Nordic M&A Tech Refresh - Selected deals: Updated 21.02/2021 Updated every Monday morning, here - EY
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Nordic M&A
Tech Refresh
Selected deals: Updated 21.02/2021
Updated every Monday morning, here
1 | 71Nordic M&A Tech Refresh
Contents
Selected deals: 2021 Week 06-07 (08 feb – 21 feb) 4
Selected deals: 2021 Week 05 (01 feb – 07 feb) 6
Selected deals: 2021 Week 04 (25 jan – 31 jan) 7
Selected deals: 2021 Week 03 (18 jan – 24 jan) 9
Selected deals: 2021 Week 02 (11 jan – 17 jan) 11
Selected deals: 2021 Week 01 (01 jan – 10 jan) 12
Selected deals: 2020 Week 51-53 (14 dec – 31 dec) 14
Selected deals: 2020 Week 50 (07 dec – 13 dec) 16
Selected deals: 2020 Week 49 (30 nov – 06 dec) 18
Selected deals: 2020 Week 48 (23 nov – 29 nov) 20
Selected deals: 2020 Week 47 (16 nov – 22 nov) 21
Selected deals: 2020 Week 46 (09 nov – 15 nov) 23
Selected deals: 2020 Week 45 (02 nov – 08 nov) 24
Selected deals: 2020 Week 44 (26 oct – 01 nov) 25
Selected deals: 2020 Week 43 (19 oct – 25 oct) 27
Selected deals: 2020 Week 42 (12 oct – 18 oct) 29
Selected deals: 2020 Week 41 (05 oct – 11 oct) 30
Selected deals: 2020 Week 40 (28 sep – 04 oct) 32
Selected deals: 2020 Week 39 (21 sep – 27 sep) 33
Selected deals: 2020 Week 38 (14 sep – 20 sep) 34
Selected deals: 2020 Week 37 (07 sep – 13 sep) 35
Selected deals: 2020 Week 36 (31 aug – 06 sep) 36
Selected deals: 2020 Week 35 (24 aug – 30 aug) 38
Selected deals: 2020 Week 34 (17 aug – 23 aug) 40
Selected deals: 2020 Week 33 (10 aug – 16 aug) 42
Selected deals: 2020 Week 32 (03 aug – 09 aug) 43
Selected deals: 2020 Week 31 (27 july – 02 aug) 44
Selected deals: 2020 Week 30 (20 july – 26 july) 45
Selected deals: 2020 Week 29 (13 july – 19 july) 46
Selected deals: 2020 Week 28 (06 july – 12 july) 47
Selected deals: 2020 Week 27 (29 june – 05 july) 48
Selected deals: 2020 Week 26 (22 june – 28 june) 49
Selected deals: 2020 Week 25 (15 june – 21 june) 50
Selected deals: 2020 Week 24 (08 june – 14 june) 51
Selected deals: 2020 Week 23 (01 june – 07 june) 52
Selected deals: 2020 Week 22 (25 may – 31 may) 54
2 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 21 (18 may – 24 may) 55
Selected deals: 2020 Week 20 (11 may – 17 may) 56
Selected deals: 2020 Week 19 (04 may – 10 may) 58
Selected deals: 2020 Week 18 (27 apr – 03 may) 60
Selected deals: 2020 Week 17 (20 apr – 26 apr) 61
Selected deals: 2020 Week 16 (13 apr – 19 apr) 63
Selected deals: 2020 Week 15 (06 apr – 12 apr) 64
Selected deals: 2020 Week 14 (30 mar – 05 apr) 66
Selected deals: 2020 Week 13 (23 mar – 29 mar) 68
Selected deals: 2020 Week 12 (16 mar – 22 mar) 70
Selected deals: 2020 Week 11 (9 mar – 15 mar) 71
3 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 06-07 (08 feb – 21 feb)
Acquisitions, mergers and divestitures
► GetCompliant, Sweden-based provider of compliance and operations management software
solutions in Europe, acquired by Mapal, Spain-based provider of hospitality management software
solutions
http://bit.ly/3aESOVs
► webCRM, Denmark-based provider of a CRM solution for SME’s, acquired by Efficy, Belgian-based
CRM specialist in Europe, in order to enter the Scandinavian market
http://bit.ly/3qCsbWS
► Humio, Denmark/UK-based provider of log management software, acquired by CrowdStrike, US-
based cybersecurity firm specializing in cloud-based endpoint and workload protection, in order to
bolser its offering with cloud log management and observability technology
http://bit.ly/3sk5Bmt
► AppGyver, Finland-based no-code development platform, acquired by SAP, the German-based
global software giant. AppGyver was backed by Karma Ventures and Open Ocean, and had raised
11 USDm
https://bit.ly/3pDyx6X
► BIQ and IDQ, two Denmark-based data providers, merge to create a leading data provider
http://bit.ly/3dztjH9
Growth capital
► MyMonii, Denmark-based provider of a money management platform, raises 5 DKKm from BA’s
and Vækstfonden
https://bit.ly/3bqjOXZ
► Podimo, Denmark-based podcast and short-form audio subscription service, raises 11,2 EURm in
new funding led by Chr. Augustinus Investment Fund, with participation from existing investors
Aldea Opportunity Fund, on top of the 15 EURm raised in mid-2020
http://tcrn.ch/3kbDuDe
► Billhop, Sweden-based fintech platform enabling businesses and individuals to pay invoices by
credit card, raises 4 EURm in its Series A round led by Element Ventures
http://bit.ly/3s9vgOo
► Northmill Bank, Sweden-based digital bank, raises 30 USDm in a new funding round led by M2
Asset Management and Coeli, in order to continue geographical expansion and accelerate product
development
http://tcrn.ch/3ujipLE
► Insurely, Sweden-based developer of an open insurance platform, raises 25 SEKm from Luminar
Ventures
http://bit.ly/37z4Lu5
4 | 71Nordic M&A Tech Refresh
► Leapwork, Denmark-based web and desktop application automation platform, raises 30 DKKm in
debt financing from Vækstfonden and Silicon Valley Bank (SVB)
http://bit.ly/3bmDQCO
► Proper, Denmark-based PropTech start-up simplifying property management, raises 28,5 DKKm in
seed funding led by byFounders with participation from PreSeed Ventures, Vækstfonden and BA’s
http://bit.ly/3qIgtKe
5 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 05 (01 feb – 07 feb)
Acquisitions, mergers and divestitures
► Optimate, Denmark-based specialist in Dynamics AX, D365FO, BI and CRM Microsoft solutions,
acquired by 9altitudes, Belgian-based Microsoft solutions provider backed by Waterland
http://bit.ly/3p50NiU
► Travelize, Sweden-based web-based travel booking, content and sales management system,
acquired by Vitec Software Group, Sweden-based Nordic leader in vertical market software
solutions
https://bit.ly/3cXJWMa
► ConWX, Denmark-based provider of mission-critical power forecasting services for global energy
providers, acquired by Volaris Group, US-based vertical market technology investment company
http://bit.ly/3cTd7jA
► Emineo, Sweden-based Oracle database specialist, acquired by IT Relation, Denmark-based
supplier of IT outsourcing services and backed by Hg, to be merged with their subsidiary Miracle
42
http://bit.ly/3cQtZaE
► WeHunt, Sweden-based leading digital platform for hunting in the Nordics, acquired by Open Air
Group, Sweden-based holding company focused on hunting-, dog-, and outdoor products in the
Nordics
http://bit.ly/3cMVlyw
► Strigo, Sweden-based customer training EduTech platform, acquired by Storskogen Group,
