Story image

Has Trade Me founder invested in the next Xero...?

15 Aug 14

Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has built a substantial shareholding in security software developer Wynyard Group after buying on-market yesterday.

Morgan's Jasmine Investment Holdings No. 4 Ltd bought 250,000 shares on market yesterday, taking his total stake in Wynyard to about 5.84 million shares, or 5.04 percent of the firm, according to a notice to the NZX.

While no price was put on the deal, Reuters data shows 250,000 shares were bought at $1.90 yesterday, for $475,000.

The shares fell 1 percent to $1.90 today, and are up 66 percent this year, having pared bigger gains during a global sell-off of software and biotech stocks.

Morgan was already one of the bigger shareholders in Wynyard, having participated in last year's $65 million initial public offer, and was recorded as holding 2.96 percent as at Feb. 28, according to the company's 2013 annual report.

Wynyard is chasing growth by seeking bigger deals with greater opportunity for expansion, and is also investigating the "potential for targeted acquisitions to accelerate market penetration and capture market share," it said at its annual general meeting.

The intelligence software developer raised $35 million in March in an institutional placement and share purchase plan to fund its growth aspirations.


 

NZ’s $3.45bil IT services market fueled by competitive advantage
"With regards to cloud adoption, organisations are prioritising innovation and security over cost and scalability.”
The secret to scaling DevOps in the digital era
"Organisations around the world have learnt at a cost that while agile DevOps methodologies can result in improved outcomes within teams and projects, they have a propensity to fail miserably."
APAC FinTech network launches to encourage cross-border innovation
Nine associations formally launched the network by signing a Statement of Intent at the Asian Financial Forum event in Hong Kong.
Avaya expands AI offerings with new partnerships
The additions to the ecosystem will enable Avaya to add prioritisation and natural language processing to its UC solutions.
Hillstone CTO's 2019 security predictions
Hillstone Networks CTO Tim Liu shares what key developments could be expected in the areas of security compliance, cloud, security, AI and IoT.
Kiwis make waves in IoT World Cup
A New Zealand company, KotahiNet, has been named as a finalist in the IoT World Cup for its River Pollution Monitoring solution.
Can it be trusted? Huawei’s founder speaks out
Ren Zhengfei spoke candidly in a recent media roundtable about security, 5G, his daughter’s detainment, the USA, and the West’s perception of Huawei.
SUSE partners with Intel and SAP to accelerate IT transformation
SUSE announced support for Intel Optane DC persistent memory with SAP HANA.