EQT to sell Nexon Asia Pacific to Adamantem Capital
EQT is exiting its investment in Nexon Asia Pacific following a growth strategy that included eight strategic acquisitions. The deal marks a transition for the IT services provider as it moves under the ownership of Adamantem Capital.
Effective 13 August 2025, the private-equity firm EQT announced that its Mid-Market Asia III fund has agreed to sell the Sydney-based digital and IT services provider Nexon Asia Pacific to Adamantem Capital. This transaction represents a development for Nexon, which has undergone a comprehensive transformation since EQT first acquired the company in July 2019.
Scaling a digital services platform
Founded in 2000, Nexon serves as an IT services partner for mid-market businesses, government agencies, and not-for-profit organisations. At the time of EQT’s initial investment, the firm employed 150 staff members. Under the guidance of founder and CEO Barry Assaf, the company pursued a growth strategy that combined organic expansion with inorganic bolt-on acquisitions.
Media additions
This period of development saw Nexon complete eight specific acquisitions: Liveware Solutions, Veridian Solutions, Equate Technologies, and Computer Systems Australia. These additions, alongside internal scaling, grew the workforce to more than 600 employees. The company now serves more than 1,000 mid-market and enterprise customers in Australia. EQT reports that the firm’s sales revenue has registered more than five-fold growth since 2019.
"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."
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, via EQT
"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."
Barry Assaf, Founder & CEO of Nexon Asia Pacific, via EQT
Broader market context
EQT has been investing in Australia and New Zealand since 2010 and established its Sydney office in 2020, focusing on sectors such as technology, services, and healthcare. Its recent investments from its Private Capital strategy include Compass Education, VetPartners, PageUp, and Neara. The firm utilizes a global network of more than 700 Industrial Advisors, including more than 50 professionals based in Australia and New Zealand. As of 30 June 2025, EQT is a global investment organization with €266 billion in total assets under management.
Recent reports indicate that Adamantem Capital submitted a non-binding takeover proposal for Apiam Animal Health.
Transaction status and next steps
The transfer of ownership is subject to customary conditions and approvals. EQT retained Houlihan Lokey and JWS to provide advisory services on the transaction.
