Nordic M&A Tech Refresh - Selected deals: Updated 19.07/2020 Updated every Monday morning, here - Fremdrift
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Nordic M&A
Tech Refresh
Selected deals: Updated 19.07/2020
Updated every Monday morning, here
1 | 28Nordic M&A Tech Refresh
Contents
Selected deals: 2020 Week 29 (13 july – 19 july) 3
Selected deals: 2020 Week 28 (06 july – 12 july) 4
Selected deals: 2020 Week 27 (29 june – 05 july) 5
Selected deals: 2020 Week 26 (22 june – 28 june) 6
Selected deals: 2020 Week 25 (15 june – 21 june) 7
Selected deals: 2020 Week 24 (08 june – 14 june) 8
Selected deals: 2020 Week 23 (01 june – 07 june) 9
Selected deals: 2020 Week 22 (25 may – 31 may) 11
Selected deals: 2020 Week 21 (18 may – 24 may) 12
Selected deals: 2020 Week 20 (11 may – 17 may) 13
Selected deals: 2020 Week 19 (04 may – 10 may) 15
Selected deals: 2020 Week 18 (27 apr – 03 may) 17
Selected deals: 2020 Week 17 (20 apr – 26 apr) 18
Selected deals: 2020 Week 16 (13 apr – 19 apr) 20
Selected deals: 2020 Week 15 (06 apr – 12 apr) 21
Selected deals: 2020 Week 14 (30 mar – 05 apr) 23
Selected deals: 2020 Week 13 (23 mar – 29 mar) 25
Selected deals: 2020 Week 12 (16 mar – 22 mar) 27
Selected deals: 2020 Week 11 (9 mar – 15 mar) 28
2 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 29 (13 july – 19 july)
Acquisitions, mergers and divestitures
► Oikotie Oy, Finland-based operator of classified websites for jobs, businesses and housing,
acquired by Schibsted ASA from Sanoma Oyj
https://bit.ly/2Cxd4do
► Instantor, Sweden-based provider of credit risk management solutions, set to be acquired by Tink,
Sweden-based leading European open banking platform
https://bit.ly/3jovFJe
Growth capital
► Voi, Sweden-based provider of micro-mobility scooters, raises 30 USDm from existing investors
after reaching profitability, plans to enter UK market after government test runs
https://bit.ly/39eppiK
► Lucinity, Iceland-based provider of intelligent anti-money-laundering (AML) solutions, raises 6,1
USDm by Karma Ventures and byFounders, with participation from previous investors Crowberry
Capital and Preceptor Capital
https://bit.ly/2COmxNl
► Percepio, Sweden-based creator of runtime visualization tools for embedded IoT software, raises
22 SEKm in funding round led by Fairpoint Capital
https://bit.ly/2Ct2h44
► Brinja, Sweden-based provider of IoT cloud systems for construction safety, raises 10 SEKm from
Almi Invest, existing and angel investors
https://bit.ly/3fKB2QX
► Stockrepublic, Sweden-based open banking platform for investments, raises 5,6 SEKm from Almi
Invest and angels
https://bit.ly/3fFTxG6
3 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 28 (06 july – 12 july)
Acquisitions, mergers and divestitures
► Storytel, Sweden-based audiobook subscription service, acquires Kitab Sawti, Swedish-based
subscription service for Arabic audiobooks and podcasts
https://bit.ly/3iWtbBE
► Paradox Interactive, Sweden-based game publisher, acquires Playrion Game Studio, France-based
mobile-focused game developer
https://bit.ly/2AWA0Cg
► One.com, Denmark-based webhost, acquires Larsen Data (GratisDNS.dk), Denmark-based domain
registration service
https://bit.ly/2WbU1Mq
► Opera Software, Norwegian-based browser and application developer, to acquire Fjord Bank,
Lithuania-based digital neo-bank startup, in order to offer its first FinTech offering to the
European market
https://bit.ly/3gRn3sI
Growth capital
► Yubico, Sweden/USA-based producer of security wearables and devices, raises 300 SEKm from
AMF Pension
https://bit.ly/32f2QJc
► Quickchannel, Sweden-based provider of high-performance online streaming and recording
services, raises 6,75 SEKm from blq invest
https://bit.ly/2WfuBgZ
► Finch 3D, Sweden-based SaaS design tool for architects, raises 3 SEKm from Almi Invest
https://bit.ly/32dKI2C
► Traplight, Finland-based mobile game development studio, raises 8 EURm led by EQT Ventures
with participation from Play Ventures and existing investors Initial Capital and Heartcore Capital.
