EQT Sells Nexon Asia Pacific to Adamantem Capital, Achieving Significant Growth and Expansion Under Private Equity Firm's Ownership.

EQT has agreed to sell Nexon Asia Pacific, a digital and IT services provider in Australia, to Adamantem Capital. Under EQT's ownership, Nexon has grown from 150 to 600 employees, increased revenue fivefold, and completed eight add-on acquisitions. The transaction is being carried out through the EQT Mid-Market Asia III fund, but financial details have not been disclosed.

SYDNEY – 13 August 2025 – EQT has announced that it will sell Nexon Asia Pacific, a leading digital and IT services provider in Australia, to Adamantem Capital. The transaction is being executed through the EQT Mid-Market Asia III fund and marks a significant milestone in Nexon's growth journey.

Under EQT's ownership, Nexon has experienced substantial growth. The company has expanded its workforce from 150 employees at the time of acquisition in July 2019 to over 600 employees today. This expansion has been accompanied by a fivefold increase in revenue, demonstrating the company's robust financial performance. Additionally, Nexon has completed eight bolt-on acquisitions, including Liveware Solutions, Veridian Solutions, Equate Technologies, and Computer Systems Australia, further bolstering its service offerings and market reach.

Frank Heckes, Partner in the EQT Private Capital Asia advisory team and Co-Head of EQT Private Capital Australia and Technology in Asia, commented on the transaction, "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. 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."

Barry Assaf, Founder and CEO of Nexon Asia Pacific, expressed his pride in Nexon's progress, "We're incredibly proud of how far Nexon has come. With EQT's support, we've grown to become one of Australia's leading IT services platforms, scaling our team, broadening our customer base and significantly expanding our capabilities across cloud, security and digital solutions. EQT has been a true partner in helping us execute our growth strategy, including acquisitions that have strengthened our 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."

EQT, which has been investing in Australia and New Zealand since 2010, has a strong focus on the technology, services, and healthcare sectors. The firm's full-lifecycle investment approach spans early-stage growth to large-cap buyouts. The transaction is subject to customary conditions and approvals and was advised by Houlihan Lokey and JWS.

Reference List:
[1] https://eqtgroup.com/news/eqt-to-sell-nexon-asia-pacific-to-adamantem-capital-2025-08-12
[2] https://finance.yahoo.com/news/eqt-sell-nexon-asia-pacific-231700822.html
[3] https://www.prnewswire.com/apac/news-releases/eqt-to-sell-nexon-asia-pacific-to-adamantem-capital-302528321.html