Carner releases Q1/2026 Nordic Software and ICT Services Report – Nordic tech M&A market opens with cautious optimism

The Nordic software and ICT services market entered 2026 with solid transaction activity, although investors adopted a more selective approach to valuations amid macro uncertainty and growing AI-related disruption risk.

According to the latest Nordic Sector Report for Q1 2026, a total of 82 transactions were announced during the quarter. Software activity remained resilient with 66 transactions, broadly in line with previous quarters and slightly above Q1 2025 levels. Private equity firms and international buyers continued to play a significant role, underlining the continued attractiveness of Nordic software assets and scalable business models.

At the same time, valuation multiples softened. Median EV/Sales multiples for publicly traded software companies declined to 2.9x, reflecting a more cautious outlook toward traditional software models as AI reshapes long-term growth expectations. Investors are increasingly prioritizing companies with defensible market positions, recurring revenues, and clear differentiation.

The ICT services sector recorded 16 transactions, marking the lowest level during the report’s analysis period. Despite lower volumes, buyer appetite for specialized, high-quality ICT businesses remained intact, with active acquirers including Nestit, Aderian, NetNordic and Nordlo continuing to complete transactions during the quarter.

Valuations in ICT services also compressed, with median EV/EBITDA multiples declining to 9.3x as buyers focused more strongly on operational quality, profitability, and scalability.

Despite more measured market sentiment, the long-term drivers for consolidation across the Nordic technology sector remain strong. Demand for digital transformation and specialized software expertise continues, while capital remains available for quality acquisitions.

The report points to a market that is recalibrating rather than retreating. Strategic buyers and private equity investors remain active, with increasing emphasis on resilience, defensibility, and sustainable growth in an increasingly AI-driven market environment.

Find out more and 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.