VC funding and deal volumes for Nordic tech firms both peaked in 2021 and have been incredibly volatile since then. In the first nine months of 2026, total deal value remained resilient at $19.6B though investors were highly selective as transaction volumes were heavily subdued. The median VC deal size was $3.2M, significantly less than the median disclosed M&A transaction value. These dynamics have instead encouraged companies to pursue M&A strategies for growth and liquidity.

Looking at the top buyers’ chart, Hawk and Adelis Equity both led the list with each announcing 5 deals during the first three quarters of 2026, followed by two strategics, Milepost and Simple Agency Group, which both made 4 acquisitions each. Financial buyers Monterro, Marathon, Easypartner, and Axcel announced 4 deals each as demand for Nordic tech firms remained strong across all buyer types.

Total disclosed M&A deal value in the first three quarters of 2026 surpassed 2025 levels and reached $8.8 billion due to two megadeals that happened in the Nordics. Only 15% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. The median disclosed M&A value was $7M. 

During the first nine months of 2026, dealmaking in the region was robust with 294 deals announced. It is expected that M&A volume this year could reach approximately 392 transactions. Demand was high from both strategic and financial buyers, with Private Equity firms accounting for the buyer in 46% of these transactions. Over the past several years, M&A activity in the region has been increasing at a brisk pace, growing more than four-fold from 2019 to 2025.