The funding will be used on its launch of Battle Legion
https://bit.ly/3gXDHqJ
► Basemark, Finland-based developer of graphics and autonomous driving software, raises 7 EURm
from ETF Partners
https://bit.ly/3iXdPx2
► MariaDB, Finland-based database software developer, raises 25 USDm from SmartFin Capital, in
order to expand its cloud operations
https://bit.ly/3iUMgEp
4 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 27 (29 june – 05 july)
Acquisitions, mergers and divestitures
► AddPro AB, Sweden-based provider of mission-critical IT services, acquired by Danish private
equity fund Axcel from Adelis Equity Partners
https://bit.ly/2Z0cRrC
► Coach Solutions, Denmark-based supplier of software for vessel performance and monitoring,
acquired by Kongsberg Digital, Norway-based provider of software and digital solutions to
maritime, oil, gas, renewables and utilities
https://bit.ly/3ea4nmp
► A-Data, Denmark-based provider of healthcare software for doctors, acquired by EG, Nordic leader
of vertical market software, and to be integrated in its healthcare division
https://bit.ly/2ZBqWuO
► FotoWare, Norway-based provider of Digital Enterprise Asset Management software, acquired by
Norway-based private equity fund, Viking Venture, a leading investor in Nordic software solutions
https://bit.ly/3ffXWzz
► Create-Solutions, Norway-based PropTech SaaS company acquired by Visma in order to
strengthen its position in the digitalization of the real estate market
https://bit.ly/2BETgo0
► Pulsen AB, Sweden-based vertical market software provider, sell its end-to-end retail ERP
activities to Total Specific Solutions, Netherlands-based developer of vertical market software
solutions
https://bit.ly/2VN1Qbq
► Netpublicator, Sweden-based provider of document- and case management SaaS, acquired by
Addnode Group, a leading supplier of software and services in Europe
https://cisn.co/3e9tgyA
Growth capital
► Undo, Denmark-based InsurTech, raises 4,7 EURm from Tryg to improve car insurance
https://bit.ly/3ffXWzz
► Cobiro, Denmark-based website building platform, raises 6,7 EURm from Danske Bank customers
https://bit.ly/38sMhe3
► Bambuser, Sweden-based provider of live video shopping technology, raises 290 SEKm through
directed share issue with participation from Harmony Partners and others
https://prn.to/3gwoyfO
► Willa, Sweden/America-based FinTech startup raises 3 USDm from EQT Ventures, Moonfire
Ventures, and Nordic Makers and private investors to help freelancers with payments and
administrative tasks
https://tcrn.ch/31PhXcm
5 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 26 (22 june – 28 june)
Acquisitions, mergers and divestitures
► Tricom, Denmark-based procurement platform, acquired by Viking Venture-backed Mercell,
Norway-based Nordic/European leader in e-tendering solutions
https://bit.ly/3eJmTmt
► Investcorp-owned Ageras, professional services marketplace, acquires Tellow, Netherlands-based
accounting tool for freelancers
https://bit.ly/3eKkMyI
► APX10, Denmark-based SaaS data analytics platform for water and wastewater, acquired by
Private Equity firm Cimbria Capital
https://bit.ly/2Ac1PpP
Growth capital
► Insurello, Sweden-based Insurtech startup securing fair compensation, raises 7,1 EURm in
investment round led by Inventure and Schibsted with participation from Luminar Ventures
https://bit.ly/38dksX4
Playbook
► Visma to continue its acquisition hot streak: Plans to grow 10% year on year, on both organic and
inorganic growth measures
https://bit.ly/3dHMlY4
6 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 25 (15 june – 21 june)
Acquisitions, mergers and divestitures
► Mapillary, Sweden-based digital mapping services for self-driving vehicles, acquired by Facebook.
