IMAP Nordic Sector Report - Software & ICT Services - Q4 2025
Current Overview of the Software & ICT Services M&A Market
The IMAP Nordic Sector Report for Q4 2025 provides a clear snapshot of M&A activity and key trends within the Software and ICT Services segments. Covering developments throughout the fourth quarter, the report includes:
- Analysis on the current market dynamics
- Updates on transaction volumes and the most active buyers
- An overview of valuation multiples for listed companies in the sectors
These insights are valuable for investors, business owners, and other stakeholders seeking to better understand and navigate the complex M&A landscape within Software and ICT Services.
Continued Strong Activity Across the Nordic Market
The Nordic Software and ICT Services M&A market maintained strong momentum in Q4 2025, recording 81 announced transactions during the quarter. For the full year 2025, a total of 385 transactions were completed across both sectors, which is broadly in line with the previous year.
Role of Financial Sponsors
Private equity and PE-backed platforms continue to remain active, accounting for a clear majority of the completed transactions.
Software Valuations Under Pressure as AI Reshapes the Competitive Landscape
The end of 2025 and start of 2026 have been characterized by pressured valuations of publicly listed software companies, driven by concerns that emerging AI solutions may reshape the competitive landscape. How this will affect the private sector and the transaction market remains to be seen.
Download the Full Report
For a deeper look into market developments, valuation trends, and detailed analysis, download the complete report below:
