Our latest Nordic Software Report provides an in-depth look at M&A activity and valuations across the region over the last five years. The Nordic software market continues to stand out as one of Europe’s most active hubs for investment, consolidation, and innovation.
Key highlights:
- Deal activity rebounded strongly – 72 transactions in H1 2025, the highest since 2021, with Denmark reaching record levels.
- Private equity sets the pace – PE-backed platforms and add-ons dominate, with leading software compounders such as Visma, EG, Confirma Software, Hawk Infinity, and Vitec driving consolidation.
- Valuations stabilised – Listed Nordic software companies are trading at 3.1-3.5x EV/Sales, reflecting the new market normal.
- Public markets remain active – Take-private transactions continue, with a median takeover premium of 46%.
- Regional differences – Sweden remains the largest market, Denmark leads growth, Norway is near record levels, while Finland slowed after a strong 2024.
For detailed deal data (2020-H1 2025), valuation benchmarks, buyer activity, and Clearwater's proprietary Nordic Software Index:
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Tech & Tech Services Lead
Wesley Fell-Smith
Managing Director
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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