Venture capital funding for Nordic tech firms continued to decline during 2024 and the median VC deal size was $1.6M, 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 there is a tie between Main Capital Partners, FSN Capital,  Adelis Equity Partners and EG Software with 5 transactions each this year. Exsitec, Hawk Infinity Software and Alpha Leonis Partners made 4 acquisitions each.

The amount of disclosed deal values in 2024 reached $5.9B, exceeding 2023 levels. Only 14% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $7M.

During the past several years, M&A activity in the region has been steadily increasing. In 2024, we’ve seen 407 deals, a 10-year high that was approximately double 2023 levels. Demand was strong from strategic and financial buyers, with Private Equity firms accounting for the acquirer in 45% of these transactions.