Nordic M&A Tech Refresh - Selected deals: Updated 16.05/2021 Updated every Monday morning, here - Fremdrift
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Nordic M&A
Tech Refresh
Selected deals: Updated 16.05/2021
Updated every Monday morning, here
1 | 90Nordic M&A Tech Refresh
Contents
Selected deals: 2021 Week 19 (10 may – 16 may) 4
Selected deals: 2021 Week 18 (03 may – 09 may) 6
Selected deals: 2021 Week 17 (26 apr – 02 may) 7
Selected deals: 2021 Week 16 (19 apr – 25 apr) 9
Selected deals: 2021 Week 15 (12 apr – 18 apr) 11
Selected deals: 2021 Week 14 (5 apr – 11 apr) 13
Selected deals: 2021 Week 12-13 (22 mar – 4 apr) 15
Selected deals: 2021 Week 11 (15 mar – 21 mar) 17
Selected deals: 2021 Week 10 (08 mar – 14 mar) 19
Selected deals: 2021 Week 09 (01 mar – 07 mar) 20
Selected deals: 2021 Week 08 (22 feb – 28 feb) 22
Selected deals: 2021 Week 06-07 (08 feb – 21 feb) 23
Selected deals: 2021 Week 05 (01 feb – 07 feb) 25
Selected deals: 2021 Week 04 (25 jan – 31 jan) 26
Selected deals: 2021 Week 03 (18 jan – 24 jan) 28
Selected deals: 2021 Week 02 (11 jan – 17 jan) 30
Selected deals: 2021 Week 01 (01 jan – 10 jan) 31
Selected deals: 2020 Week 51-53 (14 dec – 31 dec) 33
Selected deals: 2020 Week 50 (07 dec – 13 dec) 35
Selected deals: 2020 Week 49 (30 nov – 06 dec) 37
Selected deals: 2020 Week 48 (23 nov – 29 nov) 39
Selected deals: 2020 Week 47 (16 nov – 22 nov) 40
Selected deals: 2020 Week 46 (09 nov – 15 nov) 42
Selected deals: 2020 Week 45 (02 nov – 08 nov) 43
Selected deals: 2020 Week 44 (26 oct – 01 nov) 44
Selected deals: 2020 Week 43 (19 oct – 25 oct) 46
Selected deals: 2020 Week 42 (12 oct – 18 oct) 48
Selected deals: 2020 Week 41 (05 oct – 11 oct) 49
Selected deals: 2020 Week 40 (28 sep – 04 oct) 51
Selected deals: 2020 Week 39 (21 sep – 27 sep) 52
Selected deals: 2020 Week 38 (14 sep – 20 sep) 53
Selected deals: 2020 Week 37 (07 sep – 13 sep) 54
Selected deals: 2020 Week 36 (31 aug – 06 sep) 55
Selected deals: 2020 Week 35 (24 aug – 30 aug) 57
Selected deals: 2020 Week 34 (17 aug – 23 aug) 59
Selected deals: 2020 Week 33 (10 aug – 16 aug) 61
2 | 90Nordic M&A Tech Refresh
Selected deals: 2020 Week 32 (03 aug – 09 aug) 62
Selected deals: 2020 Week 31 (27 july – 02 aug) 63
Selected deals: 2020 Week 30 (20 july – 26 july) 64
Selected deals: 2020 Week 29 (13 july – 19 july) 65
Selected deals: 2020 Week 28 (06 july – 12 july) 66
Selected deals: 2020 Week 27 (29 june – 05 july) 67
Selected deals: 2020 Week 26 (22 june – 28 june) 68
Selected deals: 2020 Week 25 (15 june – 21 june) 69
Selected deals: 2020 Week 24 (08 june – 14 june) 70
Selected deals: 2020 Week 23 (01 june – 07 june) 71
Selected deals: 2020 Week 22 (25 may – 31 may) 73
Selected deals: 2020 Week 21 (18 may – 24 may) 74
Selected deals: 2020 Week 20 (11 may – 17 may) 75
Selected deals: 2020 Week 19 (04 may – 10 may) 77
Selected deals: 2020 Week 18 (27 apr – 03 may) 79
Selected deals: 2020 Week 17 (20 apr – 26 apr) 80
Selected deals: 2020 Week 16 (13 apr – 19 apr) 82
Selected deals: 2020 Week 15 (06 apr – 12 apr) 83
Selected deals: 2020 Week 14 (30 mar – 05 apr) 85
Selected deals: 2020 Week 13 (23 mar – 29 mar) 87
Selected deals: 2020 Week 12 (16 mar – 22 mar) 89
Selected deals: 2020 Week 11 (9 mar – 15 mar) 90
3 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 19 (10 may – 16 may)
Acquisitions, mergers and divestitures
► Bredana Solutions, Denmark-based specialist in Microsoft Dynamics 365 solutions, including ERP,
CRM, and BI, acquired by 9altitudes, Belgian-based leading European digital transformation
consultancy. Bredana will compliment Optimate, a similar Danish acquisition, made earlier in 2021
https://bit.ly/3tSSY1O
► Omegapoint, Sweden-based provider of secure digital transformation and cybersecurity services,
sells majority stake to FSN Capital, Sweden-based private equity investor
https://bit.ly/3tRyDtZ
► Ibistic International, Denmark-based Nordic market leader in cloud-based invoicing, expense, and
travel management systems, acquired by Viking Venture-backed Mercell, Norway-based leading
European provider of digital tender and procurement systems
https://bit.ly/2RlzA0g
► Edgemo, Denmark-based provider of IT infrastructure, acquired by Agilitas-backed Danoffice IT,
Denmark-based provider of IT solutions and infrastructure
https://bit.ly/3hwp0hB
