Nexon Asia Pacific sold to Adamantem Capital

MSP Nexon Asia Pacific (Nexon) has been sold to Australian private equity firm Adamantem Capital by its parent company EQT Mid-Market Asia III fund (EQT) .

Founded in 2000, Nexon is a digital and IT services provider headquartered in Sydney. Over the past six years, Nexon has scaled substantially and registered more than five-fold growth in sales revenue.

Since acquiring Nexon in July 2019, EQT has executed an organic and acquisition-assisted growth strategy and completed a total of eight bolt-on acquisitions, including Equate Technologies, Veridian Solutions, Liveware Solutions,  Remagine Solutions, XCentral and Kiandra IT.

Nexon has expanded from 150 employees at the time of acquisition to a workforce of over 600,  now serving more than 1,000 mid-market and enterprise customers in Australia.

The purchase price was undisclosed and the transaction by Adamantem Capital is subject to customary conditions and approvals.

Other investments made by Adamantem include Servian, a data and analytics consultancy firm, providing advisory, consulting and managed services to Tier 1 clients across multiple sectors; Edge Zero, an Australia-based energy technology company with a global engineering and software development team; and Microgrid, a company that designs and operates embedded power networks in multi-tenanted commercial and industrial buildings.

EQT 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.

EQT’s full-lifecycle investment approach spans early-stage growth to large-cap buyouts, with recent investments from its Private Capital strategy including Compass Education, VetPartners, PageUp, and Neara. The firm is active in Australia across multiple asset classes – including Private Capital, Real Estate and Infrastructure – as well as through its Private Wealth strategy. 

“Over the course of our partnership, we’ve been fortunate to work closely with the talented leadership team at Nexon, whose strategic vision and deep industry expertise have been critical to the company’s success," said Frank Heckes, partner in the EQT Private Capital Asia advisory team, co-head of EQT Private Capital Australia and co-head of technology in Asia.

"Together, we’ve built on Nexon’s strong foundations, driving innovation, expanding its service offering, and strengthening its market position. We are proud of what has been achieved and are confident that the company is well-positioned for continued success in its next chapter.”

Nexon founder and CEO Barry Assaf said EQT has been a true partner in helping the company execute its growth strategy, including acquisitions that have strengthened its service offering and market reach.

"As we look to the future, we’re excited to build on this momentum and continue our journey with Adamantem Capital, driving even greater impact for our customers across Australia," he said,

EQT was advised by Houlihan Lokey and JWS on the transaction.