Sweden-based SME-focused investment firm
http://bit.ly/3aMpHPb
► Sambla, Sweden-based loan comparison website, acquired by Nordic Capital and to be merged
with the PE’s Advisa holding, to create a leader in online comparison services
http://bit.ly/3rISnzt
Growth capital
► Dialogtrail, Sweden-based chat-based marketing automation platform for e-commerce, raises 8
SEKm from Brightly Ventures and Chalmer Ventures
http://bit.ly/2N54RlS
► Vivino, Denmark-founded wine app and marketplace, raises 155 USDm in its Series D funding
round led by Kinnevik with participation from Sprints Capital, GP BullHound and Creandum
http://tcrn.ch/3pXkNVG
► WaitWhile, Sweden/US-based startup building a digital que management system, raises 12 USDm
in Series A funding from early-stage investor CRV
http://bit.ly/3tw4SQB
6 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 04 (25 jan – 31 jan)
Acquisitions, mergers and divestitures
► Peakon, Denmark-based HR and employee success SaaS platform acquired by Workday, US-based
global leader in cloud-based Finance, HR and Planning systems
http://bit.ly/3crzWe1
► ACON, Sweden-based provider of IT operations, acquired by Nordlo Group, a leading Nordic IT and
digitalization partner, to enhance its position in the Nordic IT market
http://bit.ly/3oxFtlD
► Usetrace, Finland-based developer of test automation solutions for web applications, acquired by
Tarmac.IO, US-based global custom software developer
http://prn.to/3aiPe2a
► Sulake Oy, Finland-based developer of online social entertainment services, most notably Habbo,
sells remaining 49% stake from Elisa Oyj to Azerion Holding B.V., Netherlands-based media- and
technology company providing content on a European scale with local presence
http://bit.ly/3pEGvOi
► Miles, Norway-based IT consulting firm, sells 60% stake to Equip Capital, Norway-based private
equity firm
http://bit.ly/2MG7V7E
► Viking Venture-backed Engage EcoOnline, Norway-based leading SaaS provider of Chemical,
Environmental and Safety management software, acquired Engage EHS, Ireland-based provider of
health and safety software
http://bit.ly/2NUtmCD
Growth capital
► Oveo.IO, Denmark-based SaaS management tool for managing other SaaS tools, raises 1 EURm
from PreSeed Ventures and Vækstfonden
https://bit.ly/2YvxevR
► Flowhaven, Finland-based developer of a brand licensing CRM solution, raises 16 USDm in its
Series A led by Sapphire Sport with participation from existing investors Global Founders Capital
and Icebreaker.vc
http://bit.ly/36sC95e
► Astat, Norway-based startup building a mobile app for providing financial services, raises 4,5
NOKm from undisclosed investors
http://bit.ly/3cr2gx6
► Collective Minds, Sweden-based developer of a cloud-based collaborative workspace for
radiologists, raises 2,5 EURm from Brightly Ventures and business angels
http://bit.ly/3jaSkcr
► Parakey, Sweden-based developer of a mobile access platform for key management within
properties, raises 2,4 USDm from new and existing investors Tham Invest, Chalmers Ventures,
and Green Group
http://bit.ly/3pECk4M
7 | 71Nordic M&A Tech Refresh
► Noona, Iceland-based developer of an appointment scheduling tool, raises 1,2 USDm from SaltPay
http://bit.ly/3crAa4R
► Wolt, Finland-based food delivery scale-up, secures 530 USDm in new funding led by ICONIQ with
participation from Tiger Global, KKR, Prosus, EQT Growth and Coatue, bringing its total raised
funding to 856 USDm
http://bit.ly/3ajxsfd
► Precisely, Sweden-based legal tech startup developing software for improving full contract
workflow, raises 1,8 EURm from Peak Capital
http://bit.ly/3j1DYv3
► Airtame, Denmark-based provider of wireless screen sharing devices for schools and businesses,
raises 6 USDm from Vækstfonden and Danske Bank
http://bit.ly/3oxWX19
► Woomio, Denmark-based all-in-one influencer marketing software platform, raises 20 DKKm from
Nordic Makers, Vækstfonden and business angels
http://bit.ly/3oAYjsj
► Fixrate, Norway-based local marketplace operator for bank deposits, raises 19,5 NOKm from
Schibsted Growth
http://bit.ly/3j25qsq
► Calqulate, Finland-based provider of a financial analytics forecasting platform for startups, raises
1,5 EURm from Maki.vc and other unnamed investors
http://bit.ly/2MlisW3
► CanopyLAB, Denmark-based AI-powered social learning platform and learning community, raises
1,1 EURm in equity financing from Sparkmind VC, and 1,4 EURm in debt financing from
Vækstfonden and Innovation Fund Denmark
http://bit.ly/3pECpW8
8 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 03 (18 jan – 24 jan)
Acquisitions, mergers and divestitures
► Alva Technologies AS, Norway-based operators of a VIRDI.no a real estate portal and providers of
related B2B products and services, acquired by Ambita, Norway-based provider of digital services
and products for the real estate market
http://bit.ly/2NwWRKC
► KKR-backed Unzer, Germany-based FinTech developing payment software, acquires Clearhaus and
QuickPay, both Denmark-based payment service provider for merchants
http://bit.ly/39YQyXB
► Voonix, Denmark-based provider of business intelligence, API and related services for gaming
affiliate marketing, acquired by Acroud (Net Gaming Europe AB), Sweden-based leading affiliate
company and B2B software and marketing service provider
http://cisn.co/3ohqT1s
► Matching Visions, Denmark-based provider of affiliate marketing services for online casinos and
gaming businesses, acquired by Acroud (Net Gaming Europe AB), Sweden- leading affiliate
company and B2B software and marketing service provider
http://cisn.co/3ohqT1s
► Umbra, Finland-based provider of 3d-modelling software, acquired by Amazon Robotics, US-
based Robotics-arm of Amazon
http://bit.ly/2KHi1EC
► Detail Online, Sweden-based provider of sales analytics software, acquired by inRiver, Sweden
provider of PIM solutions, to strengthen their revenue-driving product information management
solution
http://bit.ly/3qKHMmU
Growth capital
► introDus, Denmark-based providers of pre- and onboarding software for HR departments, raises
pre-seed funding at 32 DKKm pre-money valuation backed by Vækstfonden and angels
http://bit.ly/3pdaxZ2
► Critical Force, Finland-based game studio, raises 8,3 EURm from undisclosed investors
http://bit.ly/3ocAiHF
► Savage Game Studios, Finland-based game studio raises 4,4 USDm from Makers Fund, Play
Ventures, and business angels
http://bit.ly/3oemsV9
