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KYCKR Limited (ASX: KYK) is a regulatory technology and data company that provides solutions to firms regarding regulatory procedures through the provision of globally connected intelligence, KYK facilitates business through their connections to over 200 company registries across 120 countries. KYK uniquely provides instant access to a range of global business registries ensuring that the information provided to their clients is up to date and reliable. The Company has seen an expansion in demand for their services as the post-GFC financial world demands increased levels of compliance obligations to manage laws pertaining to Anti Money Laundering (AML), Counter Terrorist Financing (CTF) and Foreign Accounting Tax Compliant Act (FACTA).
Why did the share price of KYK jump 10 cents earlier this week?
KYCKR Limited (ASK: KYK) announced on the 23rd of September a new agreement that will enable data registry firm Illion to sell access to KYK’s global-business registry, this will provide the firm access to an expanded market and allow KYK to leverage Illion’s industry experience. This partnership will also allow KYK to expand its developing web platform that provides enhanced customer verification functions in order to improve the customer experience.
What does the future hold for KYK?
KYCKR Limited (ASX:KYK) have also announced earlier in September a $5.2m placement from technology entrepreneur Richard White to secure a 19.6% stake in the firm. Richard White is the founder and CEO of Australian tech company WiseTech Global Limited, a provider of software solutions to the logistics industry. Richard White has said he sees:
KYK as having the potential to develop a specific product that can be leveraged and accelerated to a major advantage.
Mr White has also said that:Richard White’s investment in the firm brings experience that KYK require in order to establish its business model. Additionally, the $5.2m capital raised from his placement will aid the firm in commercialising its product in order to expand its revenue base.
Disclaimer:
This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)
(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).
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ASR has no position in any of the stocks mentioned.
