In the second quarter of 2025, the Nordic software & ICT services sector once again proved its resilience with a total of 98 recorded M&A deals between the sectors, a clear signal of the region’s strategic importance and strong global buyer interest. Activity remained strong through H1, attracting both strategic and financial buyers.

Software sector transaction volume rebounded to a high level with 71 transactions, up from 60 in Q2/2024, driven by private equity-backed platforms and add-on acquisitions. Cross-border deals accounted for 58 % of activity, highlighting sustained international interest.

ICT services saw quieter activity with 27 deals, having slightly decreased from 35 during the same period last year, with add-ons representing a significant share and 41 % of deals being cross-border.

Looking ahead, well-capitalized investors, healthy competition for assets, and succession dynamics support continued M&A activity. Software is expected to remain the main driver, while ICT services should improve selectively as confidence builds and attractive assets enter the market.

Download the full report below:

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.