► Templafy, Denmark/NYC-based global leader in enterprise documentation creation and
automation, raises 12 EURm in debt financing from EIB
http://bit.ly/2Y6wxZI
► Valuer, Denmark-based data-driven matching platform between big firms and startups to drive
innovation, plans to IPO on Nasdaq First North Premier Denmark by February 2021, with a
potential valuation of 65 USDm, bringing in 20 USDm in new funding. Valuer has already raised
8,9 USDm in pre-IPO sales
http://bit.ly/3qOdCPH
9 | 71Nordic M&A Tech Refresh
► Savr, Sweden-based operator of a financial platform for fund saving, raises 50 SEKm from
undisclosed investors
http://bit.ly/3a3gWzN
10 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 02 (11 jan – 17 jan)
Acquisitions, mergers and divestitures
► Hesehus, Denmark-based leading Nordic provider of enterprise e-commerce solutions, acquired by
QNTM Group, a Nordic digital strategy, software and technology ecosystem owned by Altor Equity
Partners
http://bit.ly/39MTgj1
► Blue Idea, Denmark-based provider of critical SMS services in the Nordics, sells 70% to
VækstPartner Kapital (VPK), Denmark-based SME-focused private equity fund
http://bit.ly/38WhrfO
► 21Grams, Sweden-based digital postal management services for corporate customers, acquired by
Unified Group, Belgian-based FinTech focusing on automating complex financial administrative
processes
http://bit.ly/35RVzQq
► Cybot, Denmark-based provider of a cybersecurity-focused cookiebot, sells majority stake to the
US-based private equity fund Full In Partners
http://bit.ly/38XWcu1
► LS Retail, Iceland-based world-leading provider of all-in-one retail business management solutions,
acquired by Aptos, US-based leading provider of retail enterprise solutions
http://prn.to/2LNoiz7
Growth capital
► Ravyn, Norway-based provider of user-friendly and flexible solutions for critical events
management, raises 40 NOKm from DSD and Investinor
http://bit.ly/3nWP4lV
► CodeScene, Sweden-based provider of behavioral code analysis software, raises 30 SEKm from
Inventure and Luminar Ventures
http://bit.ly/38V0IZY
► Minna Technologies, Sweden-based provider of solutions for managing subscriptions, raises 15,5
EURm in its Series B round led by Element Ventures with support from MiddleGame Ventures,
Nineyard Equity, and Visa
http://bit.ly/3bQiDmt
► Sana Labs, Sweden-based provider of a ML-powered personalized learning platform, raises 15
EURm from EQT Ventures and angel investors
http://bit.ly/3ipP1xz
11 | 71Nordic M&A Tech Refresh
Selected deals: 2021 Week 01 (01 jan – 10 jan)
Acquisitions, mergers and divestitures
► Unikum Datasystem AB, Sweden-based provider of an all-in-one business and enterprise solution
for SME’s, acquired by Vitec Software Group, Sweden-based Nordic market leader in Vertical
Market Software
http://bit.ly/3bwb5Fs
► Mindway AI, Denmark-based provider of AI- and neuroscience-based identification of at-risk and
problem gambling, acquired by Better Collective, Denmark-based leading sports betting group.
The investment follows from their 19,99% investment in 2019, after which Better Collective has
exercised an option to acquire an additional 70% of the company
http://bit.ly/3shovLy
► Global Solutions 365, Denmark-based provider of Microsoft 365 CRM solutions and related
services, acquired by Consit Gruppen, Denmark-based IT consultancy providing BI, ERP, and CRM
solutions
http://bit.ly/2Xxmhti
► Francisco Partners-backed Consignor Group AS, Norway-based providers of deliver management
software for multi carrier shipping, acquired by Marlin Equity Partners-backed Unifaun AB,
Sweden-based providers of delivery and transport management software to the Nordic market
http://bit.ly/3bvBAuQ
► Emply, Denmark-based provider of a full-suite HR SaaS solution, acquired by Lessor A/S owned by
Paychex, an international provider of human capital management solutions for HR
http://bit.ly/3snZiiH
► Projectum, Denmark-based provider of consulting and implementation services for project-
portfolio- and resource management solutions, acquired by Broad Horizon, Netherlands-based full-
service Microsoft solutions provider. Together with its recent acquisition of Delegate, the two will
spearhead Broad Horizon’s expansion in the Nordics
http://bit.ly/3bvBxPG
► Netop, Denmark-based market-leading provider of remote access and support software, acquired
by Impero Software, UK-based leading provider of online student safety, classroom and network
management software
http://bit.ly/3ifFCZH
► Millnet BI, Sweden-based business intelligence IT consultancy, acquires by Standout Capital-
backed Exsitec, Sweden-based provider of business systems for SME’s
http://bit.ly/38z5zzQ
12 | 71Nordic M&A Tech Refresh
Growth capital
► Encode, Denmark-based provider of marketing workflow software solutions, raises 70 DKKm from
Viking Venture, a leading investor in Nordic software solutions
http://bit.ly/3oBbYAi
► Future Ordering, Sweden-based developers of an self-ordering SaaS platform that enables kiosk-,
app-, and responsive web ordering in the hospitality sectors, raises 35 SEKm from new investors
Bonnier Ventures, Brightly Venture and existing investors Fort Knox and Partnerinvest Norr
http://bit.ly/3q8xhtm
► CAVEA.IO, Denmark-based provider of AI-based media analysis for esports and brands, raises 1
EURm from existing investors and Vækstfonden
http://bit.ly/3i3ALKQ
► Liva Healthcare, Denmark-based leading European provider of digital health coaching, raises 24,5
EURm in Series B funding led by Verlinvest
http://bit.ly/3oENh5Z
► Veo Technologies, Denmark-based provider of AI-driven sports cameras, raises 150 DKKm from
Chr. Augustinus Fabrikker, Seed Capital, Ventech, Courtside VC, and business angels. The funds
will be used to accelerate product development and ensure a broader expansion
https://bit.ly/3qaMzhk
► Doors Live, Sweden-based startup building a live-only music streaming service, raises 15 SEKm
from various Swedish business angels
http://bit.ly/2Xt33Fc
► Globus AI, Norway-based startup developing a SaaS planning tool for health care professionals,
raises 1,2 USDm from Miramar Digital Ventures, as well as new and existing business angels
http://bit.ly/35vQE7Y
► Fatshark, Sweden-based independent game developer, raises 82 SEKm from Tencent, Chinese
tech conglomerate, most notably known for WeChat and Riot Games
http://bit.ly/3shCrFa
New funds
► eEquity, Sweden-based growth equity investors, announces closing its fourth fund at 1.600 SEKm.