The company was backed by Atomico, Sequoia, PlayFair, LDV Capital, and Catalyst
https://bit.ly/2NfLkf4
► Sinch, Sweden-based communications platform for mobile engagement, acquires ACL Global, a
India-based cloud communications provider
https://bit.ly/3dpu01Y
► FilmOla.com, Finland-based online marketplace for film and tv shows, acquired by Fearless Films,
Inc., a Canadian film production company
https://prn.to/2Bo9G3M
► Joliv, Sweden-based healthcare software provider, acquired by Netherlands-based Main Capital
Partners which will merge the company with Alfa to form a leading SaaS player in the Swedish
care market
https://bit.ly/2ANLxUx
► Appva AB, Sweden-based provider of mobile and digital signature app for medication tracking,
acquired by Vitec Software Group, to strengthen its Nordic position in Vertical Market Software
https://cisn.co/2zOtAV4
Growth capital
► Acast, Sweden-based podcast company, raises 50 EURm in equity from Alfvén & Didrikson, Moor
Capital, Bonnier Ventures, Första AP Fonden, Swedbank Robur and credit from European
Investment Bank
https://bit.ly/2Ctd9i5
► Swappie, Finland-based operator of online marketplace for refurbished smartphone, raises 35,8
EURm in Series B from TESI, and existing investors Lifeline Ventures, Reaktor Ventures, and
Inventure
https://bit.ly/2NiRoDW
► Unity Studios, Denmark-based VR development studio, raises 15 to 20 DKKm from Vækstfonden
and North-East Venture
https://bit.ly/3hIdoWJ
► Stillfront Group, Sweden-based video game developer with 14 studios and 50 games, raises 113
EURm in a directed shared issue to Swedish and international investors
https://bit.ly/2Yj2KOs
► Billogram, Sweden-based FinTech company providing intelligent invoicing services, raises 4,8
USDm from CNI, Inbox Capital and Rutger Arnhult
https://bit.ly/2NeLX8X
7 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 24 (08 june – 14 june)
Growth capital
► Foreseeti, Sweden-based provider Automated Threat Modeling and Attack Simulation solutions,
raises 30 SEKm in investment round led by Fairpoint Capital and private investors
https://bit.ly/3e1pPuh
► PantaPå, Sweden-based mobile solution developer for recycle packaging, raises 9,5 SEKm in
investment round led by Orkla Ventures and Verdane Capital
https://bit.ly/3hqF1mU
► Trustly, Sweden-based provider of online bank payment solutions, receive undisclosed investment
from BlackRock
https://tcrn.ch/3d3Ugih
► Capturi, Denmark-based sales process optimization software, raises 11,6 DKKm in investment
round led by Vækstfonden, key employees and private investors
https://bit.ly/2C1CWxr
► Kahoot!, Norway-based edtech company, raises 28 USDm in new equity via private placement of
7,5 million shares
https://bit.ly/2XYjM46
► Attractive.ai, Finland-based automated UX analytics tool, raises 1 USDm in seed round led by
Helsinki’s Superhero Capital and private investors Tue Lumbye, Jaako Salminen, Tatsuro Shimada
and Keisuke Honda
https://bit.ly/2UH3FGj
► IQM Finland, Finland-based quantum computer provider, raises 20 EURm in grants and equity
investment from EIC Accelerator and Business Finland
https://bit.ly/30HadIP
8 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 23 (01 june – 07 june)
Acquisitions, mergers and divestitures
► Trapets, Sweden-based provider of services and systems for securities trading, anti-money
laundering surveillance and compliance, sells majority stake to Monterro, a Swedish private equity
firm
https://bit.ly/2A3JfjH
► Hano AS, leading Norwegian-based provider of IT solutions to the health and wellness industry,
acquired by FP-backed EG, Denmark-based Nordic leading software provider
https://bit.ly/37e2jri
► Darkfire Games, Denmark-based mobile games studio, acquired by Rovio Entertainment, the
Finnish game developer of Angry Birds
https://bit.ly/30s8SoO
► Suomen Konehuone Oy, Finland-based datacenter modernization advisor, acquired by Norvestor-
