Wynyard eyes IPO to fast track growth

Risk management and digital forensics software provider Wynyard Group is looking towards the New Zealand Stock Exchange to secure growth in its future.

The Auckland-based company says in a statement today it's considering raising capital by listing on the NZX. The additional funds will be used to expand the company further internationally, it adds. Correction: Previously this article said Wynyard is owned by Jade Software. This was the case until recently, when Wynyard split from the Jade entity in early April.

A Wynyard spokesperson says the proposed offer would take place in the next two months (conditional on the NZX accepting the shares for listing).

If Wynyard does indeed float, it will continue a trend this year which has seen two other tech companies (Snakk Media and soon SLI Systems) list on the exchange, after a drought in tech listings lasting a couple of years.

Snakk boss Derek Handley is a major proponent of New Zealand tech companies making use of the stock exchange to achieve growth.

"What we are doing shows a path where you can list and raise small amounts of capital over time... More people in the country need to investigate the option because once you get past angel funding here there's not many VC funding options left in New Zealand," said Handley at the news of his company's listing earlier this year.

He adds that with the success of listed Kiwi tech companies like Xero (which is seeing a boom in its stock price pushing its market valuation above $1 billion), the stock exchange path needs to be explored by more New Zealand startups looking to grow outside of traditional venture capital funding.