► Concretio, Finland-based provider of cloud-based competence development solutions, acquired by
Visma, Norway-based European leader in cloud-based business solutions. The acquisition expands
the offering of Visma’s Public division
https://bit.ly/3yfr1ov
► FossID, Sweden-based provider of analysis software that scans software code to identify open
source licenses and vulnerabilities, acquired by Snyk, US-based global leader in cloud native
application security
https://prn.to/3wbBZtu
► Squeed, Sweden-based IT consultancy specialists in software development and agile change
management, acquired by Semcon, Sweden-based provider of multinational IT and agile
consultants
https://bit.ly/3oxv1MR
► StormGeo, Norway-based global leader in weather intelligence and advanced data science
solutions, acquired by EQT-backed Alfa Laval
https://prn.to/3tStLou
4 | 90Nordic M&A Tech Refresh
Growth capital
► Contractbook, Denmark-based LegalTech startup providing a contract automation platform, raises
30 USDm in its Series B funding round led by Tiger Global with participation from existing
investors Bessemer Venture Partners, byFounders, and Gradient Ventures
https://bit.ly/2RYsvCS
► Howspace, Finland-based digital facilitation platform, raises 12 USDm in it Seris A funding round
led by Forestay Capital and Inventure
https://bit.ly/33LbyOW
► Swarmia, Finland-based startup building software to improve the productivity and engagement of
software teams, raises 5,7 EURm in seed funding in a round led by Alven Capital with participation
from Lifeline Ventures, Jigsaw VC, and BA’s
https://bit.ly/3eNRMbY
► Kitemaker, Norway-based startup building a product management software tool, raises 2 USDm in
funding from EQT Ventures and SNÖ Ventures, and existing shareholders Y Combinator
https://bit.ly/2QlzPYK
► Worksome, Denmark-based freelance talent platform, raises 13 USDm in its Series A funding
round from existing shareholders and BA’s
https://tcrn.ch/2QozS6j
New funds
► Antler, closes its first Nordic early-stage focused fund at 29,6 EURm, the fund will invest in
startups across Sweden, Norway, and Denmark
https://bit.ly/3yeIDkq
5 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 18 (03 may – 09 may)
Acquisitions, mergers and divestitures
► eTaika, Finland-based specialist in training and competence management software, acquired by
Visma, Norway-based European leader in cloud-based business solutions. The acquisition expands
the offering of Visma’s Public division
https://bit.ly/3beYaqu
► Progressive, Denmark-based provider of outsourcing and cloud services, acquired by Hg-backed IT
Relation, Denmark-based leading supplier of IT outsourcing services
https://bit.ly/33rdlsi
► Dialog exe (DX), Norway-based developers of cloud-based software solutions for the cinema and
culture industry, sells 43% stake to Øgreid, Norway-based family office and private equity investor
https://bit.ly/3uylozF
► PM El-Beregning, Denmark-based provider of Kalkia, a calculation software for the construction
sector, acquired by EG A/S, Denmark-based vertical software provider
https://bit.ly/2R7oZWD
► Knowit acquires Cybercom to create a new Nordic powerhouse for digital solutions and
transformation
https://bit.ly/3hcEFCC
► Genia, Denmark-based it consultancy and operations, cloud and hosting specialist, acquired by
Advania, Sweden-based leading full-service IT provider in Northern Europe
https://cisn.co/33v3sK8
Growth capital
► Replay Institute, Denmark-based developer of VR-based software solutions for football clubs,
raises 4,5 DKKm in a round led by PreSeed Ventures
https://bit.ly/33uZnpu
► Einride, Sweden-based electric self-driving vehicle start-up, raises 110 USDm in its Series B from
new investors Temasek, Maersk Growth, Northzone, Build Capital, and Soros, as well as existing
investors EQT Ventures, Plum Alley Investments, Norrsken VC, Ericsson, and NordicNinja
https://reut.rs/3w6VjrR
► Tame, Denmark-based platform for virtual events, raises 4,6 EURm in seed funding from VF
Venture, byFounders, and BA’s
https://bit.ly/2Q1G8k2
► Spirii, Denmark-based developers electric car chargers, raises 70 DKKm from its new investor
Nordic Alpha Partners, to become the leading provider of chargers in Europe
https://bit.ly/2Q2nys6
► FeltGIS, Norway-based start-up developing digital services and communication solutions for the
