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Private Equity Firm Acquires MSP: EQT Partners Buys Nexon

Swedish private equity group EQT Partners has acquired Australian cloud and managed service provider Nexon Asia Pacific for an undisclosed sum.

Founded in 2000, Nexon provides a variety of IT solutions including secure networks, unified communications, cloud services, managed security, business solutions, and digital workspace. The company has more than 400 “customer groups” — though we’re trying to determine how many end-customers that figure actually represents.

LinkedIn: Barry Assaf, managing partner, Nexon Asia Pacific

LinkedIn: Tak Wai Chung, partner, EQT Partners

Following the deal, Nexon Asia Pacific says its strategy will be to further enhance and develop its IT services offering, grow its client portfolio, continue pursuing acquisitions, and strengthen the scalability of its platform.

Barry Assaf, co-founder and CEO of Nexon Asia Pacific, commented:

“EQT will provide both the capital and competence needed to rapidly grow our solution offerings and to innovate.”

Tak Wai Chung, partner at EQT Partners and Investment Advisor to EQT Mid Market Asia, also commented:

“We are impressed with Nexon’s experienced management team, deep service development focus, strong recurring revenue profile and leading position in the mid-market and government segment. 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.”

Meanwhile, private equity mergers, acquisitions and investments involving MSPs and their technology suppliers remains steady.

EQT Partners Background

Since its launch in 1994, EQT has grown from a Nordic-focused investment firm to the world’s seventh-biggest buyout firm.

EQT now has 40 billion euros (US$45 billion) under management and has shifted its focus on growth in the Asia Pacific region, as Reutuers reports.

EQT’s growth was nourished by various M&A moves, largely in Germany and Switzerland. Now the company has influence around the globe. This week alone, it coupled with the Canada Pension Plan Investment Board to buy a majority stake in Bain Capital’s Waystar business for $2.7 billion; it sold off its stake in South Bend, Indiana-based health care company Press Ganey; it also sold German and Italian healthcare company Charleston Holding; all while buying a stake in biologics R&D material maker Aldevron.

With the firm now looking east, acquisitions like Nexon appear logical. As Reuters points out, Asia Pacific now makes up about 16 percent of EQT’s portfolio while former CEO and current deputy managing partner, Thomas von Koch, has plans to move to Hong Kong to oversee the regional growth strategy, which includes opening an office in Australia.

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