EQT-backed Nexon announces trio of Australia bolt-ons

They include Remagine Solutions, XCentral, and the technical and security services division of Kiandra IT. Financial terms were not disclosed.

Nexon positioned the acquisitions as a way to serve growing enterprise IT services demand in the middle-market and not-for-profit sectors where it focuses. "As our customers become more reliant on cloud technologies, and we grow, we will require the right expertise and people to service customers," Nexon CEO Barry Assaf said in a statement.

EQT acquired Nexon in August last year via its $800million Mid-Market Asia III private equity fund, which makes deployments in a EUR44-109 million ($47-119 million) range. The company markets itself as a comprehensive digital transformation services provider with some 400 customer relationships and specific expertise in Microsoft systems.

EQT has been investing in Australia since 2014, when it joined a consortium acquiring I-Med Network Radiology at a valuation of A$600 million ($403 million). That investment was exited four years later in a deal said to be worth A$1.3 billion. Earlier this week, EQT reaffirmed its commitment to the region with the opening of a new office in Sydney.

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