Nordic Software & ICT Services M&A: Q3 2026 Deal Activity, Buyers, and Valuations

What Does the Q3 2026 Nordic Software & ICT Services M&A Report Cover?

The report provides a clear snapshot of M&A activity and key trends within the Software and ICT services segments. Covering developments throughout the third quarter, it includes:

• Analysis of current market dynamics
• Updates on deal volumes and the most active buyers
• An overview of valuation multiples for Nordic-listed companies

These insights provide investors, business owners, and other stakeholders with a clearer understanding of how the Nordic Software and ICT services M&A market is developing.

Nordic Software Deal Activity Falls Further as ICT Services M&A Holds Steady

The Nordic Software and ICT services markets recorded a combined 77 announced deals in Q3 2026. Activity weakened further in software but remained solid in ICT services.

Software deal activity declined for a second consecutive quarter to 44 deals, as strategic buyers continued to pull back. ICT services recorded 33 deals, up 10% from Q3 2025, bringing the year-to-date total to 85 deals, broadly in line with the same period last year despite a slow Q1.

Private Equity Accounts for a Record 68% of Nordic Software Deals

Private equity remained the clear driver of deal activity in software, with PE firms and PE-backed buyers accounting for 68% of transactions, the highest share since the analysis began in 2022. A notable transaction was Main Capital Partners’ acquisition of Confirma Software from Abry Partners, with plans to strengthen Confirma’s Nordic market position and continue its buy-and-build strategy in the region.

In ICT services, financial buyers accounted for 55% of transactions, with the activity largely driven by add-on acquisitions. The quarter’s only PE platform deal involved Searchlight Capital succeeding Adelis as majority owner of Aderian. Founded in 2022, the SME-focused managed IT provider has grown to approximately SEK 2.5 billion in revenue and completed more than 30 acquisitions, with further Nordic expansion planned.

ICT Services Valuations Rebound While Software Multiples Hold Steady

The median EV/Sales multiple for Nordic-listed software companies was unchanged at 3.1x, still below the 2025 average of 3.6x.

In ICT services, the median EV/EBITDA multiple rose from 8.9x to 9.7x, while the median EV/Sales multiple remained broadly unchanged at 0.8x.

In an uncertain market, investors have become more selective. Growth on its own no longer commands a premium, and the highest valuations are reserved for companies that pair growth with strong cash generation. IMAP expects earnings quality, scalability and a credible AI position to become increasingly decisive.

Download the Q3 2026 Nordic Software & ICT Services M&A Report

For a deeper look into market developments, valuation trends, and detailed analysis, download the complete report below: