Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Wynyard Group splits from Jade, mulls capital-raising

Wynyard Group splits from Jade, mulls capital-raising

By Pattrick Smellie

Jan 17 (BusinessDesk) - Christchurch software developer Jade Corp is splitting off its fast-growing intelligence-gathering software arm, Wynyard Group, as a separate entity, with Wynyard likely to be considering options for new capital to support growth by late this year.

Jade's managing director since 2009, Craig Richardson, will move to work exclusively at Wynyard, as chief executive, as it pushes into the US market and starts to challenge its parent, Jade, as the larger entity in the group.

Richardson would not be drawn on when, whether or how Wynyard would seek to raise new capital, but said the issue was likely to become live for the Jade board next year as Wynyard seeks to ramp up growth in the huge US market.

It recently clinched a break into the lucrative US market by entering a strategic relationship with aviation and defence manufacturers Northrop Grumman.

"Our deals in the US at the moment are fairly small," Richardson told BusinessDesk. "But we are thinking big. There's no point going there for $100,000 and $200,000 deals. We're thinking about how to go to the US for multi-million dollar deals.

"The reality is that we really focused on 2014 for that to become revenue."
The issue of capital-raising would occur in the context of supporting such fast growth.

The major shareholders of Jade and Wynyard are the UK-based Skipton Building Society with 57 percent and a private US investor, who owns 25 percent.

Jade's total revenue last year was in the region of $35 million, with Wynyard believed to be about half of that, but growing quickly since its launch in March last year, and with the potential to eclipse Jade.

Wynyard's software helps manage and connect mission critical risk management, intelligence and investigations cycles, and is already used by a range of banks, police forces and intelligence agencies globally, as well as attracting significant contracts with New Zealand agencies and private sector customers.

"Wynyard is very well positioned in this high growth, specialist technology market and our board has recognised the importance of a strong, mission-focused management team," said Richardson in a statement on the separation from Jade.

Jade's chair, Ruth Richardson, announced Jade's current chief operating officer, David Lindsay, has been appointed managing director of Jade and will lead the company's global marine terminal (Master Terminal), enterprise and mobile development (JOOB Mobile) and infrastructure service business.

Jade last raised capital in December 2010 when it sold a payroll business for $8.5 million to help fund Wynyard's development.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news