Wynyard gains traction in Middle East

ALAN WOOD
Last updated 11:51 26/11/2013

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Recently listed security software company Wynyard Group says it is gaining momentum in the Middle East, with further sales based around its audit, risk and compliance software.

Wynyard offers a suite of software solutions. It is probably best known for its threat assessment and crime-fighting analytics tools.

The NZX-listed group said it had a new client in Galadari Brothers, a United Arab Emirates business conglomerate with growing business interests in the Gulf Co-operation Council, Asia and Australia.

The Galadari Brothers group operates in sectors including retail, automobiles, heavy equipment, industrial trading, media, engineering, hospitality and real estate.

Wynyard managing director Craig Richardson said the deal with Galadari Brothers reflected Wynyard's ability to effectively address the challenges organisations face in managing the growing complexity of their obligations in the audit, operational risk and compliance environment.

The deal built on on Wynyard's fast-growing Middle East customer base.

"Wynyard has a strong track record of working in successful partnerships with its Middle East clients to deliver robust solutions that help them address the business challenges they face," Richardson said in a statement.

"In every sector and market we see laws and regulations increasing and changing to better protect investors and institutions from risks, financial crime and corruption."

Galadari Brothers internal audit head Ghassan Khair said the group's internal audit management was becoming increasingly challenging, given the growing complexity and diversity of businesses. There was an increase in the types and frequency of audits that need to be conducted.

"Point solutions and spreadsheet-based systems are no longer suitable for effectively managing the internal audit function. Using technology is the only option to meet these challenges, " Khair said.

"Wynyard's solution will support the complete spectrum of audit and risk management in a single platform, and will automate the risk assessment and audit processes such as planning, execution, reporting, monitoring and compliance."

Wynyard shares last traded steady at $1.15. The shares debuted on the NZX in July.

It has more than 400 customers worldwide, including Fortune 500 companies and leading government security agencies. The company has offices in the United Kingdom, United States, Canada, United Arab Emirates, Australia and New Zealand.

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- Fairfax Media

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