Kyckr Limited IPO’s on the Australian Stock Exchange
7th September 2016
Kyckr Limited is delighted to announce that it has successfully completed a listing of its shares on the Australian Stock Exchange, ASX, under the ticker symbol “KYK”. Immediately prior to the listing Kyckr acquired the Irish Company, Global Business Register Limited (GBR), which is based in the Innovation Centre at ArcLabs in the Waterford Institute of Technology. GBR was founded in 2007 by Ben Cronin and Robert Leslie. Ben is a former Irish International rugby player and Rob was recently honoured as a Technology Pioneer by the World Economic Forum for his work on digital identity and cybersecurity.
Kyckr provides end to end Know Your Customer solutions for businesses using globally unique automation capabilities. It is networked to over 150 national and state business registers and other compliance sources around the world. KYC for businesses, or KYB, is a critical part of the regulatory process used by banks to sign up business customers, maintain Anti-Money-Laundering compliance obligations and improve revenue yield from existing and new business clients.
The global compliance market is estimated to be worth between US$70B to US$80B. Since the global financial crisis in 2008, US banks alone have incurred fines of over US$120B, so the desire to change and improve how they do their compliance is significant. KYB presents the single greatest challenge to banking and other regulated sectors globally in their endeavours to protect against commercial fraud, money laundering and tax evasion in the ever expanding, borderless, digital world.
Although Kyckr has listed on the ASX, Ireland will continue to be the global IP tech hub with the rest of the world supplying business development support. Commenting on Kyckr’s ASX listing Julie Sinnamon, CEO, Enterprise Ireland said: “At Enterprise Ireland, we work with and support start-up companies like Global Business Register Limited who offer innovative solutions with global potential. We warmly congratulate Kyckr on its recent acquisition of GBR and completing its listing on the Australian Securities Exchange. We wish the company every success for the future”.
Kyckr’s cornerstone automation client is Bank of Ireland. Its venture into the APAC region is to support the needs of automation prospects currently at hand and the ASX provided a great platform for it to IPO. It counts Enterprise Ireland as an investor and shareholder along with several other international businesses.
Its Managing Director in Australia, David Cassidy, although an Australian resident, is from Drogheda, Co Louth so the Irish Australian theme is very strong.
Kyckr will be the second Irish business to recently IPO on the ASX; the first being the very successful Oneview Healthcare.
Kyckr has a number of exciting announcements planned after IPO regarding new developments around blockchain, key, senior personnel appointments and new client accounts.
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