forestry industry, raises 10,3 NOKm from First Seed Hedmark (managed by Skagerak Maturo)
https://bit.ly/3exm9mP
► Voyado, Sweden-based SaaS customer experience and multichannel marketing platform, receives
undisclosed investment from Verdane, Sweden-based growth equity investor
https://bit.ly/3famn2x
6 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 17 (26 apr – 02 may)
Acquisitions, mergers and divestitures
► Checkout Finland, Finland-based payments provider for e-commerce and physical merchants,
acquired by Nets Group, Denmark-based European leading payments provider, as part of Nets
Group’s pan-Europe consolidation strategy
https://bit.ly/3xExf0N
► Nordman & Co, Sweden-based developers of a complete sales force system for multiple industries
in the Nordic region, acquired by Vitec, Sweden-based leading provider of vertical market software
in the Nordic region
https://bit.ly/3xA2jyK
► Karriere.no, Norway-based cloud-based SaaS recruitment platform, sells 51% stake to
24SevenOffice, Norway-based providers of cloud-based ERP solutions
https://cisn.co/3betDcz
► Aditro, Sweden-based providers of cloud-based and outsourcing services for HR and payroll in the
Nordics, acquired by SD Worx, Belgian-based providers of digital HR and payroll services in over
90 countries
https://bit.ly/3nNyDtx
► Tietoaika, Finland-based leading developer of residential real-estate management solutions,
acquired by Confirma Software (backed by Abry), Sweden-based Nordic platform for acquiring
SME-focused enterprise software companies
https://bit.ly/3gVGRhH
► Adtoox, Sweden-based cloud-based ad delivery solutions, acquired by Peach, London-based global
video ad management platform, to expand footprint and create a new Nordics Hub
https://bit.ly/3ucKYKf
Growth capital
► PortalOne, Norway-based hybrid games company delivering live game experiences, raises 15
USDm in seed funding from Talis Capital, Seedcamp, SNÖ Ventures, Founders Fund, TQ Ventures,
Coatue Management, Signia Venture Partners, Rogue Capital Partners, Atari, and ARRI, as well as
several high-profile BA’s
https://bit.ly/3tgCfFw
► Astrid Education, Sweden-based EdTech startup providing an voice-based and personalized
learning platform to build stronger communicators, raises 4 USDm in its seed round from leading
Scandinavian and global BA’s
https://bit.ly/3edAg0g
► Yousician, Finland-based interactive music learning platform, raises 23,1 EURm in Series B
funding for its two platforms. The round was led by True Ventures, with participation from Alexa
Fund, MPL Ventures and several BA’s
https://bit.ly/3ePEElk
► DanAds, Sweden-based self-serve advertising platform, raises 5 USDm from Wellstreet and BA’s to
expand into European markets and new verticals
https://bit.ly/3aSz14I
7 | 90Nordic M&A Tech Refresh
New funds
► Amadeus Capital Partners, UK-based global technology investor, closes its fifth fund at 110 GBPm
to invest in deep tech Seed and Series A startups in Europe and beyond
https://bit.ly/2SkGPpA
► Endeit Capital, Netherlands-based leading European tech scale-up closes its third fund at 250
EURm to invest in technology scale-ups across Europe
https://bit.ly/3ud8Mxn
8 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 16 (19 apr – 25 apr)
Acquisitions, mergers and divestitures
► SharkCell, Denmark-based providers of BI solutions in the cloud, acquired by Computas, Norway-
based providers of IT solutions and consultancy
https://bit.ly/3aE7UKq
► Business Analyze, Norway-based providers of SaaS-based BI solutions, acquired by Viking
Venture-backed House of Control Group, Norway-based SaaS developers providing an ecosystem
of software solutions for CFO’s
https://bit.ly/3gETf5Q
► SkyHost, Denmark-based developers of resource planning and fleet management solutions,
acquired by Accel-KKR-backed Duett Software Group, Norway-based provider cloud-based ERP
and economics software solutions
https://bit.ly/32J8QsS
► Solutionhouse, Denmark/Netherlands-based specialist in Dynamic 365 ERP solutions, acquired by
BE-terna Group, Austria-based leading European Microsoft and Infor solutions partner
https://bit.ly/3u3UxLe
► Lendify, Sweden-based neobank providing peer-to-peer loans for high credit lenders, acquired by
Lunar, Denmark-based mobile-based digital bank providing bank loan, account and management
