Venture capital funding for Nordic tech firms continued to decline during 2024 and the median VC deal size was $1.7M, significantly less than the median disclosed M&A transaction value. These dynamics have encouraged companies to instead pursue M&A strategies for growth and liquidity. 

Looking at the top buyers’ chart, we see that Main Capital Partners leads the list with 6 transactions this year, followed by FSN Capital with 4 acquisitions in their pocket. The other companies on this list made 3 acquisitions each. 

The amount of disclosed deal values in 2024 reached $4.9B, higher than all of last year. Only 13% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $7.2M. 

During the past several years, M&A activity in the region has been steadily increasing. During the first three quarters of 2024 we’ve seen 274 deals, which is 62 deals more than the whole of last year. Demand was strong from strategic and financial acquirers, with Private Equity firms accounting for the buyer in 45% of these transactions.