Investments will focus on e-commerce and internet retailing with global reach. The fund aims to
invest 30-150 SEKm in up to 12 European startups
http://bit.ly/3q9cO7z
13 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 51-53 (14 dec – 31 dec)
Acquisitions, mergers and divestitures
► Bizbrains, Denmark-based B2B IT-system integrator, acquired by VækstPartner Kapital Denmark-
based SME-focused private equity investor
http://bit.ly/386rrm1
► Viking Venture-backed View Software, Norway-based provider of digital facility management
software, acquires MainManger, Iceland-based provider of a facility management platform. The
acquisition strengthens View Software’s its position in the Nordics
https://bit.ly/390gstJ
► Columbus, Denmark-based global ERP, IT-services and consulting company, divests it’s To-
Increase subsidiary, providers of Dynamics 365 and NAV solutions, to Glide Buy Out Partners, a
leading European mid-market private equity investor
http://bit.ly/3hElQ9B
► Monosoft, Denmark-based software developer, acquired by Complea, Denmark-based provider of
IT- and communication services
http://bit.ly/3o6hQ4e
► DIBkunnskap (DIB), Norway-based digital workflow tool supplier, acquired by Karnov Group,
Sweden-based provider of mission critical information in Sweden and Denmark
http://bit.ly/355ZHMo
► Climber International, Sweden-based business analytics consultancy, acquired by Digia, Finland-
based leading provider of software and IT services in Northern Europe
http://bit.ly/3ocNr4a
► Nordcloud, Finland-based leading pan-European cloud consultancy, acquired by IBM, to be
integrated in their Global Business Services division
http://bit.ly/38bQg06
► Valamis, Finland-based global digital learning and workforce development solution provider,
acquired by Adelis Equity Partners, Sweden-based mid-sized Nordic private equity investor
http://bit.ly/3582lRR
► Approp, Sweden-based mobile game developer focused on the word puzzle category, acquired by
MAG Interactive, Sweden-based mobile game developer and publisher
http://bit.ly/3hERYtP
► Compello AS, Norway-based provider of document management cloud-solutions, acquired by Hg-
backed Visma, Norway-based European leader in cloud business solutions
http://bit.ly/38c7EBT
14 | 71Nordic M&A Tech Refresh
Growth capital
► OnRobot, Denmark-based one-stop-shop for end-of-arm robotic tools, raises 185 DKKm from
Vækstfonden, European Investment Bank (EIB), and several Danish business families, in order to
accelerate the global launch of its OnRobot products
http://bit.ly/3b8rkbx
► Monterro-backed Outpost24, Sweden-based cybersecurity assessment provider in Europe, raises
200 SEKm in a funding round led by Swedbank Robur and Alcur Fonder
http://bit.ly/38Trnp6
► Stealth Black, Finland-based AI startup developing negotiation software, raises 1,1 EURm in
funding from VC Inventure, byFounders, and angels
http://bit.ly/38bQjsO
► Alexis, Sweden-based HRtech startup developing SME people management software, raises 1,2
EURm in seed funding from Alliance Ventures
http://bit.ly/355JCq8
► Kive, Sweden-based AI startup developing a visual content library for creatives, raises 1,5 EURm
in seed funding from EQT Ventures and Creandum
http://bit.ly/3hHkvPE
► DreamData, Denmark-based developer of a B2B revenue attribution platform, raises 4,4 EURm in
seed funding, by its existing prior pre-seed investors, InReach Ventures, Crowberry Capital,
Seedcamp, Futuristic.vc, and PreSeed Ventures
http://bit.ly/3b3C76R
► Stillfront, Sweden-based global game studio powerhouse, raises 365 EURm in a new credit facility
supported by DNB Bank, Nordea, and Swedbank
http://bit.ly/3847hYy
► Lurkit, Sweden-based developer of a content analytics platform for gaming companies, raises 5,6
SEKm from Almi Invest and angels
http://bit.ly/3hD6RwN
15 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 50 (07 dec – 13 dec)
Acquisitions, mergers and divestitures
► Verdane-backed Talentech, Norway-based leading provider of cloud-based HR and recruitment
software, acquires Weekli, Sweden-based provider of employee survey solutions, adding additional
services to Talentech’s product portfolio – Talentech is a merger of HR Manager, ReachMee,
Talmundo, and Webcruiter
https://bit.ly/3mgVn2P
► Daxiomatic, Denmark-based leading Microsoft Dynamics 365 partner, acquired by FSN Capital-
backed Fellowmind, Netherlands-based European digital technology leader. Daxiomatic will
complement the recent acquisition of ProActive, existing services and add additional finance and
operations solutions in the Danish market
https://bit.ly/2IIVw14
► Excelmate, Denmark-based provider of Microsoft Power BI services, acquired by C2IT, Denmark-
based Microsoft IT consultancy and software developer, adding additional competences within BI,
Analytics and Optimization with potential for cross-sales to existing clients
https://bit.ly/2W8c5qx
► Nordic Nest, Sweden-based leading online e-commerce player for home furnishing in over 70
countries, and backed by Nordstjernan, Philian Invest, Stella Capita and more, has been acquired
by BHG Group, Sweden-based leading Nordic e-commerce company with a strong presence
throughout Europe in the home improvements space
https://cisn.co/2WdvjLa
► Årsredovisning Online, Sweden-based provider of a cloud-based solution for submitting annual
reports and tax returns, acquired by Hg-backed Visma, Norway-based European leader in cloud
business solutions
https://bit.ly/3gKQI87
► Sticos, Norway-based provider of digital content and courses within compliance, acquired by Hg-
backed Visma, Norway-based European leader in cloud business solutions
https://bit.ly/2IJl5z5
► Klevu, Finland-based provider of e-commerce AI-powered site search, acquired by Swedish early-
and mid-stage investor Alfven & Didrikson
https://bit.ly/2WeZa5S
16 | 71Nordic M&A Tech Refresh
Growth capital
► Contractbook, Denmark-based provider of digital contract management software, raises 9,4
USDm in its Series A, led by Bessemer Venture Partners, with participation from existing investors
Gradient Ventures and byFounders
https://bit.ly/3477ZDa
► Teamway, Denmark-based developer of a B2B marketplace for remote teaming, raises 2,75 DKKm
from Bumble Ventures, Vækstfonden and Jakob Østergaard
https://bit.ly/3a76f0F
► GetAccept, Sweden-based developer of an all-in-one remote selling platform, raises 130 DKKm in
its Series B from Bessemer Venture Partners
https://bit.ly/3oS5LzN
► Stillfront, Sweden-based gaming powerhouse behind 16 game studios, secures 365 EURm from
DNB Bank, Nordea and Swedbank to continue its acquisition strategy
https://bit.ly/3847hYy
► Rundit, Finland-based startup developing a platform for VC portfolio management, raises 1 EURm
in seed funding from two new angel investors, including Pierre Weimerskirch, board member of
several PE and VC funds and the LPEA Luxembourg Private Equity Association
https://bit.ly/2IOTzQW
► Tink, Sweden-based open banking platform pioneer, raises 85 EURm in additional funding from
Eurazeo Growth, to fuel its continued expansion and development
https://bit.ly/3gV93zz
17 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 49 (30 nov – 06 dec)
Acquisitions, mergers and divestitures
► Improsec, Denmark-based IT security consultancy, acquired by Hg-backed IT Relation. Improsec
will continue to operate under its own name, but be a central part of IT Relation’s new Cyber