services
https://bit.ly/2QTVMOA
Growth capital
► Synthesia, Denmark-based AI video generation platform, raises 12,5 USDm in its Series A round
led by FirstMark with participation from LDV Capital, MMC Ventures, Seedcamp, TinyVC and BA’s
https://tcrn.ch/3gEc7C2
► Elderlearn, Denmark-based startup building a matching platform for language students and elders,
raises 9,6 DKKm from Innovationsfonden, University of Copenhagen and University of Aalborg
https://bit.ly/3tR2Daj
► CluedIn, Denmark-based providers of a master data management platform for improved data
connectivity across organizations, raises 15 USDm in its Series A led by Dawn Capital, with
participation from Nordic Makers and BA’s
https://bit.ly/3nlC5eT
► Unicontrol, Denmark-based providers 3D software for excavator operators, raises 6 DKKm from
BA’s
https://bit.ly/2Qns8S9
► Lexplore, Sweden-based EdTech startup assessing children’s literacy skills using AI and eye-
tracking, raises 5 EURm in funding from Sparkmind.vc
https://bit.ly/2PmrCTP
► Jobilla, Finland-based startup developing a talent acquisition solution, raises 2,16 EURm from
Trind VC
https://bit.ly/32My5KJ
9 | 90Nordic M&A Tech Refresh
► Ordr, Norway-based order and payments software solutions for the hospitality sector, raises 100
NOKm from Open Ocean and Idekapital
https://bit.ly/3xpO3bW
► Nhost, Sweden-based SaaS developer of a serverless backend SaaS, raises 3 USDm in a round led
by Nauta Capital with participation from Antler and BA’s
https://bit.ly/3sKRu9u
► Virta, Finland-based leading European electric vehicle charging platform, raises 30 EURm in
funding from Jolt Capital
https://bit.ly/32Mm2x3
New funds
► Icebreaker, Finland-based early- and seed-stage investor, closes its second fund at 100 EURm
https://bit.ly/32KeGKz
10 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 15 (12 apr – 18 apr)
Acquisitions, mergers and divestitures
► Erhvervs Webdesign, Denmark-based provider of website and marketing solutions for SME’s, sells
40% to Finance Zealand, Denmark-based SME-focused private equity-fund
https://bit.ly/3dtGFEn
► Luxion, Denmark-based global leader in 3D product design rendering software, sells minority
position to GRO Capital, Denmark-based technology-focused private equity-fund
https://bit.ly/3dw8MTA
► Conoa AB, Sweden-based specialist in next-gen IT infrastructure, acquired by ProAct, Sweden-
based European leader in data centre and cloud services
https://bit.ly/3x9v4lU
► Greenbyte, Sweden-based provider of renewable energy management software used globally by
wind and solar owners, merge with Power Factors, US-based energy management software and
services provider, to form market leader in renewable energy software
https://bit.ly/3n2B6zR
► MarketingPlatform, Denmark-based omnichannel marketing platform with an integrated customer
data platform, acquired by Link Mobility, Norway-based European leader in mobile messaging and
communications plat as a service solutions (CPaaS)
https://bit.ly/3ea0CiQ
Growth capital
► Tjommi, Denmark/Norway-based FinTech startup automatically claiming money from stores after
price drops, raises 4,6 NOKm from Vækstfonden and BA’s
https://bit.ly/3drH61R
► Dugga, Sweden-based EdTech startup developing an assessment platform for schools, raises 5,1
USDm in its Series A round led by Sparkmind
https://bit.ly/3dvUCBT
► Monta, Denmark-based peer-to-peer platform for electric charging stations, raises 29,8 DKKm
from byFounders, Pale Blue Dot, and BA’s
https://bit.ly/3sD9SkN
► Cardlay, Denmark-based FinTech providing corporate cards and white-label solutions for banks
and card issuers, raises 8 EURm from Global PayTech Ventures
https://bit.ly/3amcVr4
► Paperflow, Denmark-based FinTech providing automated data capturing of invoices and receipts,
raises 9 DKKm from Lars Seier Christensen, Preben Damgaard, and other BA’s
https://bit.ly/2QhsTfb
► Area9 Lyceum, Denmark-based developer of adaptive learning platforms, raises 140 DKKm from
LEGO Ventures, Vækstfonden, European Investment Bank, family offices and BA’s
https://bit.ly/3x6blDu
► Cognifirm, Denmark-based process robot for automating internal company processes, receives
investment from Accelerace, Denmark-based incubator and pre-seed stage investor
https://bit.ly/3mWSeXT
11 | 90Nordic M&A Tech Refresh
New funds
