After peaking in 2021, Venture Capital funding for Nordic tech firms declined and that continued into the first six months of 2025. The median VC deal size was $2.8M, significantly less than the median disclosed M&A transaction value during this period. These dynamics have encouraged companies to instead pursue M&A strategies for growth and liquidity. 

Looking at the top buyers’ chart, Norway-based portfolio investor Hawk Infinity Software emerged at the forefront, completing 8 transactions in the first six months of 2025. Close behind were Swedish private equity firms Monterro and EasyPartner, each with 4 acquisitions. Notable strategic acquirers included Swedish firm Done.ai Group, known for expanding its workflow automation platform with a variety of horizontal solutions, and Addnode Group, a process management platform developer—each completing 3 deals, underscoring the ongoing dynamism in the Nordic Tech M&A landscape. 

The amount of disclosed deal values in 2025 reached $1.5B. Only 13% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $10M. 

Over the past decade, M&A activity in the region has been increasing gradually, hitting a 10-year high in 2024. During the first half of 2025, M&A activity remained high as we’ve already seen 222 deals announced in the region. The Nordic region has become a hotspot for Tech M&A, with Private Equity firms accounting for the buyer in 46% of these transactions. Financial acquirers are increasingly targeting local tech and software companies thanks to strong growth prospects and a rich pipeline of innovative startups.