Security Services division
https://bit.ly/39MtVqY
► Loxysoft, Sweden-based provider of software systems for contact centers, telemarketing and
workforce management, acquired by LeadDesk, Finland-based European leader of telesales
software for sales and customer service. The acquisition will give LeadDesk an even stronger
foothold in Sweden and Norway
https://cisn.co/3gm9xy7
► TimeEdit, Sweden-based developer of a flexible cloud-based academic scheduling and planning
tool, acquired by Monterro, a leading Nordic growth investor in B2B software companies
https://bit.ly/3lO9yMo
► dk Hugbunaour, Iceland-based provider of business solutions and accounting software for the
Icelandic SME-market, acquired by Total Specific Solutions, Netherlands-based European provider
of vertical market software solutions
https://bit.ly/2VMTpw5
► Sensa, Iceland-based provider of hosting, cloud management, operation services, communication
and security solutions, acquired by Crayon, Norway-based global leader in digital transformation
https://bit.ly/39Mgyad
Growth capital
► Flowrite, Finland-based AI-powered writing tool, raises 0,55 EURm in pre-seed funding from
Lifeline Ventures, Seedcamp and business angels
https://bit.ly/3qBfNGS
► Elias, Sweden-based adaptive game audio and music software platform, raises 36 SEKm from GP
Bullhound to fuel its product development and international expansion
https://bit.ly/36OgHbl
► ReceiptHero, Finland-based digital receipt FinTech startup, raises 2 EURm in seed funding from
Lifeline Ventures, Superhero Capital, and Vidici Ventures. The funding strengthens their position
to meet Finland’s compulsory digital receipts by 2025
https://bit.ly/3qA8vTN
► Ultimate.ai, Finland/German-based startup building a AI-powered virtual customer service agent
automation platform, raises 20 USDm in Series A from new investors OMERS Ventures, Felicis
Ventures and existing investors HV Capital and Maki.vc
https://bit.ly/2JZzjwg
► AlexisHR, Sweden-based SaaS developer of HR software, raises 12 SEKm from Alliance Venture
https://bit.ly/2LdwdVX
► SuperNormal, Sweden-based remote-first startup developing a video collaboration software tool,
raises 2 USDm from EQT Ventures and business angels
https://bit.ly/33Po54n
18 | 71Nordic M&A Tech Refresh
New funds
► European Investment Bank Group (EIB Group) reveal new 150 EURm financing instrument to
support early-stage and growth-stage AI (and related) tech companies across Europe in co-
investments alongside funds backed by the European Investment Fund (EIF)
https://bit.ly/3lNVKSd
19 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 48 (23 nov – 29 nov)
Acquisitions, mergers and divestitures
► Profit Software, Finland-based software and IT consultancy in the bank and insurance industry,
acquired by Volpi Capital
https://bit.ly/39lr2gG
Mercell, Norway-based leading European provider of e-tendering and e-procurement software,
acquires Visma Commerce activities, to create a leading European provider of public e-
procurement
https://bit.ly/37gXk9X
► DQC, Sweden-based Microsoft modern workplace IT consultancy, acquired by FSN Capital-backed
Fellowmind, Netherlands-based European digital technology leader. DQC will join forces with
Felowminds’ Orango and Endeavour business units in Sweden
https://bit.ly/3o7vkfL
► Kahoot, Norway-based leading EdTech learning platform, acquires Drops, Estonia-based mobile
language learning platform, to expand its global learning platform into language learning
https://prn.to/3fQYmNU
Growth capital
► Wayd, Norway-based startup building a mobile-based photo sharing social network, raises 3,5
NOKm from Innovation Norway, Seamless OU, Acini Capital, Bluefield AS and Bredvid AS
https://bit.ly/3mm4IHt
New funds
► Blq Invest, Sweden-based investment fund, raises 200 SEKm in its first fund, to invest in Swedish
early-stage tech startups
https://bit.ly/2JcZ4ZY
20 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 47 (16 nov – 22 nov)
Acquisitions, mergers and divestitures
► QuickOrder, Denmark-based provider of software solutions for restaurants, merges with its
Norwegian competitor, WeOrder, to form a new Nordic leader in the space. The companies will
operate under the QuickOrder name going forward
https://bit.ly/39dOI6m
► Embracer Group, Sweden-based parent company for game development and publishing
companies, acquires 13 different game studios in one day, with the help from EY
https://bit.ly/3kUOYcS
► Spacemaker, Norway-based provider of AI software for urban development, backed by Atomico,
Northzone and more, was acquired by Autodesk, the U.S. publicly listed software and services
company that targets engineering and design industries
https://tcrn.ch/2HnM6Ya
► Ditmer, Denmark-based IT consultancy and software provider, acquired by Visma, Norway-based
European leader in cloud business solutions
https://bit.ly/3nK4U3q
► KlarPris, Denmark-based digital procurement system for technical installers such as electricians
and plumbers, acquired by Danish private equity fund, Adelis Equity Partners
https://bit.ly/2UOu9oG
► Nuuka, Finland-based market-leading PropTech software provider for the real estate industry,
sells 20% stake to Finland’s largest construction company, YIT
https://bit.ly/39aA1B9
► C2IT, Denmark-based Microsoft IT consultancy and software developer, acquires Nplus, Denmark-
based Microsoft IT consultancy
https://bit.ly/3m8s2sd
Growth capital
► Madden Analytics, Sweden-based analytics software developer for e-commerce, raises 4,8 SEKm
from private investors and matched by Almi Invest
https://bit.ly/2J1apfa
► Yourpay, Denmark-based e-commerce payment solution, raises 13 DKKm from existing investor
Artha
https://bit.ly/3fq0agg
► ShiftX, Norway-based SaaS startup providing a collaboration tool for visualizing business
operations, raises 15,3 NOKm from Alliance Venture, Skagerak Maturo, and angels
https://bit.ly/3kWzghc
► Unikie, Finland-based deep tech startup providing automatic driving software, raises 12 EURm
from CapMan Growth and Tesi. The round will be used to expand its software internationally
https://bit.ly/2IZSbef
21 | 71Nordic M&A Tech Refresh
► Juni, Sweden-based developer of a banking app and platform for e-commerce and online
marketing entrepreneurs, raises 2,1 EURm in seed funding from Cherry Ventures
https://tcrn.ch/2IY7WSK
► Bygr, Norway-based SaaS developer of a communication and collaboration tool for the
construction industry, raises 10 NOKm from new and existing investors, including AF Eindom,
Construct Ventures, and Grand Invest
https://bit.ly/3pSpMri
► Avassa, Sweden-based developer of distributed edge cloud management software, raises 60
SEKm from Fairpoint Capital and Industrifonden. Proceeds will be used for accelerating the
development of company's Platform-as-a-Service (PaaS) for managing massively distributed edge
clouds for container applications
https://bit.ly/33b9Tm2
New funds
► CapMan, Nordic private equity firm, closes its second growth fund at 97 EURm. CapMan Growth
targets Nordic growth companies with a turnover of 5 to 100 EURM, through minority
investments. Investments range in size from 3 to 20 EURm
https://bit.ly/399Fg42
22 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 46 (09 nov – 15 nov)
Acquisitions, mergers and divestitures
► Pointsharp, Sweden-based Identity and Access Management solution provider, sells 60% stake to