► Tera Ventures, closes 43 EURm seed-stage fund for New Nordics; Nordic and Baltic countries
https://bit.ly/32qlFYN
► Pale Blue Dot, closes 87 EURm climate tech fund for European startups
https://bit.ly/2ROQp3T
12 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 14 (5 apr – 11 apr)
Acquisitions, mergers and divestitures
► EasyUpdate, Norway-based administration and booking system for the beauty and wellness
segment, acquired by EG, Denmark-based vertical software provider
https://bit.ly/2PN036s
► InfoMax, Denmark-based developer of a Digital Asset Management platform, acquired by Viking
Venture-backed FotoWare, Norway-based leading supplier of DAM solutions for multiple
industries. The acquisition will strengthen FotoWare across Nordics
https://bit.ly/2QfSiFM
► Copenhagen Software, Denmark-based developer of Azure-based application and architecture
solutions, acquired by Hg-backed IT Relation, Denmark-based leading supplier of IT outsourcing
services. Copenhagen Software will be integrated in their Miracle42 subsidiary, focusing on cloud
application development, operations and support
https://bit.ly/2OFVOcf
► FrontAvenue, Denmark-based developer of SafetyNet, a leading software tool for administration
of occupational health and safety, acquired by EG, Denmark-based vertical software provider
https://bit.ly/3mCFIMZ
► Motimate, Norway-based engagement and learning platform, acquired by Kahoot!, leading EdTech
solutions provider
https://bit.ly/3a4uvjb
► Viskan System, Sweden-based supplier of digital tools for managing e-commerce, omnichannel
and subscriptions, acquired by Visma, Norway-based European leader in cloud business solutions
https://bit.ly/3gf7dv5
Growth capital
► Spin Robotics, Denmark-based robotics company developing screwdriving end of arm tools for
collaborative robots, receives 2,2 DKKm in grants from Eurostars
https://bit.ly/3g2BFZ5
► GoMore, Denmark-based peer-to-peer ride sharing, car rental and leasing platform, raises 5 USDm
from Baloise, Swiss-based insurance service provider
https://bit.ly/3uITpwM
► Abzu, Denmark-based startup developing a solution automatically build transparent AI, raises 43
DKKm from Seed Capital and other investors
https://bit.ly/2OFtDtX
► Attensi, Norway-based global gamified corporate learning and development platform, raises 26
USDm from Lugard Road Capital, DX Ventures, and existing investor Viking Venture. The funding
will extend presence in North America and Europe, and expand the product suite
https://bit.ly/3d6r6lM
► PriceRunner, Sweden-based leading European price comparison platform, raises 370 SEKm from
Creades, after its original founders re-acquired the company in 2020
https://bit.ly/3a3wZ1k
13 | 90Nordic M&A Tech Refresh
► Qlucore, Sweden-based SaaS developer of visualization-based analytics for healthcare providers,
raises 30 SEKm from Eiffel Investment Group in a pre-IPO placement
https://bit.ly/3sazNzG
► MeetButter, Denmark-based startup developing a digital all-in-one platform to increase digital
workshop engagement, raises 17 DKKm from Projekt A and business angels
https://bit.ly/3tbcPtQ
14 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 12-13 (22 mar – 4 apr)
Acquisitions, mergers and divestitures
► Trackunit, Denmark-based global leader in vehicle tracking systems and fleet management
solutions, sold by Goldman Sachs and GRO Capital to Hg, a leading global software private equity
investor
https://bit.ly/3sS3Kpr
► Cygni, Sweden-based digital transformation and cloud specialist, acquired by Accenture to be
integrated into their Cloud-First division
https://accntu.re/3wD66Lt
► Tickstar, Sweden-based global e-invoicing infrastructure network, acquired by Xero, New Zealand-
based provider of cloud-based accounting software, to improve transaction speed and security
https://bit.ly/3rMvXwE
Growth capital
► Motosumo, Denmark-based FitTech startup building an at-home trainer an app, raises 6 USDm in
its Series A led by Magenta Partners with participation from existing investors Promentum Equity
Partners and PreSeed Ventures
https://prn.to/3utQEzl
► Cogo, Sweden-based startup developing a aggregation platform for shared mobility services,
raises 10 SEKm from PreSeed Ventures and BA’s, in order to expand to new markets
https://bit.ly/3cRrEMj
► Fishbrain, Sweden-based sport fishing app, social network, and digital marketplace, raises 31
