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:
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.
