Private equity firm EQT agrees to transfer ownership of Nexon Asia Pacific to investment company Adamantem Capital
Nexon Asia Pacific Sold to Adamantem Capital in Major Deal
Nexon Asia Pacific, an Australian digital and IT services provider, has been sold to Adamantem Capital in a transaction carried out through EQT Mid-Market Asia III fund. This follows EQT's acquisition of Nexon in July 2019.
Since EQT took over, Nexon has experienced significant growth and transformation. The company's workforce has expanded from 150 employees to over 600, and revenue has increased more than fivefold. This growth is attributed to a comprehensive transformation led by Nexon's Founder and CEO, Barry Assaf, with EQT's support.
Nexon has also completed eight strategic bolt-on acquisitions, including Liveware Solutions, Veridian Solutions, Equate Technologies, and Computer Systems Australia. These acquisitions have strengthened Nexon's capabilities in cloud, security, and digital transformation. Today, Nexon serves over 1,000 mid-market and enterprise customers across Australia, offering a diversified suite of IT and digital services.
EQT's investment in Australia and New Zealand dates back to 2010, with the establishment of its Sydney office in 2020. EQT's full-lifecycle investment approach spans early-stage growth to large-cap buyouts.
The sale of Nexon Asia Pacific is subject to regulatory approvals and customary conditions. Financial details of the transaction were not disclosed.
Nexon offers end-to-end solutions in security, cloud, and digital solutions to clients. The company is headquartered in Sydney, Australia.
For more information about the transaction, you can refer to the press release here. An image of Nexon can be found here.
This six-year period under EQT’s ownership saw Nexon evolve into a scaled and diversified business with a strong client base and robust financial performance, positioning it as one of Australia’s premier IT services platforms. Adamantem Capital will support Nexon's next phase of growth.
[1] EQT website: www.eqtgroup.com [2] Nexon Asia Pacific website: www.nexon.com.au [3] Adamantem Capital website: www.adamantemcapital.com [4] Houlihan Lokey website: www.houlihanlokey.com [5] JWS website: www.jwslaw.com
- The sale of Nexon Asia Pacific, a company that experienced significant growth in the technology industry under EQT's ownership, has been announced, with the deal being facilitated by finance firm Adamantem Capital.
- As Nexon Asia Pacific continues its growth trajectory, it is expected that its capabilities in cloud, security, and digital transformation, bolstered by previous acquisitions in these sectors, will further expand with the support of Adamantem Capital in the finance industry.