backed NetNordic, Norway-based system integrator in all of Nordics
https://bit.ly/2AdZNp5
► Oulun DataCenter, Finland-based leading provider of cloud services in Northern Finland, acquired
by VIA Equity-backed GleSYS AB, Sweden-based IaaS and ISP provider in Europe
https://bit.ly/3dHSh4s
► Lendysoft, Sweden-based developer of lending technology, sells peer-to-peer and balance sheet
lending software to Bricknode, Sweden-based cloud-based SaaS platform looking to expand its
lending-as-a-service capabilities
https://bit.ly/2BEZ2Wo
Growth capital
► Debricked, Swedish Cybersecurity startup, raises 18 SEKm from Luminar Ventures, Brightly
Ventures and previous investors, to launch their SaaS internationally
https://bit.ly/37g8Ul9
► Tink, Sweden-based open banking platform, receives second investment from PayPal Ventures
(amount undisclosed)
https://bit.ly/2zeWxJz
► Scrive, Sweden-based provider of electronic signature and identity solutions to all of Europe,
receives undisclosed investment from Vitruvian Partners to accelerate its expansion across
Nordics and Europe
https://bit.ly/3h5tLMt
► Iiwari, Finland-based startup developing indoor positioning technology, receives 1.5 EURm seed
investment from Voima Ventures, a Nordic deep tech venture capitalist
https://bit.ly/2MHFUJA
► Good Monday, Denmark-based developer of workspace management platform, raises 4 USDm in
investment round led by firstminute Capital and existing investors Creandum, Seed Capital, and
PreSeed Ventures, in order to expand to London and develop its platform
https://bit.ly/2XHfIVO
9 | 28Nordic M&A Tech Refresh
► Shopbox, Denmark-based mobile-based PoS system, raises DKK two-digit investment from newly
started fintech investment company Acorn
https://bit.ly/2AN2P3y
10 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 22 (25 may – 31 may)
Acquisitions, mergers and divestitures
► Hiotlabs, Sweden-based IoT sensor platform for insurers, acquired by Polygon, US-based global
provider of property damage services
https://bit.ly/2TXayTy
Growth capital
► Doktor.se, Sweden-based e-health startup offering digital consultations, raises 45 EURm in Series
C led by Carnegie and Handelsbanken
https://bit.ly/36Q7AFv
► Safe Online, Denmark-based data security SaaS, raises 11,5 DKKm in capital investment round led
by angel investors including Henrik Kähler and Gregers Kronborg
https://bit.ly/2BoT2RB
► Wired Relations, Denmark-based privacy and security SaaS platform, raises 5 DKKm from angels
investors including Erik Stannow, Kenneth Nielsen and Claus Klein-Ipsen
https://bit.ly/2XOCU3f
► Meniga, Iceland/London-based digital banking fintech startup, raises 8,5 EURm from Groupe
BPCE, Groupo Crédito Agrícola, and UniCredit, Velocity Capital, Industrifonden, and Frumtak
Ventures
https://bit.ly/3gDjUNX
► Radiobotics, Denmark-based healthtech startup for AI radiology, raises 10 DKKm from EIC
Accelerator
https://bit.ly/301TJKP
► Podimo, Denmark-based podcast curation platform, raises 15 EURm in round led by 83North,
Heartcore and e.ventures who also participated in the startup’s seed round in July 2019
https://bit.ly/2U1BDEZ
11 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 21 (18 may – 24 may)
Acquisitions, mergers and divestitures
► TrueLink A/S, Denmark-based collaboration platform for e-procurement, acquired by Viking
Venture-backed Mercell International, Norway-based leading platform for public e-tendering, as its
fifth target within the last 12 months
https://bit.ly/2WYeZzj
► Napp, Denmark-based B2B sales enablement platform, acquired by Templafy, Denmark/NYC-
based global leader in enterprise documentation creation and automation
https://bit.ly/2ZxlGtL
► Staria Oyj, Finland-based international provider of information systems and accounting services,
acquired by Finnish private equity investor Vaaka Partners, to accelerate its international growth
plan
https://bit.ly/3eiHOfM
► AddSecure, Sweden-based provider of premium solutions for secure data and critical
