Q2/2026 Nordic Software and ICT Services Report – Tech M&A remains active as activity shifts between sectors

The Nordic software and ICT services markets recorded a combined 87 announced transactions in Q2 2026, with activity developing differently across the two sectors.

ICT services saw a strong rebound, with 35 transactions, more than double the previous quarter. Software activity was softer at 52 transactions, while PE and PE-backed buyers accounted for 62% of deals, the highest share in our tracking period. Half of all software transactions were cross-border, and public market valuations showed signs of stabilising after the decline seen in Q1.

Carner also advised the shareholders of CoreGo on a majority growth investment from Bregal Milestone during the quarter.

Looking ahead, we expect Nordic technology M&A to remain active but selective, supported by available capital and continued consolidation.

Read the Software and ICT Services Nordic Sector Report Q2 2026 for our latest analysis of transaction activity, valuations, buyer trends and notable deals across the Nordic market.