EQT Mid-Market Asia III has agreed to sell Sydney-based digital and IT services provider Nexon Asia Pacific to Adamantem Capital, marking a major milestone in Nexon’s growth journey.

Founded in 2000, Nexon delivers end-to-end IT solutions to mid-market and enterprise clients, with expertise spanning security, cloud, and digital services. Since EQT’s investment in 2019, the company has recorded more than five-fold revenue growth, expanded its workforce from 150 to over 600, and grown its customer base to over 1,000 organisations across Australia.

The transformation, led by Founder and CEO Barry Assaf, combined organic expansion with 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. Assaf added that EQT’s partnership enabled the company to become one of Australia’s leading IT services platforms and expressed enthusiasm for the next chapter with Adamantem.

EQT, active in Australia and New Zealand since 2010, opened its Sydney office in 2020 and invests across technology, services, and healthcare. The transaction is subject to customary conditions and approvals. Houlihan Lokey acted as financial adviser and JWS as legal adviser to EQT.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.