Nordic Software & ICT Services M&A: Q2 Deal Activity, Buyers, and Valuations
What Does the Q2 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 second 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 Slows as ICT Services M&A Rebounds
The Nordic Software and ICT Services markets recorded a combined 87 announced deals in Q2 2026. Although the overall volume was broadly in line with the previous quarter, activity shifted markedly between the two segments.
Software deal activity declined to 52 deals, its lowest quarterly level since Q1 2023, while deal activity in ICT services more than doubled from the previous quarter to 35 deals.
Is Private Equity Still Driving Nordic Software M&A?
Financial sponsor appetite remained strong, with PE firms and PE-backed buyers accounting for 62% of software deals, the highest share since the analysis began in 2022.
In ICT Services, financial sponsors remained active, although strategic buyers played a more prominent role during the quarter.
Nordic Software Valuations Recover as ICT Services Multiples Ease
Following the broad SaaS sell-off in Q1, the median EV/Sales multiple for Nordic-listed software companies recovered slightly to 3.1x. The quarter also saw notable public-to-private activity, including Triton's acquisition of Cint and Altor's takeover offer for Sleep Cycle, indicating that prevailing market valuations may have been too low.
In ICT services, the median EV/EBITDA multiple declined from 9.3x to 8.9x as investors continued to reassess risks related to AI adoption and implementation.
Download The Q2 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:
