Nordic Software & ICT Services M&A Q3 2026:
What are buyers looking for in a more selective market?

Nordic software M&A activity slowed in Q3 2026, but private equity investors continued to pursue attractive acquisition opportunities. Meanwhile, ICT services valuations recovered despite relatively stable transaction volumes. The latest IMAP Nordic Sector Report highlights a market in which buyer priorities are shifting, with profitability, scalability and a credible AI strategy becoming increasingly important.

Private equity strengthens its position in Nordic software M&A

Nordic software M&A activity declined for the second consecutive quarter, with 44 announced transactions in Q3 2026, down 45% year-on-year and the lowest quarterly volume since Q1 2023.

However, the slowdown was largely driven by strategic acquirers, while private equity and PE-backed buyers remained active. Their share of software transactions reached a record 68%, and cross-border transactions accounted for 61% of deals.

Despite lower transaction volumes, the median EV/Sales multiple for publicly listed Nordic software companies remained stable at 3.1x.

The acquisition of Confirma by Main Capital Partners illustrates continued investor interest in established software platforms with a track record of growth through acquisitions.

ICT services: Profitability takes centre stage

The Nordic ICT services market demonstrated greater resilience, recording 33 transactions, up 10% year-on-year. Private equity and PE-backed buyers accounted for 55% of deals, with add-on acquisitions continuing to drive activity.

Valuations also recovered. The median EV/EBITDA multiple for publicly listed ICT services companies increased from 8.9x to 9.7x, while revenue multiples remained subdued at 0.8x.

This divergence suggests that investors are placing greater emphasis on profitability and margin resilience rather than revenue growth alone.

What makes a technology business attractive to buyers?

The latest market developments underline an important distinction: lower transaction volumes do not necessarily indicate a lack of investor appetite.

Successful software and ICT services businesses continue to attract interest, but buyers are becoming increasingly selective. Earnings quality, scalability and a credible approach to AI are emerging as important considerations in evaluating future growth potential.

For business owners, this raises questions about how their company's competitive position, financial performance and growth strategy align with evolving buyer expectations. For investors, identifying businesses with sustainable competitive advantages and opportunities for further value creation remains central.

These considerations are also relevant beyond the software and ICT services segments. Carner's role as financial adviser to CoreGo in its majority growth investment from Bregal Milestone illustrates how international investors continue to seek opportunities in technology-driven businesses with strong growth potential.

Combining Nordic market insight with international M&A expertise

As the Finnish partner of IMAP, Carner combines local market knowledge and sector expertise with access to an international network of M&A professionals. This provides a broad perspective on evolving buyer priorities, valuation trends and cross-border investment opportunities.

Carner's Technology team advises business owners and investors on strategic transactions across the technology sector, drawing on both hands-on transaction experience and international market intelligence.

Explore the full report

The Q3 2026 Nordic Software & ICT Services Sector Report provides a detailed overview of transaction activity, valuation trends, the most active buyers and selected transactions across the Nordic markets.