European private equity giant EQT has agreed to sell Australian digital and IT services provider Nexon Asia Pacific to Adamantem Capital for an undisclosed sum.
The transaction comes after EQT’s Mid-Market Asia III fund transformed Sydney-headquartered Nexon through organic growth and eight acquisitions since purchasing the company in July 2019.
Founded in 2000 and headquartered in Sydney, Nexon provides end-to-end cloud, security, and digital solutions to mid-market and enterprise clients. It employs more than 600 staff and serves over 1,000 customers nationwide.
EQT supported the company’s expansion through a mix of organic growth and eight bolt-on acquisitions, including Liveware Solutions, Veridian Solutions, Equate Technologies, and Computer Systems Australia.
“Together, we’ve built on Nexon’s strong foundations, driving innovation, expanding its service offering, and strengthening its market position,” said Frank Heckes, partner at EQT Private Capital Asia.
Nexon founder and chief executive Barry Assaf said the partnership with EQT had helped the company scale operations and broaden its market reach.
“With EQT’s support, we’ve grown to become one of Australia’s leading IT services platforms, scaling our team, broadening our customer base, and significantly expanding our capabilities across cloud, security, and digital solutions,” Assaf said.
The buyer, Australian private equity firm Adamantem Capital, was established in 2016. It manages more than A$1 billion in assets and focuses on investing in mid-market opportunities in Australia and New Zealand.
In March, the firm announced the final close of its Environment Opportunities Fund, which exceeded the target of $350 million. The fund received support from leading global and domestic investment partners.
EQT, on the other hand, has been investing in Australia and New Zealand since 2010 and established its Sydney office in 2020, focusing on target sectors such as technology, services, and healthcare.
The firm’s recent Australian investments include education company Compass Education, veterinary services group VetPartner, and HR software firm PageUp.
EQT also announced early this week that it has agreed to acquire a controlling stake in Remember & Company, South Korea’s AI-powered human resources technology platform, for approximately 500 billion won ($400 million).