Main Capital, Netherlands-based private equity fund. Together with Main Capital, the company will
focus on an organic growth strategy of strengthening the partner network for further
international expansion, complemented with smart strategic acquisitions focused on created a
leading security player in North-Western Europe
https://bit.ly/3lzdBwT
► eSmiley, Denmark-based software provider for digital self-monitoring and compliance within food
safety, acquired by VIA Equity along with the management team in an MBO. Plans are to
accelerate growth and expand international footprint
https://bit.ly/3pqylJD
► Spotify, Sweden-based leading global music streaming platform, plans to acquire Megaphone
(formerly Panoply Media), US-based leading provider of podcasting technology for publishers and
advertise. The acquisition further strengthens Spotify’s advancement in the podcast vertical
https://bit.ly/2UwRZoS
► EQT-backed Tia Technology, Denmark-based provider of software solutions for Property &
Casualty insurers as well as Life and Pension, Health, acquired by Sapiens, Israel-based leading
provider of software solutions for the insurance industry
https://bit.ly/3nua9nY
► NiSec, Norway-based provider of data security services, acquired by FSN-backed Nordlo Sweden-
based provider of IT infrastructure, cloud services and digitalization solutions. The acquisition
helps Nordlo expand its operations in Norway and give NiSec customers access to Nordlo services
https://bit.ly/3npgOj6
► TimeLog, Denmark-based provider of professional services automation software solutions,
acquired by Viking Venture, a leading software investor in the Nordics. The investment will
accelerate TimeLog’s European expansion
https://bit.ly/32OY3xB
Growth capital
► IQM. Finland-based developers of superconducting quantum computers, raises 39 EURm in its
Series A, led by MIG Fonds, with participation from Tencent, Vsquared, Salvia, Santo Venture
Capital, and existing investors Tesi, OpenOcean, Maki.vc, Vito Ventures, and Matadero QED. The
funding will accelerate hardware development and help co-design application-specific solutions for
clients
https://bit.ly/3lCWme3
► Linear, Finland-based PropTech startup developing a marketplace that includes realtors, raises
1,1 EURm by Innovestor Ventures, Superhero Capital, and more, in seed funding to further
develop its SaaS tool and expand into new markets
https://bit.ly/2UyidqY
► Covr, Sweden-based developer of mobile security solutions, raises 20,7 SEKm from undisclosed
investors
https://bit.ly/35yQX2g
23 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 45 (02 nov – 08 nov)
Acquisitions, mergers and divestitures
► EG A/S, Denmark-based vertical software provider, acquires Capto A/S, Denmark-based LegalTech
company providing software solutions for lawyers and organizations
https://bit.ly/36fHcFh
► EG A/S, Denmark-based vertical software provider, acquires Prosedo A/S, Denmark-based
PropTech company providing software solutions for housing and property administration in
Denmark
https://bit.ly/38pezI7
► EQT-backed IFS, Sweden-based provider of enterprise software, acquires Clevest Solutions,
Canada-based software provider to energy and water utility companies
https://bit.ly/2UjAw3r
► Hiddn Solutions-owned Arribatec, Norway-based global provider of integrated ERP and CPM
solutions, acquires Innit, Norway-based DevOps-driven software and IT development platform
services
https://bit.ly/3lc9uXt
Growth capital
► Cooler Future, Finland-based FinTech developing a climate impact investing app, raises 1,4 EURm
from Lifeline Ventures, Nordic Makers, Purple Orange Ventures and angels
https://bit.ly/3n2L7Mj
► inRiver, Sweden-based leading provider of production information management software, raises
32 USDm from Lugard Road Capital, to support its growth, continue product development, and
expand internationally
https://bit.ly/3p65NF0
► Light Brick Studio, Denmark-based gaming studio and LEGO-spin off, raises 1 EURm from LEGO’s
venture arm, Lego Ventures
https://bit.ly/3lbNufj
► Ezeride, Sweden-based startup developing a carpooling mobile app, secures an undisclosed
strategic investment from Mekonomen Group
https://bit.ly/2Ilj9fx
24 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 44 (26 oct – 01 nov)
Acquisitions, mergers and divestitures
► Cinven-backed, One.com, Denmark-based leading hosting provider in Northern Europe, acquires
Zoner Oy, Finland-based hosting provider, adding their sixth acquisition in 2020
https://bit.ly/3oPoD2U
► Danoffice IT, Denmark-based IT infrastructure solutions, equipment and managed solutions,
acquires Npvision Group A/S (NPV), Denmark-based provider of used IT-equipment to corporate
and public customers domestically and internationally
https://bit.ly/2TPHAEl
► MaintMaster Systems AB, Sweden-based provider of a cloud-based computerized maintenance
management system (CMMS) for manufacturing companies, acquired by Monterreo Software
Investment from Almi Invest
https://bit.ly/322s4d2
► Klarna, Sweden-based European-leading FinTech, acquires Woila, Sweden-based online price
checker that improves post-purchase shopping experience by exercising price guarantees and
vouchers
https://bit.ly/2Gmzznw
► Stillfront Group, Sweden-based independent games creator and publisher, acquires Everguild, UK-
based game studio operating in UK and Spain
https://bit.ly/2TMSf2A
Growth capital
► Nansen AI, Norway-based blockchain-based crypto analytics platform developer, raises 1,2 USDm
from Skyfall Ventures, Mechanism Capital, Robot Ventures, Volt Capital, Fabric Ventures and
angels
https://bit.ly/388tpCG
► Cognite, Norway-based SaaS developer of an DataOps and AI-platform used for full-scale digital
transformation of asset-intensive industries, raises 75 USDm from Accel for product development
and market expansion
https://bwnews.pr/35XPcdE
► Stratsys, Sweden-based cloud-based platform for governance and strategic planning, execution
and evaluation, adds Verdane as investors in exchange for a minority stake
https://bit.ly/3oX3Gn0
► Eloomi, Denmark-based HR-platform for managing employee feedback, learning and development,
raises 45 DKKm from Kennet Partners and Vækstfonden, to be used for intensifying its ongoing
expansion in UK and USA
https://bit.ly/2JsPEJt
► Kodit.io, Finland-based PropTech startup using tech to speed up housing market sales, raises 100
EURm from NREP to acquire new properties, scale existing market position in Finland, Spain and
Poland, as well as enter new markets
https://bit.ly/3ehowbR
25 | 71Nordic M&A Tech Refresh
► AppFollow, Finland-based provider of mobile app management and analytics platform, raises 5
USDm in its Series A led by Nauta Capital, to be used for expanding its all-in-one app management
platform globally
https://bit.ly/382RPxM
► Nortical (previously EVLedger), Sweden-based provider of battery performance and health
estimation software, raises 12 SEKm from Norrsken VC, Almi Invest, E14 Invest and Jelly Invest
https://bit.ly/35XRmdz
New funds
► PreSeed Ventures launches its 265 DKKm PSV Tech01 venture fund focused on backing pre-seed
stage and early-stage tech startups in Denmark and Southern Sweden
https://bit.ly/3edgcty
26 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 43 (19 oct – 25 oct)
Acquisitions, mergers and divestitures
► GRO Capital sells Boyum IT Solutions, Denmark-based global leader in SAP-based manufacturing,
