Telstra eyes parts of Wynyard, reports say

Tuesday 22nd November 2016

Part of failed crime-fighting software company Wynyard could be bought by Australian telecoms giant, Telstra, Fairfax Media has reported.

Neither Telstra or administrators KordaMentha have responded to requests for comment.

The report suggests that Telstra is seeking to buy the Christchurch-based company's Cognevo business, which supplies software to business customers. The deal is said to be conditional on enough staff being willing to be employed by Telstra.

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.

BusinessDesk.co.nz

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