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, 2014-2016, by country

Broken down into their respective origins, there is no major surprise that Sweden holds the largest share of exits, at 37%. Finland, Denmark and Norway each produce a nearly equal share of the rest of the deal flow.

Nordic Exit Volume, 2014-2016, quarterly by country

Sweden’s strength has been consistent, with the top spot every quarter with the exception of Finland’s surge during the first half of 2015. Norway started its own surge at that point, and now has solid ownership of the second slot. 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, 2014-2016

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 Latin American deals. On the sell-side, Scandinavian companies were again more likely to be acquired by other such firms, but with USA and Canada more active buyers than the rest of Europe. Importantly, buyers outside the Nordic region paid 55% more than buyers within.

Download the Report

If you like what you’ve seen here, you should probably download the .PDF report. Send it to your board. Send it to your investors. Send it to your advisors. Better yet, send them the link to our website. Discuss it with your shareholders. Argue with your co-founders. Listen to your wife. Make decisions. Keep building.

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