The Nuix Ltd (ASX: NXL) share price was on fire on Friday morning before being halted.
The investigative analytics and intelligence software provider's shares were up a massive 26% to 87 cents shortly after the open.
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Why is the Nuix share price rocketing higher?
Investors were scrambling to buy Nuix's shares this morning amid speculation that it could be the latest beaten down tech company to receive a takeover approach.
This follows recent proposals for Nitro Software Ltd (ASX: NTO) and Tyro Payments Ltd (ASX: TYR) from private equity firm Potentia that were swiftly rejected.
On this occasion, Potentia isn't believed to be in the running for Nuix. Instead, according to The Australian, US-based business intelligence software company Reveal is rumoured to have tabled an undisclosed offer with the help of the team at investment bank Barrenjoey.
Though, it is worth noting that this isn't the first time that Reveal has been tipped to be interested in Nuix. Just two weeks ago, the media outlet reported that an offer could be coming from the software company. However, that received little to no fanfare from investors. Second time a charm!
As things stand, Nuix has not responded to the takeover speculation, but an announcement is coming soon. The Australian share market has commented:
Trading in the securities of the entity will be temporarily paused pending a further announcement.
Investors will no doubt be wishing that they had done what Nuix's CEO, Jonathan Rubinsztein, did and bought shares on-market this week.
According to a change of director's interest notice, Rubinsztein picked up 350,000 Nuix shares for $236,259.60 between Tuesday and yesterday. Based on the Nuix share price prior to the pause, this parcel of shares is now worth just over $304,000.
