Middle East deal fuels Wynyard shares
Shares in security software company Wynyard Group have surged after the company landed a new contract in the Middle East.
Wynyard shares gained 16 per cent to an all-time high of $1.38 this morning after it announced a contract for its anti-money laundering software subscription with GCC Exchange, a fast-growing money exchange based in the United Arab Emirates (UAE).
Wynyard managing director Craig Richardson said the company would help GCC meet tougher regulations to better monitor cashflows through the UAE financial system.
"Wynyard is experiencing growing demand for its advanced crime analytics Software-as-a-Service solutions, particularly in the United Kingdom, the Middle East and New Zealand," he said.
GCC said regulators were introducing stricter guidelines whereby financial service providers must be able to trace criminal transactions like money laundering and funding terrorist groups.
GCC general manager Mukesh Himatlal said the partnership with Wynyard guaranteed GCC the top tools in the industry to protect its business and customers from financial crime.
Wynyard employs 120 people.
The NZX-listed company signed a deal to provide criminal analytic software for the Thai Government last month.