USDm in funding from Consensus Småbolagsfond, Adrigo Asset Management, and existing
investors B Capital Group and SoftBank Ventures Asia
https://bit.ly/3wt0Mdi
► Peltarion, Sweden-based software developers of a SAAS platform for deploying scalable deep
learning systems, raises 150 SEKm from existing investors FAM, Euclidean Capital, and EQT
Ventures
https://bit.ly/3mpvL5A
► Regily, Sweden-based developers of online payments tool, raises 20 SEKm from local business
angels
https://bit.ly/31PFQze
► Eletive, Sweden-based developers of platform for tracking company culture, wellbeing and
engagement, raises 11 SEKm, to strengthen its position in Sweden and Norway
https://bit.ly/3mkzxNv
► Sellforte, Finland-based SaaS startup developing a AI-powered marketing campaign analytics tool,
raises 4 EURm in funding from Sonae IM, Bonnier Ventures, and Icebreaker.vc
https://cisn.co/39KBvS4
► OnRobot, Denmark-based one-stop-shop for end-of-arm tools to collaborative robots, raises 118
DKKm in new funding from private investors
https://bit.ly/3uoXNRf
15 | 90Nordic M&A Tech Refresh
► Webtea, Denmark-based developers of a design and performance-enhancing add-on tools for
WordPress, receives undisclosed investment from C2IT Group, Denmark-based Microsoft IT
consultancy and software developer
https://bit.ly/3wox8WJ
► Aiven, Finland-based providers of managed open source data technologies, raises 100 USDm in its
Series C round led by Atomico with participation from Salesforce Ventures, World Innovation Lab,
Earlybird Capital, and IVP
https://bit.ly/3fKN282
► Chainalysis, New York/Denmark-based blockchain analysis and regulatory platform, raises 100
USDm in its Series C led by Addition with participation from Accel Benchmark and Ribbit
https://prn.to/3utQIz5
► Zaver, Sweden-based FinTech startup enabling cardless payments and buy-now-pay-later in the
durables sector, raises 5 USDm in funding from Inbox Capital, Inventure, and BA’s
https://tcrn.ch/3rRHECc
New funds
► Armada, Finland and Sweden-based SME-focused private equity fund, closes its fifth fund at 210
EUR to invest debt and equity in Northern European growth companies, targeting 5-30 EURm
ticket sizes
https://bit.ly/3mxE5Al
16 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 11 (15 mar – 21 mar)
Acquisitions, mergers and divestitures
► Temponizer, Denmark-based SaaS provider of an all-in-one system for managing temps, acquired
by Visma, Norway-based European leader in cloud business solutions
http://bit.ly/3cXNVqq
► IT Minds, Denmark-based IT consultancy, acquired from EG by Visma, Norway-based European
leader in cloud business solutions. IT Minds will become part of Visma’s Custom Solutions division
http://bit.ly/3tUXa1R
► Webtop Solutions, Norway/Sweden-based developer of cloud-based solutions for marketing homes
and used by real estate agents, companies and property developers, acquired by Visma, Norway-
based European leader in cloud business solutions
https://bit.ly/38Z9xl5
► Easify AS, Norway-based IT services companies within operations, infrastructure, security,
consulting, and software solutions, acquired by Visolit, Norway-based technology group with
Nordic presence and owned by IK Investment Partners
http://bit.ly/3f5xE5A
► One Agency, Sweden-based IT consultancy, acquired by Stella Capitan, Sweden-based Private
Equity firm focused on growth companies in the technology and e-commerce sectors
http://cisn.co/3lBydoY
► Firstborn Capital, Denmark-based digital marketing and leading generator in the FinTech space,
acquired by ROI Media, UK/Sweden-based lead generator in the Nordics
http://bit.ly/3vKbv2B
Growth capital
► Enfuce, Finland-based payment services provider, raises 7 USDm in Series B funding from Tencent
and Maki.vc, to expand growth in Europe and beyond and eyeball future acquisitions
http://bit.ly/3lDMXnb
► Capdesk, Denmark/London-based equity management platform, raises 5 GBPm in Series A
extension funding led by Fidelity International Strategic Ventures and MiddleGame Ventures
http://tcrn.ch/3vPjI5R
► Upcycling Forum, Denmark-based marketplace that connects companies for recycling, raises
undisclosed investment from Trifork Labs
http://bit.ly/3c73Zaa
► bmetric, Denmark-based startup developing data-driven sales and support channel managements
