In the third quarter of 2025, the overall deal activity in the Nordic software and ICT services markets maintained solid performance, totaling 98 M&A transactions between the sectors.

The software sector continued its strong performance with 76 recorded deals, marking the third quarter with more than 75 transactions over the last twelve months. Year-to-date deal volume stands at the highest level since 2021, highlighting the good momentum in the software space. Deal activity in the sector was supported by active software compounders and tech specialized private equity investors.

Meanwhile, the ICT services sector remained relatively slow with 22 recorded transactionsas the challenging Nordic market environment kept industrial buyers hesitant. In turn, PE-backed acquirers drove activity through add-on investments, accounting for a significant 60 % of all ICT services deals.

Heading into the last quarter of 2025, IMAP anticipates that the full year M&A activity will rank among the strongest in recent years in the software market. The quality and specialized ICT services companies are expected to continue attracting buyer interest and bringing resilience in deal volumes.

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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.