Adamantem Capital to Acquire Nexon Asia Pacific as EQT Exits Following Major Expansion in Australia’s IT Sector

Adamantem Capital to Acquire Nexon Asia Pacific as EQT Exits Following Major Expansion in Australia’s IT Sector

(IN BRIEF) EQT has agreed to sell Nexon Asia Pacific, a leading Australian digital and IT services provider, to Adamantem Capital. Since EQT’s acquisition in 2019, Nexon has expanded from 150 to over 600 employees, grown its client base to more than 1,000 mid-market and enterprise customers, and achieved over five-fold revenue growth. The company has strengthened its capabilities in cloud, security, and digital transformation through eight strategic acquisitions, including Liveware Solutions and Veridian Solutions. EQT’s support has helped position Nexon as one of Australia’s premier IT services platforms. CEO Barry Assaf expressed excitement for the company’s next chapter with Adamantem Capital, while EQT highlighted the collaborative partnership that fueled Nexon’s growth. The sale is subject to regulatory approvals, with EQT advised by Houlihan Lokey and JWS.

(PRESS RELEASE) SYDNEY, 13-Aug-2025 — /EuropaWire/ — EQT has reached an agreement to sell Nexon Asia Pacific, one of Australia’s leading digital and IT services providers, to Adamantem Capital. The sale marks a key milestone in Nexon’s evolution, capping a six-year period of transformation since EQT acquired the business in July 2019. Under EQT’s ownership, Nexon has grown from 150 employees to a workforce of over 600, now serving more than 1,000 mid-market and enterprise customers nationwide with a broad portfolio of technology solutions.

Founded in 2000 and headquartered in Sydney, Nexon offers end-to-end digital capabilities with specialist expertise in cloud, security, and digital transformation. During EQT’s investment period, the company experienced over five-fold sales growth, driven by a combination of organic expansion and eight strategic acquisitions, including Liveware Solutions, Veridian Solutions, Equate Technologies, and Computer Systems Australia. These acquisitions have expanded Nexon’s service offering and extended its reach across multiple sectors.

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, said: “It has been a privilege to work alongside Nexon’s outstanding leadership team. Their vision and industry expertise have been instrumental in building on the company’s strengths, diversifying its services, and securing a strong position in the market. We are proud of what has been achieved together and confident Nexon will continue to thrive in its next phase.”

Barry Assaf, Founder and CEO of Nexon Asia Pacific, added: “EQT has been a true partner in our growth journey, supporting us as we scaled our team, expanded our customer base, and enhanced our capabilities across cloud, security, and digital services. We’re proud to have become one of Australia’s premier IT services platforms, and we look forward to accelerating this momentum with Adamantem Capital, delivering even greater value to our clients.”

EQT has been active in Australia and New Zealand since 2010, opening its Sydney office in 2020 to focus on high-potential sectors including technology, services, and healthcare. Its Private Capital investments in the region include Compass Education, VetPartners, PageUp, and Neara. The firm’s presence spans multiple asset classes – from Private Capital to Real Estate and Infrastructure – and it leverages a network of over 700 Industrial Advisors globally, including more than 50 in Australia and New Zealand, to drive long-term value creation.

The transaction remains subject to customary conditions and regulatory approvals. EQT was advised by Houlihan Lokey and JWS.

Contact

EQT Press Office, press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Nexon Asia Pacific

Established in 2000, Nexon Asia Pacific (Nexon) is a digital IT service provider helping clients run more efficiently, create better user experiences and explore bigger opportunities. It is a trusted technology partner for mid-market businesses, government agencies and not-for-profit organisations throughout Australia. Nexon supports businesses on their digital transformation, from network to SIP, to business solutions and everything else in between, allowing clients the ability to work seamlessly across any cloud, anytime and any device

SOURCE: EQT AB