communications, acquires London-based Connexas Group, provider of fleet management and
telematics solutions, from Horizon Capital LLP
https://bit.ly/2zhvgq8
► Kaiku Health, Finland-based provider intelligent patient-monitoring software, acquired by Elekta,
Sweden-based global provider of precision radiation medicine
https://bit.ly/2LXfnHP
Growth capital
► PocketLaw, Sweden-based startup providing digital legal services, secures angel investment round
of 10 SEKm
https://bit.ly/3gfdgNL
► Happeo, Finland-based enterprise social intranet, raises 12 USDm in Series A led by INKEF Capital,
and previous investors DN Capital, Maki.vc, and Vendep Capital, in order to expand internationally
https://bit.ly/2zqVwyc
► CathVision, Denmark-based developer of AI therapeutics platform for cardiac electrophysiology
procedures, raises 13 EURm
https://prn.to/3eeVsQL
► Boost AI, Norwegian-based chatbot company, secures runaway in bridge round led by Alliance
Ventures, who previously invested 40 USDm, and other undisclosed investors
https://bit.ly/2XsAk2K
► LuggageHero, Denmark-based leading Traveltech startup operating a luggage-storage network,
raises 0,4 EURm from crowd-sourcing platform Seedrs
https://bit.ly/3bZbTiD
12 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 20 (11 may – 17 may)
Acquisitions, mergers and divestitures
► Cryptera, Denmark-based international payment and security provider, acquired by Danish private
investor Nils Smith from previous American owner, Diebold Nixdorf
https://bit.ly/3fZk81g
► Lefdal Mine Datacenter AS, Norwegian green data center operator, sells 66,67% stake to Columbia
Management Investment Advisers LLC through Columbia Threadneedle European Sustainable
Infrastructure fund
https://bit.ly/2Td0fdw
► Valitor, Iceland-based payment solutions provider, sells Danish operations to Christian
Rasmussen, co-founder of AltaPay which was previously sold to Valitor in 2014
https://bit.ly/3byhmNi
► Hg-backed Visma, Norway-based provider of business software and services, acquires Nmbrs,
Netherlands-based provider of HR and payroll software, as part of their previously announced
Netherlands-focused M&A strategy
https://bit.ly/3fZIvfl
► Plint, Sweden-based language and media technology company, sells 55% stake to Swedish private
equity fund Priveq
https://bit.ly/2WZFoLQ
► Hg-backed Visma, Norway-based provider of business software and services, acquires Zetech,
Argentina-based leading provider of digital signature and document management solutions in
Latin America, in order to strengthen its offering of HR cloud solutions
https://bit.ly/3bzHZ4h
Growth capital
► Wolt, Finland-based food delivery scale-up, raises 100 EURm from ICONIQ Capital, Highland
Europe, 83North, EQT Ventures, and Goldman Sachs’ Growth Equity unit, in order to safeguard
against COVID-19 uncertainty
https://bit.ly/3fVR5M5
► BLAST, Denmark and London-based esports entertainment startup, raises 12,5 EURm from Johan
Gedda, Vækstfonden, Creandum, Heartcore, and Maki.vc, in order to scale and evolve the
company
https://bit.ly/2Ten6Fv
► Omocom, Swedish insurance tech startup, raises 3,7 EURm from Mustard Seed MAZE, Alma Mundi
Insurtech Fund, Luminar and some angels, in order to provide insurance products for circular
economy-based products
https://bit.ly/3bDzo0F
► Anyfin, Sweden-based digital lender for loan refinancing, raises 30 USDm in Series B led by EQT
Ventures, with support from prior investors Accel, Northzone and Global Founders Capital, in
order to expand from Sweden and Finland into new European markets
https://bit.ly/2z4qPia
13 | 28Nordic M&A Tech Refresh
► Lysa, Sweden-based automated investment service for asset management, raises 6 USDm from
existing investors Ernström & Co and Inbox Capital
https://bit.ly/2Zfejab
► Leetify, Sweden-based AI coaching platform for gamers, raises 0,9 EURm from Inventure, J12
Ventures, Futuristic.vc and others
https://bit.ly/2LCRzJj
