Software & ICT services - Nordic sector report - Q3 2024

In the third quarter of 2024, trends from the first half of the year continued in the Nordic software sector, resulting in a moderate increase in the number of transactions compared to the same period in 2023. Foreign buyers continue to play a decisive role, accounting for 57% of all transactions this year, which is in line with a multi-year trend of increased foreign interest in Nordic software companies.

The ICT services sector has seen a significant increase in the number of transactions compared to Q3 2023, mainly driven by investments in Private Equity platforms and acquisitions of Private Equity-owned portfolio companies. Overall, activity in the first nine months of the year has remained stable, but the increased level of activity in the third quarter may indicate that another wave of consolidation is on the horizon.

Private Equity companies have generally played a prominent role in the Nordic M&A sector, accounting for more than half of the transactions in 2024. With the outlook for an improved macroeconomic environment, lower interest rates and continued consolidation in attractive subsectors, M&A activity within software and ICT services is expected to remain strong.

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