Tech IPO gives bad blank-cheque deals run for their money says AntonyMCurrie
Nuix’s Chief Executive Rod Vawdrey and Chief Financial Officer Stephen Doyle resigned on June 15. The forensic data analytics company raised A$1.7 billion when it went public on the Australian Stock Exchange in December, making it the largest new listing in the country last year.
Vawdrey will stay on until a successor is found, while Doyle is leaving immediately. He is being replaced by Chad Barton, who used to be CFO of gaming company The Star Entertainment. Nuix has lost 77% of its market value from its high in January after posting a decline in first-half revenue in March and then twice revising down its forecast for the full financial year, once in April and once at the end of May.
Investment bank Macquarie was the majority owner of Nuix before the initial public offering. It was the lead manager of the deal and still holds a 30% stake.An employee of software company Nuix stands in their office located in central Sydney, Australia, April 5, 2016. Software produced by the little-known Australian developer has helped journalists piece together news leads from the mountains of data found in the contents of the Panama Papers, one of the biggest document leaks in history.
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