► Apotherm, Swedish online drugstore, raises 20 SEKm from existing investors Novax and Axfood’s
logistics company Dagab
https://bit.ly/2LGhpff
New funds
► Bocap, Finland-based investment company, launches its 3rd PE growth fund at 50 EURm targeting
Finnish entrepreneur-lead high-growth SME’s with sales between 4 and 50 EURm
https://bit.ly/2TaFTli
14 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 19 (04 may – 10 may)
Acquisitions, mergers and divestitures
► Sinch, Swedish cloud computing services provider, acquires SAP Digital Interconnect, a unit of
SAP SE for 225 EURm, to increase its presence in the United States
https://reut.rs/2WJOFaG
► RoosGruppen AB, owned by Swedish tech billionaire Häkan Roos, acquires 33% majority stake in
Synergy Sky AS, Norwegian-made business meeting software, to accelerate its expansion to
international markets
https://bit.ly/2WJOA6S
► Verdane Capital-backed Wrap Software, Sweden-based world-leading software technology for
spectrum management and radio network planning, acquired by Altair, a global technology
company
https://bit.ly/2A9Nolz
► Klarna, Swedish payment services company, acquires Nuji, a UK-based e-retail platform
https://bit.ly/2YQh7dS
► ExproSoft, Norway-based global leader in software solutions for the oil and gas industry, acquired
by Peloton, Canada-based global leader in oil well integrity management, data modelling and
simulation
https://prn.to/2xO7T6A
Growth capital
► Penneo, Danish provider of digital signature software, upsizes IPO to 50 DKK, to list on Nasdaq
First North on 2 June 2020
https://cisn.co/3dCY7nj
► Dazzle Rocks, Finnish developer of a mobile-first scalable MMO game, raises 6,8 USDm in capital
investment round led by Galaxy EOS VC Fund, Spintop Ventures, ByFounders, MTG, Sisu Game
Ventures and private investors Ken Lamb and David Helgason
https://bit.ly/3bdmfLy
► Maitres, Swedish developer of mobile payment app for dine-in restaurants, raises 12 SEKm from
existing investor Spinnaker Ventures and angel investors
https://bit.ly/2yyZi8r
► Relion, Danish startup developing a online scheduling tool, raises capital from serial entrepreneur
Werner Storm Valeur and Vækstfonden
https://bit.ly/2Li2qbg
15 | 28Nordic M&A Tech Refresh
New funds
► Vækstfonden, the Danish state-backed financing fund, to help Danish entrepreneurs and venture
companies amid Covid-19 with 3.400 DKKm through 4 new financing products
https://bit.ly/2WkxxJN
► OMERS launches 750 USDm venture capital fund to back early-stage technology companies – 40%
of funds set to be invested in European tech companies
https://bit.ly/35LdZkR
► Runa Capital launches its third venture capital fund at 157 USDm, targeted deep-tech early-stage
companies seeking Series A funding. Funds could land in Northern Europe through its European
offices
https://tcrn.ch/2YPCiMQ
► Verso Capital launches new 100 EURm sector agnostic fund for carve-outs, joint venture
rearrangements and acquisition acceleration. The fund focuses on investments in Nordics,
Northern-Europe, and DACH markets
https://bit.ly/2A7zLDs
Playbook
► NNIT, Danish provider of IT services for life sciences and other regulated industries, ready for
acquisitions amid Covid-19 with dry powder of more than 1.000 DKKm
https://bit.ly/2znpGC4
16 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 18 (27 apr – 03 may)
Acquisitions, mergers and divestitures
► Goodbye Kansas, Swedish computer game developer, acquired from THQ Nordic by Bublar Group,
Swedish virtual reality gaming company
https://cisn.co/2YsKGlm
Growth capital
► Templafy, Danish global leader in enterprise document creation and automation, raises 25 USDm
in Series C led by Insight Partners
https://prn.to/2WqqwWs
► Platypus, Danish HR tech startup to boost employee retention through cultural alignment, raises
2,5 USDm in a capital investment round led by Mustard Seed MAZE, Vækstfonden, Inventure,
