5 cents when the company eventually went under.

The administrators also today warned investors that "it is already apparent that there will not be any returns for shareholders arising from the administration."

BusinessDesk.co.nz

Comments from our readers

No comments yet