warehouse and usability software solutions, to European mid-market private equity tech investor,
Volpi Capital
https://bit.ly/3orcPDN
► Knowit, Nordic digital consultancy, acquires Creuna, Nordic-leading customer experience agency,
to merge with Knowit Experience to form the largest digital agency in the Nordic region
https://bit.ly/34syKms
► Vitec, Sweden-based Nordic provider of vertical software solutions, acquires NexGolf, Finland-
based provider of enterprise-management solutions for golf courses
https://cisn.co/35wGsuX
► Proact, Sweden-based data centre and cloud services provider, acquires Cetus Solutions, UK-
based cloud and workplace specialist, to expand market presence in UK
https://cisn.co/31G9ffE
Growth capital
► Depict.ai, Sweden-based SaaS solution for e-commerce product recommendations, raises 2,8
USDm from Initialized, EQT Ventures, Northzone and business angels
https://bit.ly/3jBajHP
► Decisions, Norway-based SaaS Office 365/Teams add-in solution for streamlining meetings, raises
additional capital from existing investors Skagerak Maturo, Holta Invest, and new investor
Idekapital, to fuel expansion and product development
https://bit.ly/31E78bY
► GreenMobility, Denmark-based rental platform for electric cars, raises 75 DKKm from Nordic, UK,
and German investors through a private placement
https://bit.ly/34rGBAw
► Lunar, Denmark-based digital provider of financial services, raises 40 EURm from existing
investors in Series C, to launch its buy-now-pay-later-offering targeted at existing users and
businesses across Denmark, Norway and Sweden
https://bit.ly/2FYq6CH
► Lendify, Sweden-based digital lending platform, raises 115 USDm from Insight Investment to help
fund European expansion
https://bit.ly/2Tp3iza
► Oneflow, Sweden-based developer of a contract management platform, raises 36 SEKm from
Spintop Ventures and angel investors
https://bit.ly/3dVL1CJ
► PodMe, Sweden-based podcast platform, raises 25 SEKm from existing investor Schibsted Growth
to develop its platform and expand internationally
https://bit.ly/3dVL1CJ
27 | 71Nordic M&A Tech Refresh
New funds
► Embracer Group, Sweden-based parent company for game development and publishing
companies, raises 648 USDm for future acquisitions
https://bit.ly/3dT2Hz4
► EQT launches its new EQT Growth fund, with an investment strategy focused on partnering with
founders and management teams of market leading companies through growth investments in a
range of technology, technology-enabled, and scalable businesses
https://bit.ly/31IqqNk
► OpenOcean, Finnish VC, raises 85 of 130 EURm in its third fund targeting software startups
https://bit.ly/37IFhLA
28 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 42 (12 oct – 18 oct)
Acquisitions, mergers and divestitures
► EG A/S, Denmark-based vertical software provider, acquires LUDUS Suite from DXC Technology,
an EduTech platform for educational institutions that supports administrative work
https://bit.ly/37hUByv
► Automile, Sweden-based fleet tracking and management software, acquired by Abax, Norway-
based provider of vehicle monitoring software, to form a leading Nordic SaaS for telematic and IoT
services
https://bit.ly/3m3HVj9
► Visma, Norway-based European leader in cloud business solutions, acquires Advitrae,
Netherlands-based provider of software solutions for the education market
https://bit.ly/37hUByv
Growth capital
► Teton.ai, Denmark-based developer of contactless patient monitoring, raises 8 DKKm from
PreSeed Ventures and business angels
https://bit.ly/31kqRNA
► DecideAct, Denmark-based provider of a cloud-based Strategy Execution Management platform,
raises 9,5 DKKm from Vækstfonden and private investors, to capture internationals markets
https://bit.ly/2HeVBsj
► AGROINTELLI, Denmark-based provider of agricultural robots, raises 14,5 EURm from Nordic
Alpha Partners and Vækstfonden, to scale production and accelerate international growth plans
https://bit.ly/2IKmdlR
► Propstep, Denmark-based apartment rental platform for newly built apartments, raises capital
from Linde Capital (Olav de Linde) and Vækstfonden, to beat current broker franchises and
administrators in the rental space
https://bit.ly/31mOzsH
► Mediatool, Sweden-based provider of omnichannel marketing software, raises 2,5 EURm from
Newion, J12 Ventures, Almi Invest and existing investors Twig Ventures
https://bit.ly/3m3I71R
29 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 41 (05 oct – 11 oct)
Acquisitions, mergers and divestitures
► Penneo, Denmark-based provider of document management and customer onboarding solutions,
acquires KYC and AML activities from CLA Reply, Denmark-based provider of vertical software for
the audit and accounting industry
https://cisn.co/2GDyGXT
► Visma, Norway-based European leader in cloud business solutions, acquires DomaCare, Finland-
based provider of cloud-based ERP solutions for the welfare segment
https://bit.ly/3lCTAVY
► Seedrs and Crowdcube merge to create one of the world’s largest private equity marketplaces
https://bit.ly/3jRS81f
► Thunderful Group, Nordic group of game developers, publishers and distributors, acquires
Coatsink, UK-based game development studio and publisher
https://cisn.co/30TzTRN
► Bisnode, Sweden-based provider of European data and analytics solutions, acquired by Dun &
Bradstreet, US-based provider of business decisioning data and analytics solutions. The two
companies will unite after a 17-year strategic alliance
https://bwnews.pr/3dk8kWt
► Ramentor, Finland-based software and consulting firm within advanced analytics and risk
assessment, acquired by AFRY, Sweden-based international engineering, design and advisory
firm, in order to strengthen its digitalization capabilities and advance its RAMS offering
https://bit.ly/2GELrl3
Growth capital
► G-Loot, Sweden-based esports operator and betting platform, raises 56 USDm from new and
existing investors, including Robur, CNI and Inbox Capital
https://bit.ly/36TKAYf
► Nordsense, Denmark-based provider of an intelligent waste management software platform, raises
54 DKKm from ACME and Vækstfonden
https://bit.ly/33QEHt3
► Shape Robotics, receives 1,1 DKKm grant from InnoBooster / Innovation Fund Denmark to
support R&D and reach long-term commercial targets
https://cisn.co/36Qqkqx
► Winningtemp, Sweden-based AI-driven employee engagement software platform, raises 157
SEKm in Series B from Frog Capital and Bonnier Ventures, to support its international expansion
(UK) and development
https://bit.ly/30Wtghn
30 | 71Nordic M&A Tech Refresh
New funds
► Momentum, Norway-based raises 200 NOKm to invest in Norwegian and international technology
companies associated with the marine industry. Investments will be between 5 and 20 NOKm in
early growth tech companies, as a minority shareholder with at least 10% ownership
https://bit.ly/3jRSkO1
31 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 40 (28 sep – 04 oct)
Acquisitions, mergers and divestitures
► EG A/S, Denmark-based vertical software provider, acquires Sigma Estimates A/S, Denmark-based
provider of calculation software for the construction industry, in order to improve their EG
Construction product offering
https://bit.ly/3iwxcva
► Better Collective, Denmark-based leading sports betting group, acquires Atemi Group, UK-based
global lead generation platform within iGaming, to strengthen their position as a leading sports
betting aggregator across the world
