Geography

The Nordic region provides a perfect environment for innovative entrepreneurs to prove out concepts and build successful companies on a small scale that buyers can take global. This is why over half the Nordic technology companies acquired in the last few years have found buyers outside the region.

Nordic Exit Volume, 2014-2017, by country

Broken down into their respective origins, there is no major surprise that Sweden holds the largest share of exits, at 40%. Finland, Denmark and Norway each produce a nearly equal share of the rest of the deal flow.

Nordic Exit Volume, 2014-2017, quarterly by country

Sweden’s strength has been consistent, with the top spot nearly every quarter and particular strength in 2017. Meanwhile, Denmark’s share increased last year, at the expense of Norway. Each nation, though small compared to some markets, provides an opportunity to pilot and prove out technologies that global buyers can put to work on a much broader scale.

Buyers & Sellers Locations, 2014-2017

Scandinavian buyers focused on their neighbors in the Nordics and the rest of Europe, with a smaller percentage in North America, and a small but notable number of deals in Asia and Latin America. Fewer than half of sellers were acquired by other Scandinavian firms, with the majority going to the US, Canada or elsewhere in Europe—or even farther afield. Firms in the Nordics considering selling should take this as an indication that a thorough, global M&A process is required.

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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