Wynyard signs $900,000 contract with Saudi Bank

Wynyard didn't name the bank, but said it was "one of Saudi Arabia's top 10 banks".

Wynyard Group [NZX: WYN], the security software firm, has signed a $900,000 contract with an unidentified Saudi bank to help the institution comply with regulation from Saudi Arabia's central bank, the Saudi Arabian Monetary Agency.

Auckland-based Wynyard didn't name the bank, but said it was "one of Saudi Arabia's top 10 banks" and provides wholesale, retail and commercial banking products. No term was given for the duration of the contract.

On Friday, Wynyard announced it had signed a $4.5 million contract to provide a national security agency with software to counter terrorism and help protect high-value assets. In October, the company inked a $2.5 million contract to provide security information and risk management services for a large European national infrastructure company, and in January it signed a $3.2 million contract with an unidentified national security bureau.

Last week, the company announced plans to raise $30 million from institutional and high net worth investors at a premium to the current trading price, to build its sales and partner network, expand operations in the US and Middle East and invest in research and development.

Wynyard debuted on the NZX in 2013, raising $65 million in capital to fund its international growth plans and has run several capital-raisings since. Its crime analytics and risk assessment software is used by the London Metropolitan Police and the New Zealand and Australian police forces, global banks and corporations, and is making inroads into the US market.

The shares last traded at $1.75, a near-five month high, and have declined 16% so far this year.

(BusinessDesk)

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