Aussie legal tech company, Nuix is now listed on the ASX and has a market capitalisation of $2.69 billion (share price $8.50). Nuix is best known as an eDiscovery provider. Its success has come from product development and acquisitions as well as expansion overseas. 

Since 2011, Nuix has been well-funded through an investment from Macquarie Corporate Holdings which owned 76.2% of Nuix Shares at the date of its IPO prospectus.

Nuix rode the wave of digitisation, big data and unstructured data. The need for eDiscovery software and services has continued to grow accordingly.

The total revenue of Nuix for financial year 2020 was $175.9 million. 

At 30 June 2020 the business had 421 staff of which the majority are based outside of Australia.

The IPO share price was $5.31. Since listing it has been as high as $8.70.

Nuix is a profitable company. In 2019/20 its operating profit was $35 million or close to 20% of revenue. 

Nonetheless, a market capitalisation of $2.69 billion is incredible. It is around 15 times 2020 revenue and an extraordinary multiple of profit. 

Regardless of the value of its shares now and into the future, Nuix has been an Aussie legal tech success story and its international expansion has helped to propel it to IPO stardom.

The company’s tag line, appropriate to eDiscovery, is ‘finding truth in a digital world’ and if it wants to, can now legitimately add ‘finding riches’ as well.