An independent Australian financial services company and investment banking group, Macquarie Group is preparing to list its software company Nuix in a $1.5 billion Initial Public Offering. Macquarie, that owns about 65% in Nuix has been utilized to analyze hundreds of thousands of documents as a part of certain high-profile investigations like the Panama Papers cases and Volkswagen’s emission scandal.
This information was provided to Reuters by two sources. The sources who knew about this plan choose to be anonymous as they are not allowed to speak about the same to the media.
Macquarie prepares Nuix for IPO
According to the sources, Macquarie Group plans to list the company before Christmas, depending on the market conditions. Though the plan isn’t finalised yet, an exclusive group of fund managers has been briefed on the same. The sources say if the Nuix IPO achieves the targeted valuation range which is between AU$1.5 billion and AU$2 billion, it will be the biggest since Tyro Payments, a fintech firm.
IPO of the data analytics startup Nuix by Macquarie Group is expected to pump up the earnings of the investment bank out of a 35% pandemic slump in its net profit for the present half year.
Nuix – software company by Macquarie Group
Founded in 2000 and headquartered in Sydney, Nuix is a company that offers a robust software platform for searching, indexing, extracting and analyzing information from raw and unstructured data. The software firm also has industry specific applications for cybersecurity, digital investigation, information governance, eDiscovery and email governance and privacy.
Nuix sells its groundbreaking software to companies, investigators, enforcement authorities that help them in compliance, detect fraud and review digital data. Macquarie owns the majority stake in Nuix on its own balance sheet rather than in its external funds. This means the investment banking company could be in line for considerable windfall from the listing.
Their client list comprises cream companies like Barclays, American Express, Amazon.com, Unilever and WPP, according to its website. The revenue of Nuix has grown at more than 15% per year in the last 2 years, to approximately AU$175 million in the fiscal 2020.
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