Venture capital funding and deal volumes for Nordic tech companies have been incredibly volatile since peaking in 2021, with large declines seen since then. The median VC deal size was $2.7M, significantly 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, every acquirer was a PE firm with Hawk Infinity Software leading the list with 11 transactions, followed by Monterro and EasyPartner with 6 acquisitions each, and Norvestor that closed 5 transactions.   

The amount of disclosed M&A deal values has reached $6.7B during the first nine months of 2025, significantly higher than full-year transaction volumes seen in every year from 2022-2024.  Only 15% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $5M.

During the first nine months of 2025, Tech M&A in the region has been incredibly strong with 348 deals announced, up 32% compared to the same period last year. At that pace, transaction volumes would easily exceed the 10-year high achieved in both 2023 and 2024. Demand was strong from both strategic and financial buyers, with Private Equity firms accounting for the buyer in 43% of these transactions.