Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Wynyard Group [NZX: WYN], the intelligence software developer, plans to raise $35 million through a placement and a share purchase plan to fund its global growth strategy. Its shares have been halted for the capital raising.
The Auckland-based company said it would raise $30 million via a placement to institutional investors and $5 million via a SPP. The placement is underwritten at $2.70 a share by UBS New Zealand, which has been hired as arranger.
Shares of Wynyard last traded at $2.86 and have soared 158 percent since they began trading in July last year. The NZX 50 Index rose 12 percent in the same period.
"Wynyard will accelerate new user and revenue growth by doubling its direct sales and professional services team and expanding its partnership programme with technology partners and technology systems integrators," the company said in a statement.
"This expansion will be across all key regions, but weighted towards significant opportunities the company sees for its products in the US justice sector," it said.
The company is also bringing forward "new advanced crime analytics product features" and will expand its Crime Science Research Centre, it said.
Wynyard raised $65 million in an initial public offer last year of which $25.8 million was used to fund growth, with the rest paying former parent Jade Software for intellectual property listing costs, and intercompany debt.
Last month Wynyard posted a pro-forma loss of $11.2 million for calendar 2013, just above the $10.1 million shortfall forecast in its June prospectus. Revenue more than doubled to $21.7 million, beating its forecast of $21.5 million and the company said it expects to beat its 2014 sales forecast of $27 million.