IMAP Nordic Sector Report – Software & ICT Services – Q1 2026
Current Overview of the Software & ICT Services M&A Market
The IMAP Nordic Sector Report for Q1 2026 provides a clear snapshot of M&A activity and key trends within the Software and ICT Services segments. Covering developments throughout the first quarter, the report includes:
- Analysis of current market dynamics
- Updates on transaction volumes and the most active buyers
- An overview of valuation multiples for Nordic listed companies.
These insights are valuable for investors, business owners, and other stakeholders seeking to better understand and navigate the Nordic Software and ICT Services M&A landscape.
Mixed Signals Across the Nordic Market
The Nordic Software and ICT Services market recorded a combined 82 transactions in Q1 2026. Software remained resilient with 66 deals completed, up 3% compared to the same quarter last year, while ICT services declined to 16 transactions. Cross-border activity remained elevated in both segments, reflecting sustained international appetite for Nordic technology assets.
Financial Sponsors and Compounders Remain Active
Private equity firms and PE-backed platforms continued to dominate buyer activity across both sectors. In software, PE platform acquisitions reached their highest quarterly level in four years, with 24 platform acquisitions completed in Q1. Software compounders also maintained their momentum, with Hawk Infinity and EG each completing four acquisitions in the quarter alone.
A Market Repricing Around AI Disruption Risk
Public market valuations compressed during Q1 2026, with the Nordic software median EV/Sales multiple at 2.9x and ICT services EV/EBITDA at 9.3x, reflecting a more cautious investor stance toward AI-driven disruption risk.
Download the Full Report
For a deeper look into market developments, valuation trends, and detailed analysis, download the complete report below:
Jurgis V. Oniunas
IMAP Chairman
At the start of the year, the outlook for Q1 was highly optimistic, with expectations of slowing inflation, lower interest rates, and improving growth projections. Unfortunately, we live in interesting times. Early in the year, speculation around the disruptive impact of AI on traditional SaaS business models triggered a significant revaluation in parts of the Software sector. More recently, escalation in the Middle East conflict has introduced fresh volatility – pushing oil prices higher, adding upward pressure on inflation, and creating supply-chain uncertainties. While it is too early to tell how these new shocks will eventually affect the global M&A market, we can be sure that our dealmakers around the world are on the ground every day – negotiating, re-evaluating, adjusting positions, and adapting to whatever the environment throws at them to deliver the best outcomes for their clients. They’ve done it for over 50 years, and that’s exactly what they’ll continue to do, no matter the conditions.
