We had noted last quarter that deal volume in the Nordic software space was returning to pre-Covid levels. With the data in from 2022, we see that last year showed the second highest deal volume since we began tracking data in 2014, even with a 25% decline from the highs of 2021.

The last three months showed 24 software transactions, around a 8% drop in transaction volume compared to Q3 2022. The spread in opinions of valuations is noticeable in the private market, which is a key reason for this quarter’s reduction in transaction volume. Sweden and Denmark were the most active markets in Q4 2022. The Q4 Nordic transaction market was dominated by trade buyers and PE – add-on deals, with 12 and 6 transactions respectively.

Anders Strand and Juha Raunio lead our top-ranking Nordic software team.