(Bloomberg) — PAG, one of Asia’s biggest alternative asset managers, has bought London-based information technology services outsourcing company NashTech from Nash Squared.
The deal will allow Nash Squared to focus more on its technology investments and artificial intelligence capabilities, according to a statement on Monday. PAG, which oversees about $55 billion in assets, said that the purchase will help drive NashTech grow outside of its core UK and US markets. Financial terms of the transaction weren’t disclosed.
PAG’s investment in NashTech marks the money manager’s fourth major transaction of this year in the Asia-Pacific region. After raising a new Asia fund, the firm has stepped up acquisitions and investments. It bought pub operator Australian Venue Co. and led a $8.3 billion investment in Newland Commercial Management, China’s largest shopping mall manager. Last month, Bloomberg News reported that it agreed to sell industrial gases business AirPower Technologies Ltd. to a Chinese consortium in a deal valued at $6.8 billion.
Established in 2000, NashTech has more than 2,000 engineers and tech workers with delivery centers in five locations including Vietnam, India and Central America. It provides software and other managed services to customers across insurance, higher education, retail, logistics and supply chain management.
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