Preseed Ventures, SpeedInvest, Nordic Web Ventures, and various angels
https://bit.ly/3femTLP
► AppGyver, Finnish startup developing a visual drag-and-drop enterprise programming tool, raises
2 EURm in a capital investment round led by Karma Ventures, OpenOcean, and various angels
https://bit.ly/2YsToQH
► Strise, Norwegian AI startup developing a data platform for enterprise financial institutions, raises
1,4 EURm in seed funding by Maki.vc, Tim Bolte, and existing angels
https://bit.ly/3bZHJg7
► Logmore, Finnish datalogging pioneer, raises 4,5 EURm in Series A led by NordicNinja,
Icebreaker.VC, Trind Ventures, Trekton Ventures, and Jaakkoo-Taara
https://bit.ly/3fddRyN
New funds
► Icebreaker.VC, Finnish pre-seed venture fund, announces its second fund at 50 EURm targeted at
tech companies with deep domain expertise
https://bit.ly/2VXOMQF
Playbook
► Enea, Swedish provider of cloud-native software for telecoms, continues to seek acquisitions to
strengthen its market position and long-term earning capacity
https://bit.ly/3bXTHXu
17 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 17 (20 apr – 26 apr)
Acquisitions, mergers and divestitures
► ProActive A/S, Danish digital workplace and managed cloud service provider, acquired by FSN
Capital Partners-backed Fellowmind, an international Netherlands-based Microsoft solutions
provider
https://bit.ly/358BDYb
► Conscriptor AB and Max Manus Group acquired and merged by Verdane to form a 23 EURm Nordic
HealthTech group specialized in technologically-driven transcription services and speech
recognition
https://bit.ly/2x9GkV7
► Amesto Consulting, Norwegian provider of IT consultants, acquired by Prodata Consult, Nordic
leader in the space
https://bit.ly/2Y62gvj
► NextIOT, Danish provider of end-to-end IoT Solutions for machine builders, acquired by New York-
based ei3 to expand its presence in Europe
https://bit.ly/3cPmRYO
► Korta, Icelandic payment service software and hardware supplier, acquired from Kvika by Rapyd, a
UK-based mobile payment company
https://bit.ly/2x9GmfH
► LJ System, Swedish provider of church and preschool-related administration software, acquired
by Vitec
https://cisn.co/2Y4JpAH
► Stilfront Group, Swedish games holding company, acquires Candywriter, a US-based mobile game
developer and publisher
https://bit.ly/2yNCYaU
Growth capital
► Lendify, Swedish provider of consumer loans, raise 148 SEKm through a new share issue, at a pre-
money valuation of 1500 SEKm
https://cisn.co/2VF5Qe4
► Capdesk, Danish London-based equity management platform, raises 25 DKKm in Series A led by
Fuel Ventures and various family offices
https://bit.ly/2VEWIpY
► DbVis, Swedish provider of database management software, raises 5,3 EURm in capital
investment round led by Industrifonden and Fairpoint Capital
https://bit.ly/3bFBkX9
► Reworks, Finnish mobile game studio, raises 4 EURm in capital investment round led by EQT
Ventures, with support from Play Ventures and private investor Anton Gauffin
https://bit.ly/2VEWJdw
18 | 28Nordic M&A Tech Refresh
► Nordic API Gateway, Danish open banking platform, raises 4,6 EURm in internal funding round led
by its partners Danske Band and DNB, to kickstart European expansion
https://bit.ly/2yND02w
► Bokio, Swedish AI-powered accounting tool for SME’s and freelancers, has raised 7,4 EURm in
internal funding round from Creandum, Svea Ekonomi, business angels, and founders, and merges
with Swedish competitor Red Flag
https://bit.ly/3aEbrpl
► Shoreline, Norwegian wind SaaS simulation and workflow management platform, raises 4 USDm in
Series A led by Ingenious, with participation from existing investors Blue Bear Capital, Alliance
Venture and Investinor
https://bit.ly/2KALJYm
► Bookis, Norwegian marketplace for used books, raises 12 NOKm from Schibsted Growth
https://bit.ly/2Y7HNpS
► Tractr, Finnish startup developing a software solution for real estate, raises 1,9 EURm in capital
