Venture capital funding for Nordic tech firms peaked in 2021 and continued to decline through the first quarter of 2025. The median VC deal size was $3.1M, 10 times less than the median disclosed M&A transaction value. These dynamics have instead encouraged companies to pursue M&A strategies for growth and liquidity.

Looking at the top buyers’ chart, financial acquirer Hawk Infinity Software led the list with 3 transactions during the first three months of 2025. Strategic acquirers included Euronext, Easypartner Finans, Addnode Group and BrandBee Holding and financial buyers included CCIT and Standout Capital, which all made two acquisitions.

Disclosed M&A deal volumes reached $1.2B in the first three months of 2025. Only 11% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $32M.

Over the past several years, M&A activity in the region has been steadily increasing, hitting a 10-year high of 405 transactions in 2024. During the first quarter of 2025, M&A activity remained robust as 100 deals were announced in the region. Demand was strong from strategic and financial buyers, with Private Equity firms accounting for the acquirer in 44% of these transactions.