solutions, raises 4,5 DKKm from Vækstfonden and BA’s
http://bit.ly/2Pe3SAK
17 | 90Nordic M&A Tech Refresh
► Tales.dk, Denmark-based online bookshop raises 4,5 DKKm from BA’s to grow markets and
accelerate production development of its soon-to-be-released streaming platform
http://bit.ly/3slc54E
► Whereby, Norway-based video meeting platform, raises 12 USDm in Series A funding led by Point
Nine and more than 20 BA’s, to power continued growth and product development
http://bit.ly/3cRa8GR
18 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 10 (08 mar – 14 mar)
Acquisitions, mergers and divestitures
► Viking Venture-backed Ørn Software, Norway-based leading software provider for asset
operations and maintenance across a wide range of industries, acquires 39% stake in Facilit,
Norway-based provider of a cloud-based facility management system
https://bit.ly/3rIKBWu
Growth capital
► Epidemic Sound, Sweden-based marketplace for background music for media use, raises 450
USDm from Blackstone Group and EQT Growth
http://tcrn.ch/3lggLpP
► Proper, Denmark-based PropTech startup developing tools property management, raises 4,6
USDm in a seed round led by byFounders with participation from PreSeed Ventures, Prehype,
Vækstfonden and Bjarke Ingels (BIG)
http://bit.ly/38zcDwb
► Cambri, Finland-based developers of concept testing software to accelerate testing of consumer
brands, raises 3,6 EURm in a Series A round led by OpenOcean and Spintop Ventures
https://bit.ly/3ctDDy9
► SignUp Software, Sweden-based global leader in Accounts Payable Automation software receives
undisclosed investment from Standout Capital
http://bit.ly/3qLfcBz
► Challengermode, Denmark-based developers of an esports platform, receives undisclosed
investment from Nordic Secondary Fund (N2F)
http://bit.ly/2NirTWT
► Mirai Exchange, Norway-based stock exchange for cryptocurrencies, raises 12 NOKm from Skyfall
Ventures, Bakken & Bæck, and BA’s
http://bit.ly/3bJ2teq
► Gardenize, Sweden-based startup building a social network for gardening and gardeners, raises 10
SEKm from BA’s
http://bit.ly/3cu9dMr
► Gbuilder, Finland-based ConTech startup developing a building information modelling platform for
digitizing the house building journey, raises 2 USDm in a financing round led by AMAVI Capital
with participation from existing investors, Butterfly Ventures and Vendep Capital
http://bit.ly/38GwXeW
► Crosser, Sweden-based leading low-code platform for streaming analytics, automation and
integration for industrial IOT, raises 3 USDm in a financing round led by NTT DOCOMO Ventures,
Montan-Ventures-Saar, and existing investors Industrifonden, Spintop Ventures, 42 Cap, Almi
Invest and Norrlandsfonden
http://bit.ly/3qPaimW
► Exabel, Norway-based analytics and data platform for investment professionals, raises 9 USDm
from AWC (formerly Awillhelmsen Capital Holdings)
http://bit.ly/3rRpC3S
19 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 09 (01 mar – 07 mar)
Acquisitions, mergers and divestitures
► Planday, Denmark-based provider of a workforce collaboration platform, acquired by Xero, New
Zealand-based provider of cloud-based accounting software
https://bit.ly/3sVEoqq
► Bliksund, Norway-based e-health SaaS provider of electronic journals and a support portal, sells
majority share to Monterro, leading Nordic growth investor in B2B software companies
http://bit.ly/38jhdhO
► TIMEmSYSTEM, Denmark-based provider of time registration, rostering and scheduling software
for the public sector, acquired by Visma, Norway-based European leader in cloud business
solutions
http://bit.ly/2ObL0Cb
► GameRefinery, Finland-based game intelligence platform, acquired by Vungle, UK-based leading
mobile advertisement and app monetization platform, in order to bring on new capabilities and
strengthen position and the trusted guide developers
http://bit.ly/2Ox1chq
► Vi-Health, Sweden-based medtech providing e-consultation and workflow tools, acquired by
Numan, UK-based digital healthcare platform for men
http://bit.ly/3epJA1A
► Myinfomonitor, Finland-based SaaS solution for real-time visualization of operational data,
acquired by SpectrumOne, Sweden-based leading provider of a Data Management, Analytics and
Communications platform suite, to merge Myinfomonitor with their data analytics subsidiary Qbim
http://cisn.co/3bp3at1
