EQT Mid Market Asia III agreed to acquire a majority stake in Nexon Asia Pacific Pty. Ltd., a cloud and managed service provider in Australia, for an undisclosed sum.

Nexon co-founder and CEO Barry Assaf will remain a significant shareholder in the company. Nexon's existing management team will continue to lead the company, according to a July 31 news release.

Established in 2000, Nexon provides IT solutions to clients across commercial, public and not-for-profit sectors. The company offers secure networks, unified communications, cloud services, managed security, business solutions and digital workspace.

EQT Mid Market Asia III is a fund owned by Sweden-based private equity and venture capital firm EQT Partners AB.