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Wynyard Group inks $27m deal with security agency

Largest ever sale for NZX-listed criming fighting and security software maker.

Tue, 05 Jan 2016

NZX-listed Wynyard Group says it has inked a $27 million deal with a "national security bureau".

As ever, the Auckland-bascrime fighting and security software company is secret squirrel about most elements of the deal.

It won't say the country concerned, or even confirm the hemisphere, but does drop the broad hint that it was signed off by Wynyard's London office.

And for once it has disclosed the price, which CEO Craig Richardson tells NBR it's the company's largest-ever contract.

The security solution will include Wynyard's Advanced Crime Analytics and Investigations Case Management applications and will help the bureau solve high consequence crime, security and big data problems.

The software solution will be implemented with the systems integration partner and has a total contract value of $27.0 million over the initial three years.  The agreement is conditional on the partner confirming it has completed specific commercial agreements with the end user, Wynyard says.

Last month Wynyard's shareholders passed a resolution allowing the company to raise at least $30 million from a number of strategic investors who'd shown interest in the firm during a roadshow across Asia, Australia and the US. Those funds will go towards expanding Wynyard's operations in the US and the Middle East, grow its sales and global partner network, invest in product research and development, and service working capital needs.

At that special meeting, Wynyard reiterated guidance for annual revenue of between $40 million and $45 million in calendar 2015.

Wynyard posted a net loss of $17.6 million, or 14c per share, in the six months ended June 30, from $10.2 million, or 9c, a year earlier.

Revenue climbed to $14 million from $10.1 million a year earlier,

The company anticipates faster revenue growth from the second half as it rolls out a new product.

Its shares last traded at $1.84, having dropped 12% over the past 12 months.
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Wynyard Group inks $27m deal with security agency