Deal Flow

Robust software deal flow has continued through the last several years, and remain at historically high levels, and both Nordic buyers and sellers have been active. Demand for high quality technology companies has rarely been higher.

Nordic Tech Exit Volume, 2010-2018

After hitting a record in 2017, Nordic tech deal volume has slowed a bit in 2018 but still remained strong, as predicted by the Nordic Report. 2018 has seen more megadeals in the Nordics than ever. With more megadeals, new buyers and the Nordic strength across multiple disruptive trends, 2019 is expected to be another promising year.

Top Buyers vs. Sellers, 2015-2018, by quarter

Looking at both Nordic tech buyers and sellers on a quarterly basis since 2015, we see a robust tech M&A market, and one of the very few markets in the world to have a nearly even number of buyers and sellers.

Top Buyers of Nordic Companies, 2010-2018

The most active acquirers of Nordic software and IT services companies are regional players like Addnode, Addtech, and Telia. However, globally-minded serial acquirers—particularly those focused on vertical markets, Enghouse, VITEC, and Trimble—have also been active in the region. This is of particular note considering Nordic software firms selling cross border have averaged 72% higher valuations than in-region deals.

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Inside the Nordic market:

Valuation

Deal multiples and valuation trends across Scandinavia

Deal Flow

Deal volume numbers and trends across Scandinavia

Geography

Scandinavian buyer and seller origins by country and region