When The Seekers’ “We are Australian” burst from the speakers at the Altium annual general meeting last week, it took a moment for investors and management to catch the lyrical trick. Someone had replaced “Australian” with “Altium”.

The folksy, homespun narrative at Altium has been an important part of the nearly $6 billion company’s growth story, but it’s proving a sticking point for those eager to see it cement itself as a serious global contender.