Nuix (ASX: NXL) Acquires Linkurious for $35M to Boost Graph-Powered AI Capabilities

Nuix bets on graph intelligence to rebuild investor confidence after a tough year.

Nuix (ASX: NXL) has agreed to acquire French graph-intelligence company Linkurious SAS in a deal worth up to A$35.4 million. For a company whose shares have fallen more than 70 per cent this year, this acquisition could mark a turning point.
Shares rose around 2 per cent on the announcement, suggesting investors see merit in the strategy. However, with the stock still deeply underwater from earlier highs, the real test will be whether this acquisition can restore confidence in the company’s growth trajectory. We believe this move signals management’s commitment to building a more complete data analytics offering.

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Nuix Pushes Downstream with Graph-Native AI Technology

Linkurious specialises in graph-powered AI decision platforms. In simple terms, this technology helps organisations visualise and understand complex relationships within large datasets. Think of it as turning messy data into clear pictures that reveal hidden connections.

For Nuix, which has built its reputation on processing and preparing data, this acquisition represents a meaningful strategic shift. RBC Capital Markets analyst Garry Sherriff highlighted this change, noting the deal indicates “a push downstream into review and presentation vs. traditional strengths in upstream processing.”

What this means for investors is that Nuix no longer wants to just process data. The company now aims to help customers interpret and act on that data as well. In our view, this creates a more complete solution that could deepen customer relationships and improve retention over time.
The strategic logic appears sound. Nuix and Linkurious already share several customers and have worked together as technology partners. This suggests integration should be relatively smooth, with immediate cross-sell opportunities available.

Linkurious Brings Profitable Business to the Table

Linkurious is not a speculative bet on unproven technology. In June 2025, the Paris-based company reported contracts worth about A$12 million a year and showed both profits and positive cash flow in 2024. This means it is already a profitable business that should add value from day one.

The deal terms also look reassuring. Nuix will pay A$22.1 million in cash upfront, with another A$4.4 million in Nuix shares held aside for 12 months. An extra A$8.8 million may be paid if Linkurious grows its contracts and cross-selling over two years. In other words, about 25% of the total payment depends on performance, keeping both sides aligned.

To finance the deal, Nuix borrowed A$20 million from a new A$50 million loan facility. This marks a change, as the company has been debt-free until now. Taking on debt isn’t necessarily bad when buying a profitable business, but it does add risk that investors should watch closely.

The Investor’s Takeaway

The plan behind Nuix’s acquisition looks good, but success depends on how well it is carried out. Right now, the company is led by interim CEO John Ruthven, which creates some uncertainty about leadership. Managing a takeover while also going through a leadership change makes things more complicated.

RBC has a neutral view on the deal, with a price target of A$2.60, meaning only a small potential gain if everything goes smoothly. The acquisition is expected to finish in early 2026, once regulators, including France’s Foreign Direct Investment review, give approval.

For long-term investors, this deal could be a turning point if Nuix integrates Linkurious well and shows stronger business growth. But because there are clear challenges, it may be wiser to wait for early signs of successful integration before buying more shares.