In the fourth and final quarter of 2024, the software and ICT services sectors recorded a total of 92 deals, aligning with the comparable period in 2023. The software market has been a key driver in maintaining this activity, while the ICT services market faced a more challenging quarter. Valuation levels for both software and ICT services firms on Nordic stock exchanges remained relatively stable throughout the year.

With 2024 now behind us, Nordic software M&A activity has continued its steady upward trend in annual deal volume since 2022, reaching a total of 268 deals. International buyers remain dominant in the software sector, with cross-border transactions accounting for 61% of all announced deals in 2024. In contrast, the Nordic ICT services M&A market saw a slight decline, with deal count decreasing to 117 from 123 in the previous year. Notably, the final quarter saw a decrease in private equity involvement, creating some uncertainty heading into 2025 as investors may seek more stable cash flows.

Overall, Carner maintains a positive outlook for M&A activity in 2025, expecting strong deal volumes to continue. This momentum will be driven by sustained high demand in the technology sector — particularly in key megatrends such as AI, cloud computing, and data analytics.

Download the full report below, featuring a case study of our latest software transaction: Roidu Oy’s sale to Vitec Software Group AB.

Carner's Nordic Software and ICT Services report is a quarterly published review of topical market dynamics, transaction volumes, and valuation developments, offering valuable insights for entrepreneurs, investors, and other stakeholders navigating the complex M&A landscape.