Wynyard shares gain after signing up SFO

Craig Richardson, chief executive of the Wynyard Group. New Zealand's Serious Fraud Office has just been signed up as its latest customer.
Craig Richardson, chief executive of the Wynyard Group. New Zealand's Serious Fraud Office has just been signed up as its latest customer.

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 per cent 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.

- BusinessDesk

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