Macquarie Group is believed to be moving to sell down its interest in Nuix Technologies — the company used to identify personalities in the Panama Papers scandal — in a deal that could be worth up to $700m.
The $47bn Australian-listed bank owns 70 per cent of Nuix and it is understood to be keen to sell part or all of its interest, with the minimum interest divested understood to be 40 per cent.
A handful of buyers are said to exist in the specialist area of cyber security and are based offshore.
Macquarie is understood to be undertaking the sale on its own behalf.
It is believed to be keen to sell down its interest comes as it looks to reduce its holding of the company on its balance sheet.
Nuix — the New Universal Intelligence Exchange — was started in 2000 by a group of computer scientists and has grown organically from a select customer base in Australia to a global marketplace.
Based in Sydney, the company has more than 1800 customers in at least 65 countries, including regulatory agencies, security and law enforcement agencies and tier-one advisory firms and litigation support vendors.
Its international offices include London, New York and San Francisco.
Among its contracts are those with the Securities and Exchange Commission.
The group’s services have been used in the recent Panama Papers tax investigation.
Technology companies have featured strongly with respect to the initial public offerings heading to the public market, as investors search for growth opportunities.
In 2016, Nuix was earmarked for a listing on the Australian Securities Exchange as a business worth at least $1bn.
It produces a software platform for indexing, searching, analysing and extracting knowledge from unstructured data.
It has applications that includes digital investigation, cybersecurity, e-Discovery, information governance and email migration and privacy.
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