https://bit.ly/3lpoZLt
► Retune, Sweden-based provider of IT infrastructure, security and workplaces services, acquired by
Sobro, Sweden-based private equity firm
https://bit.ly/3ivvNFd
► EQT-backed Iver, Sweden-based leading Nordic managed IT services provider, acquires City
Network, Sweden-based European provider of open IT infrastructure services
https://bit.ly/2EZyu4e
► Norvestor-backed Aptilo Networks, Sweden-based provider of wireless network services, acquired
by Enea, Sweden-based tech conglomerate
https://bit.ly/3jwnJFJ
► LeadDesk, Finland-based leading Nordic provider of sales and customer service cloud solutions,
acquires Capricode Systems, Finland-based provider of tailored customer service enterprise
solutions
https://cisn.co/3iwvpqb
Growth capital
► Einride, Sweden-based developer of driverless e-vehicles for freight, raises 8,5 EURm led by
Norrsken VC and existing investors EQT Ventures, Nordic Ninja VC, Ericsson Ventures and others
https://bit.ly/3d0kVOo
► LogPoint, Denmark-based leading provider of security information and event management
software, raises 190 DKKm in Series B from Digital+Partners, Evolution Equity Partners and Dico
https://bit.ly/3njTR1p
► Annotell, Sweden-based provider of a analytics and annotation platform for improving self-driving
perception systems, raises 5,8 EURm in Series led by Ernström & Co and Stena Sessan
https://bit.ly/3naArMq
► Controlant, Iceland-based provider of digital supply chain visibility software, raises 15 USDm in
Series B to expand its reach and customer base
https://bit.ly/3cUNInK
32 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 39 (21 sep – 27 sep)
Acquisitions, mergers and divestitures
► Conscia, Denmark-based provider of IT infrastructure, acquires SECOA AB, Sweden-based
provider of Cisco cloud services, and Netherlands-based Damecon, provider of Azure, AWS and
Google cloud services
https://bit.ly/2S7xI84
► Tink, Sweden-based leading European open banking platform, acquires UK-based OpenWrks, an
open banking aggregation platform, in order to strengthen its connectivity and coverage in key
markets
https://bit.ly/30eFphj
► Axiel, Sweden-based software and service provider for the cultural sector, acquires
CultureConnect, US-based provider of digital experience solutions for museums, libraries,
attractions and cultural organizations
https://bit.ly/3cIJfVa
Growth capital
► Hococo, Denmark-based provider of IT communication platform for property managers and
tenants, raises capital from DanBAN – Danish Business Angels
https://bit.ly/334Z6dp
► BotXO, Denmark-based developer of chatbot for business as Automated Chat as a Service, raises
29 DKKm from Seed Capital and Vækstfonden
https://bit.ly/3mYWWUH
► Eliq, Sweden-based customer engagement platform for minimizing customer churn for energy
companies, raises 5 EURm in Series A funding from Inven Capital, Contrarian Ventures, and prior
investors, in order to scale its platform across Europe
https://bit.ly/36dJNBg
► Norban, Sweden-based provider of a tech-enabled real estate brokerage marketplace, raises 1,7
EURm from private investors Johan Tjärnberg (Bambora) and David Hedman (Sneakers & Stuff,
WESC)
https://bit.ly/30feuls
► Exabel, Norway-based, provider of an AI-driven analytics and data platform for asset managers,
raises 3,6 USD in seed funding from 28 undisclosed investors
https://bit.ly/2S2CdRF
New funds
► Daniel Ek, Spotify CEO, pledges 1 billion EURO of his wealth to back deep-tech moonshot startups
form Europe in the coming 10 years
https://tcrn.ch/2S0EexH
33 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 38 (14 sep – 20 sep)
Acquisitions, mergers and divestitures
► Kahoot!, Norway-based leader in EdTech solutions, acquires Promentum Equity Partners-backed
Actimo, Denmark-based provider of mobile training and communication solutions for remote staff
https://bit.ly/2ZTGWJr
► Delegate, Blue Equity-backed Denmark-based Microsoft solutions IT consultancy, acquired by
Broad Horizon, Netherlands-based full-service Microsoft solutions provider. Delegate to use its
new financial power to grow through acquisitions
https://bit.ly/3hO6VZ5
► Conscia, Denmark-based provider of IT infrastructure, acquires Net IT Services, Denmark-based
provider of VMware solutions
https://bit.ly/2FPIWvg
► Embracer Group, Sweden-based parent company for game development and publishing
companies, acquires Vertigo Games, Turkey-based game developer and publisher of free-to-play
mobile shooter games
https://bit.ly/35UulJY
Growth capital
► Ulobby, Brussels/Denmark-based SaaS platform for public affairs & stakeholder relations
management, raises 8+ DKKm from Vækstfonden and business angels from DanBAN
https://bit.ly/3iQfKCP
► Keepit, Denmark-based industry leader in Cloud-to-Cloud SaaS data backup, raises 30 USDm from
One Peak Partners
https://bit.ly/2ZWzHAB
► Layerise, Denmark-based provider of digital product manuals, raises 8 DKKm in pre-seed funding
from E.Ventures, Heartcore, and Ulrik Bo Larsen from Falcon.io
https://bit.ly/2ZWzAVH
► Disior, Finland-based developer of 3D CT/MRI analytics software solutions for healthcare, raises
1,7 EURm from Tesi and existing investor Maki.VC
https://bit.ly/3iPpAFh
► Metacore (formerly Everywear Games), Finland-based game studio, raises 25 EURm to launch new
discovery puzzle game
https://bit.ly/2ZWzCwN
► HappySignals, Finland-based employee engagement platform for increasing tech adoption among
employees, raises 4,7 USDm in Series A from Nauta Capital and Vendep Capital
https://bit.ly/2ZWzD3P
► Fixably, Finland-based provider of software for hardware repair shops, raises 1,6 EURm from
Icebreaker.VC
https://bit.ly/3iUqYGM
34 | 71Nordic M&A Tech Refresh
Selected deals: 2020 Week 37 (07 sep – 13 sep)
Acquisitions, mergers and divestitures
► Segulah-backed IT-Total, Sweden-based IT infrastructure services provider, merges with Devinix,
Sweden-based provider of hybrid cloud solutions, including IP-networking, co-location and IT
operations
https://bit.ly/2FuOA5Y
► Challenger Mobile, Sweden-based provider of mobile IP telephony, acquires Battlecamp, Sweden-
based mobile game developer. Battlecamp to be rebranded as SafeLane Gaming
https://bit.ly/2RpYFDT
► Visma, Norway-based European leader in cloud business solutions, continues on its Dutch
strategic expansion by acquiring Cash Software, Netherlands-based business software specialist
https://bit.ly/2RnfZJB
► Conscia, Denmark-based provider of IT infrastructure, acquires Credocom, Denmark-based
provider of cybersecurity solutions
https://bit.ly/3kc7iOH
► Dustin, Sweden-based Nordic IT provider, acquires Exato, Denmark-based provider of cloud and
cybersecurity solutions
https://bit.ly/3mg3rlv
Growth capital
► QuadSAT, Denmark-based drone startup for testing and calibrating antennas, raises 2 EURm in
Pre-Series A investment round from Seraphim Capital, Vækstfonden, and Helge Munk. The money
will be used to productize its technology in a bundled drone-and-software product
https://bit.ly/2Ftyn19
► 2021.AI, Denmark-based governance platform for AI, raises 2 USDm from Innovation Fund
Denmark
https://bit.ly/3it37xy
New funds
► Superhero Capital, Finland-based venture capitalist, announces the first close of its second seed
fund at 30 EURm. The fund plans to invest in 25 seed-stage startups in Finland and Baltics over
the next 4 years
https://bit.ly/32qmHES
35 | 71You can also read
