Within weeks of its sensational listing on the Australian stock exchange in December last year, and the share price more than doubling, internal documents at Macquarie-backed tech giant Nuix were questioning the quality of the company’s core products and calling for more resources to “slow the bleeding”.

In January, as Nuix shares surged to $11.86 after strong growth forecasts, an internal review by the company was warning that Nuix’s product portfolio was losing ground to competitors in six of its key business product areas because of under-investment.