Private equity firm buys majority stake in Nexon

Private equity firm buys majority stake in Nexon

Nexon now eyes further platform scale and potential acquisitions

Barry Assaf (Nexon Asia Pacific)

Barry Assaf (Nexon Asia Pacific)

Credit: Nexon Asia Pacific

A Swedish private equity firm has acquired a majority stake in Australian cloud and managed IT services provider Nexon Asia Pacific, for an undisclosed sum.

The investment from EQT Partners will allow Nexon to make acquisitions, grow its customer base and scale its platform, the MSP said in a statement.

EQT Partners declined to reveal the percentage stake it acquired except to say it has now become a "major shareholder". 

CEO Barry Assaf, who co-founded Nexon with his brother Charles in 2000, will also remain a significant shareholder in the company, and the existing management will remain in place, EQT said.

Spanning six solutions across networking, digital workspace unified communications, cloud services and managed security and business services, Nexon claims to have 400 customer groups. 

It currently has vendor partnerships with Microsoft, Alcatel-Lucent, Cisco, NetApp, Veeam and Palo Alto, among others. 

“With our unwavering commitment to service, innovation and delivery, we are excited to enter our next phase of growth. EQT will provide both the capital and competence needed to rapidly grow our solution offerings and to innovate,” Assaf said.

EQT’s investment comes off the back of Nexon’s own acquisition of Sydney-headquartered managed cloud provider and Microsoft partner Cavalry last year.

This year, Nexon completed a number of major projects with Cisco Meraki, including for Oporto and men's retailer Lowes.  

"Nexon is an attractive platform to drive consolidation in a fragmented market. EQT’s expertise within the TMT and services sectors, coupled with a strong network of industrial advisors will support Nexon’s management team and employees in its next phase of growth and transformation," Tak Wai Chung, partner and investment advisor at EQT added.

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Tags Nexon Asia PacificAsustraliaEQT Partners

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