Alceon takes majority stake in Engage Squared

Australian investment manager Alceon has taken a majority (52%) stake in Engage Squared, which bills itself as Australia and New Zealand's largest independent Microsoft partners.

The investment - terms of which were not disclosed - will fund deeper capability in AI, data and agents, headcount growth across APAC, and selective acquisitions aimed at adding capability and reach.

Engage Squared employs more than 170 people across Australia, New Zealand and Japan, and specialises in AI solutions, employee experience, security and data.

The firm works with large enterprises across the region and holds a string of Microsoft partner recognitions, including the 2025 Microsoft Global Partner of the Year for Modern Workplace for Frontline Workers and a place in the 2026 Microsoft AI Business Solutions Inner Circle.

The deal marks the first investment by Alceon's recently launched Private Equity Access Fund, which targets founder-led Australian and New Zealand businesses with strong growth prospects. Alceon said it co-invests its own capital alongside fund investors and takes a long-term, hands-on approach.

"Alceon's track record of partnering with high-growth businesses, combined with our deep Microsoft expertise and market leadership, gives us the opportunity to invest further in our people, capabilities and customers," said Alastair Cashen, co-founder and group CEO at Engage Squared.

"Engage Squared has established a commanding position within the Microsoft ecosystem, building an impressive reputation for helping organisations translate AI ambition into practical business outcomes. There is a significant opportunity to invest behind that growth story," Zac Midalia, managing director and head of private equity at Alceon, said.

Alongside the investment, Cashen has been formally appointed group CEO and will lead alongside the existing management team. Claudia Piscitelli has been appointed executive general manager, Australia.

Last year, Alceon sold its share in efex to fellow Australian private equity firm Advent Partners.