The Nordic software market continues to stand out as one of Europe’s most active hubs for investment, consolidation, and innovation. Momentum has strengthened over the last year, with activity reaching new highs across the region.
Our latest Nordic Software Report provides an in-depth look at M&A activity and valuations across the region over the last five years.
Key highlights:
- Deal activity reached a record high in H2 2025 – 100 completed transactions and a 44% increase in total deal volume in 2025 vs. 2024
- Sweden led the way, followed closely by Denmark and Norway, with Finland remaining the smallest market but showing signs of recovery in H2 2025
- Private equity remained the most active buyer group – PE-backed platforms and add-ons have accounted for over 50% of deals in the 2020s
- Valuations remained stable at the new normal – listed Nordic software companies trade at EV / Sales multiples of c. 3.3x–3.6x, nearly 50% below the 2021 peak, with clear dispersion between top-tier assets and the median
- Global software share prices declined from H2 2025 into early 2026 – investor concerns about AI-driven disruption and changing business models triggered sell-offs and valuation pressure even among high-growth software names
For detailed deal data (2020-H2 2025), valuation benchmarks, buyer activity, and Clearwater's proprietary Nordic Software Index:
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Not just numbers on a balance sheet, our transactions represent over 20 years’ commitment to our clients’ future. Helping them change the game. Even before it was ready to be changed.
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Tech & Tech Services Lead
Wesley Fell-Smith
Partner
I’ve been in M&A for more than 20 years. Slightly biased, but I believe I’m lucky enough to lead the best global tech team in the market. I grew up in Zimbabwe, which may help explain my pulsating collection of loud shirts and ‘original’ dance moves.
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