iTWire - PARC Capital invests $21m into growing Australian cloud provider NEXION
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Thursday, 11 May 2023 23:20
PARC Capital invests $21m into growing Australian cloud provider NEXION Featured
By Gordon Peters
PARC Capital Fund Services Pty Ltd has announced a $21 million investment in NEXION Group, a fast-growing hybrid cloud service provider based in Australia.
PARC is an experienced funder in the technology industry, with multiple acquisitions already funded in the IT sector, including the firm’s recent $150 million deal with Macquarie Capital to help fund cyber security provider Orro Group.
NEXION offers network, compute, security, and data storage solutions and has been recognised as a serious player in the competitive whole-of-enterprise IT sector since its public listing in 2021 - and the company's stated strategy since listing has been to aggressively grow through innovation, organic growth, and acquisitions.
NEXION says that after extensive due diligence, PARC has executed a term loan agreement of $21 million to support NEXION’s growth plans - and the support of PARC signifies it’s value as a business and allows the company to strengthen existing capabilities while continuing its strategic path.
“The initial drawdown from PARC will assist with planned acquisitions in New Zealand while providing ongoing support for NEXION’s future M&A activity,” notes NEXION.
“The partnership between PARC and NEXION is expected to add discipline to decision making and reporting as well as assisting on deals being completed faster, ultimately resulting in business and shareholder value.”
The Executive Chairman and Interim Group CEO of NEXION, Peter Christie, “expressed his excitement about working with PARC', noting that their deep understanding of the technology industry and M&A expertise makes them the perfect partner for NEXION’s M&A program.
“PARC stood out as the perfect partner for our M&A program. They understand the technology industry, how it operates, how to value acquisitions and where to look for risks. This deep understanding makes working with them in technology M&A highly productive and I’m lookingforward to making rapid progress now we have this facility in place,” Peter Christie said.
Christie said PARC’s investment in NEXION is a testament to the company’s growth potential and strategic direction - and this investment will not only assist NEXION with the financial resources necessary to execute its growth plans but also add value to the business and shareholders.
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