VC funding and deal volumes for Nordic tech firms both peaked in 2021 have been on a downward trend since then. In 2025, VC investments were approximately half of what they were in 2021 and deal volumes were down by more than half. These dynamics have instead encouraged companies to pursue M&A strategies for growth and liquidity. 

Looking at the top buyers’ chart, financial buyers take lead as Hawk Infinity Software announced 13 transactions in the Nordic region in 2025, followed by Monterro with 8 transactions. Axcel and Norvestor come next with 7 acquisitions each.

Total disclosed M&A deal values reached $15.4 billion in 2025 due to a recently announced megadeal in the region. Only 15% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $7M. 

In 2025, dealmaking in the region rose by 15% to reach 463 which represents a new 10-year high. Demand was strong from both strategic and financial buyers, with Private Equity firms accounting for the buyer in 44% 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.