VC funding and deal volumes for Nordic tech firms both peaked in 2021 have been on a downward trend ever since. In 2026, the median VC deal size was $3.2M, significantly less than the median disclosed M&A transaction value. As VC funding remains subdued and considering that the median disclosed M&A Tech transaction is many multiples above the median VC investment, these dynamics have instead encouraged companies to pursue M&A strategies for growth and liquidity.

Looking at the top buyers’ chart, Milepost is the only strategic acquirer on the slide with 3 transactions announced in 2026. Financial buyers kept pace as EG Danmark announced 3 acquisitions, followed by BU Bregal Unternehmerkapital, Hawk Infinity Software, and Monterro with 2 transactions each. 

Total disclosed M&A deal values already reached $4.3B during the first three months of 2026 due to one megadeal that happened in the region. Only 12% of M&A deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $15M.

In 2026, dealmaking in the region started strong with 77 deals announced in the first three months. Demand was robust from both strategic and financial buyers, with Private Equity firms accounting for the buyer in 51% of these transactions. Over the past several years, M&A activity in the region has been increasing at a brisk pace, with deal volumes growing more than four-fold from 2019 to 2025.