VC funding and deal volumes for Nordic tech firms both peaked in 2021 and have been highly volatile since then. While total VC deal value began to recover during the first half of 2026, deal volumes remained heavily subdued. The median VC deal size was $3.2M, 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, Adelis Equity led the list with 5 transactions announced in 2026, followed by 2 strategics, Milepost and Simple Agency Group, that each had 4 acquisitions. Financial buyers were also active with Hawk and Marathon both announcing 4 deals, followed by Axcel, BU Bregal Unternehmerkapital, Easypartner, Main Capital Partners, and EG Danmark with 3 transactions each.

Total disclosed M&A deal values already reached $8.3 billion during the first six months of 2026 due to two megadeals in the Nordic region, almost reaching levels seen in all of 2025. Only 13% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $15M. 

In the first half of 2026, dealmaking in the region started strong with 208 deals announced. Demand was high from both strategic and financial buyers, with Private Equity firms accounting for the buyer in 49% of these transactions. Over the past several years, M&A activity in the region has been increasing at a brisk pace, growing more than four-fold from 2019 to 2025.