Jade launched today a new international business to help governments, financial organisations and intelligence agencies fight crime, corruption and threats.
The company has taken two of its existing products, created a third product, and formed a new totally owned company, Wynyard, which will focus on helping fight against criminal money-laundering and countering the financing of terrorism.
Jade's chief executive, Craig Richardson, told the Otago Daily Times the new company was the result of more than two years of investment in designing and operating specialist technology solutions for some of the world's leading policing agencies.
Due to the valuable intellectual property of its solutions and strict confidentiality and security requirements of its customers, Wynyard would operate as a separate business.
Speaking from the United Kingdom where he was visiting clients to launch the new company, Mr Richardson said Wynyard had taken over Jade's method-ware product which Jade bought five years ago and which had about 1600 customers. The product helped companies keep up to date with compliance and regulations.
Also, Wynyard inherited the investigative business from Jade which identifies fraud and has been used extensively by the police. It also could identify potential financial risks.
The new third product was based on predictive analysis. It had the ability to aggregate large volumes of data and mine that data looking for patterns of fraud, money-laundering or organised crime shifting money around the globe.
Asked about the timing of the launch, Mr Richardson was hopeful it was the right time for the product. Jade had rushed to market to capture the growing interest in the detection of financial crime.
After the September 11 terrorism attacks in New York, there was an increased focus on the funding of terrorism.
In the current tight economic conditions, financial fraudulent activity was on the rise, he said.
"There is pressure on governments to stop fraud, money-laundering and organised crime."
There was also increasing regulation in New Zealand, one of the last countries in the developed world to implement anti-laundering regulations.
Those come into effect next year and Wynyard was targeting that market.
For the Government, tax evasion and benefit fraud were big issues and the new company could help track down offenders, Mr Richardson said.
The Wynward group was 100% owned by Jade but had received inquiries from potential investors.
"We don't need money at the moment but ... as the business grows, there will be demand for further investment. Jade already has a proven track record ... and now interested parties see real opportunities for growth in Wynyard," he said.
