14 Mar 2014

Shareholder supports capital raising

7:33 am on 14 March 2014

One of Wynyard Group's largest shareholders says it supports the company's $35 million capital raising so it can accelerate growth.

The security software company says, with the increased funding, it expects to lift revenue to about $47 million in the year ending March 2015.

The money will be used to double its direct sales and professional services team and expanding its technology partners across all regions with a weighting towards the US justice sector.

Milford Asset Management holds more than 15.45 percent of Wynyard's stock. A senior analyst at the fund manager, Brooke Bone, said Milford was very supportive of growth companies raising capital from the market and Wynyard had been achieving what it set out to.

He said a lot of the investment will be around building sales teams to go after the market in the United States.

Mr Bone said Milford had been very supportive of the Wynyard business because of its strong board and governance and management team.