May 12, 2023

NEXION scores million dollar venture capital investment By Juha Saarinen on May 12, 2023 6:47AM In The Spotlight ASX listed cloud provider NEXION in Perth has received a $21 million investment from Parc Capital, to fund acquisition plans. NEXION said it offers network, compute, security and data storage solutions, and intends to aggressively grow through acquisitions, organically and through innovation. The company intends to use the money from Parc to fund planned acquisitions in New Zealand. In July last year, NEXION announced that it had reached an agreement to buy New Zealand IT companies Aiscorp and Silicon. “PARC stood out as the perfect partner for our M&A program," Peter Christie, executive chairman and interim chief executive of NEXION Group said. "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 looking forward to making rapid progress now we have this facility in place," Christie added. Parc has also invested in security vendor Orro , payroll compliance firm Yellow Canary, software developers Terem and contracts platform for real estate industry provider Hutly among others. Orro received $150 million from Parc, in conjunction with Macquarie Capital. Earlier this year, NEXION co-founders Paul Glass and Kevin Read stepped down from the company, to set up Trinity Networks.