EQT to buy Australian cloud services provider

Nexon serves clients across the commercial, public, and non-profit sectors, providing secure networking, communications, cloud storage, managed security, business solutions, and digital workspace services. The company was founded in 2000 and has more than 400 customer relationships, with high satisfaction and retention rates.

Following the acquisition, Nexon will further enhance and develop its IT services operations, build the client portfolio, and pursue strategic acquisitions. Co-founder and CEO Barry Assaf will retain a significant stake in the company and continue in his current role, along with the rest of the existing management team.

“We are impressed with Nexon’s experienced management team, deep service development focus, strong recurring revenue profile and leading position in the mid-market and government segment,” said Tak Wai Chung, a partner at EQT, in a statement. “EQT’s expertise within the TMT and services sectors, coupled with a strong network of industrial advisors, will support Nexon’s management and employees in its next phase of growth and transformation.”

EQT is investing via EQT Mid-Market Asia III, its middle-market private equity fund that closed last year at $800 million. The vehicle pursues control and co-control positions in companies that are considered to have significant growth potential, with deployments falling in the EUR40-100 million ($47-119 million) range.

The fund has made nine investments so far, mostly in Greater China and Southeast Asia with one deal each in the US and Germany. Nexon represents its first transaction in Australia.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Technology
• Support services
• Buyouts
• Australia
• TMT
• EQT Partners
• professional services