Growth capital
► DreamPlan, Denmark-based provider of a self-service financial planning platform for retail
customers, receives undisclosed investment by Accelerace, Denmark-based seed accelerator and
investor
http://bit.ly/3qoe7PR
► Kollekt, Denmark-based provider of a digital collaboration tool for fashion design teams, raises 2,6
DKKm from Guerrilla Capital, Vækstfonden and business angels
http://bit.ly/2OzRr1G
► Klarna, Sweden-based European-leading FinTech, raises 1.000 USDm in equity funding to
accelerate international expansion and further capture global retail growth
http://bit.ly/38faMMM
► Sendify, Sweden-based provider of a logistics collaboration platform for longtail delivery, raises
5,3 EURm in its Series A round led by Rider Global, with participation from existing investors and
Atlantic Labs
http://bit.ly/30ltMVv
20 | 90Nordic M&A Tech Refresh
New funds
► Brunnur Ventures, Iceland-based venture fund, launches it second fund at 65 USDm in
collaboration with Landsbréf. The fund looks to invest in 12 to 20 Icelandic start-ups at seed- or
Series A stage, with ticket size of 1 to 3 USDm and follow-on
http://bit.ly/2Oe1M3A
21 | 90Nordic M&A Tech Refresh
Selected deals: 2021 Week 08 (22 feb – 28 feb)
Acquisitions, mergers and divestitures
► Onlaw, Denmark-based LegalTech startup providing collaboration solutions for legal documents,
acquired by Karnov Group, the leading provider of mission critical information in Denmark and
Sweden
http://cisn.co/3r4uT7J
► Adiles, Norway-based provider of SAP ERP solutions, acquired by Volpi Capital-backed Bitpeople,
Denmark-based global leader in SAP-based manufacturing, warehouse and usability software
solutions (previously Boyum IT)
http://bit.ly/3b37r5g
► Hi5, Sweden-based IT consultancy, acquired by Advania, the leading Nordic IT company within
professional services, managed services and IT infrastructure, in order to expand their
geographical footprint
http://cisn.co/3bLvjcS
► Whiteboard.fi, Finland-based provider of a online whiteboard tool for teachers and classrooms,
acquired by Kahoot!, Norway-based global learning EdTech platform
https://bit.ly/3q0Nctd
Growth capital
► Orca, Norway-based startup developing a modern routing and navigation solution for boating,
receives growth capital from Atomico and Skyfall Ventures
http://tcrn.ch/3rfiWvW
► Digishares, Denmark-based providers of a white-label blockchain platform for security tokenization
within finance, raises 2,7 DKKm in a syndicate from 10 different business angels
http://bit.ly/3uI2hmX
► Estaid, Denmark-based PropTech startup building a digital automation platform for property
transaction processes, raises 4,5 DKKm from PreSeed Ventures and Linde Capital
http://bit.ly/3c1BUAb
► Demi, Denmark-based startup building a platform for chefs and cooks, raises 9,2 DKKm Astanor
Ventures and business angels
http://bit.ly/3r48Qya
► AGERAS, Denmark-based international provider of accountancy software and solutions to SME’s
and accounting firms raises 73 USDm from Lugard Road Capital. The funds will be used to fuel
growth and capitalize on rising demand for automated business tools
https://bit.ly/37VvzVq
► Subaio, Denmark-based FinTech providing a white-label subscription management solution to
banks, raises 30 DKKm from Global PayTech Ventures (GPT) to penetrate new markets, double
headcount and build new features
https://bit.ly/2NLP0cw
22 | 90Nordic 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
23 | 90Nordic 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
24 | 90Nordic 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
25 | 90Nordic 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
26 | 90Nordic 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
27 | 90Nordic 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
28 | 90Nordic 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
29 | 90Nordic 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
30 | 90Nordic 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
31 | 90Nordic 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
32 | 90Nordic 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
33 | 90Nordic 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
34 | 90Nordic 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
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