investment round led by Lifeline Ventures, with participation from existing investors Halton and
Reaktor Ventures
https://bit.ly/357VmqW
19 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 16 (13 apr – 19 apr)
Acquisitions, mergers and divestitures
► SuperOffice, Norwegian SaaS CRM provider, acquired by Axcel
https://bit.ly/34Tz38f
► Nitro Games, Finnish game developer, sells share majority to Nordisk Film for 45 SEKm
https://bit.ly/2wR7Fv9
► Siili Solutions, Finnish software company, to sell its minority stake in RoboCorp, Finnish robotics
software house, to Benchmark Capital, Slow Venture, and Firstminute Capital
https://bit.ly/2XTTNLs
► Cyber Security 1 AB, Swedish cybersecurity company, hands back Greek and Turkish businesses
to Itway S.p.A after unsuccessful acquisition in late 2018. Itway to re-sell activities to Cognosec
https://reut.rs/3ap6Qal
► Marlin-backed Puzzel, Norwegian provider of cloud-based contract centre solutions, acquires
U-WFM, UK-based workforce management and optimization software provider
https://bit.ly/2KiPpxC
► Cloud Explorers, Norwegian big data management platform for analytics, acquired by
SpectrumOne, Swedish sales- and communication-improvement platform for marketers
https://cisn.co/2KiH79e
Growth capital
► Dirac, Swedish audio tech firm, raises 60 SEKm from Inbox Capital AB, Swedia Capital, and DIG
Investment
https://bit.ly/2ysrcSO
► Superplus Games, Finnish startup developing mobile games, completes 4,7 USDm capital
investment round led by Makers Fund, Sisu Games Ventures, and Business Finland
https://bit.ly/3cy9I6z
► Virta, Finnish electric vehicle charging platform, announces an undisclosed investment agreement
with JXTG, a Japan-based oil company
https://bit.ly/2VF5cft
► Tyme Wear, Icelandic startup developing tech-driven wearables for sports, announces 200 ISKm
capital investment led by New Business Venture Fund / Nýsköpunarsjóður
https://bit.ly/3blGQ17
20 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 15 (06 apr – 12 apr)
Acquisitions, mergers and divestitures
► Specter AB, Swedish provider of cloud-based ERP and e-commerce solutions for SMBs, acquired
by Visma
https://bit.ly/3aYlqXA
► Futunio Oy, Finnish provider of software services to trade union and unemployment funds,
acquired by Total Specific Solutions (TTS) a subsidiary of Constellation Software Inc
https://bit.ly/34tpnBf
► Suomen Hostingpalvelu, Finnish provider of hosting services, acquired by Loopia Group, Swedish
internet services supplier
https://bit.ly/2ybhuEd
► Stockholm Internet eXchange, Swedish provider of interconnections between internet service
providers, acquired by GleSYS backed by VIA Equity, a Swedish hosting company
https://bit.ly/3ehXyjC
► Zoopit, Norwegian provider of logistical solutions, sells founder shares to logistical subsidiary of
media giant Schibsted, who now owns 75% of the company
https://bit.ly/2JVLsyH
Growth capital
► QuietOn, Finnish startup for noise-cancelling earbuds, raises 4,5 EURm in Series A led by Business
Finland and other business angel investors
https://bit.ly/3eenhtf
► OGOship, Finnish e-commerce logistics services company, raises 1,5 EURm in investment round
led by MAKI VC
https://bit.ly/2yTUpXe
► Mindler, Swedish mental health platform, raises 85 SEKm in Series A led by Ventech and Schibsted
Growth
https://bit.ly/2K0BmN3
► Instabox, Swedish e-commerce logistics tech company, raises 36 EURm by CREADES and CORDET,
at a 100 EURm valuation
https://bit.ly/2yUFvQv
► Tipio, Norwegian consumer-driven marketplace for group purchases, raises 2,5 NOKm via equity
crowdfunding campaign on Folkeinvest
https://bit.ly/34s042u
► Kreditz, Swedish credit score platform, raises 19 SEKm in capital investment round led by Segulah
Venture, Salénia, Pamir Invest and angel investors
https://bit.ly/2VlgTbc
21 | 28Nordic M&A Tech Refresh
► Nordetect, Danish producer of hardware and data management systems for precision agriculture,
has completed its capital investment round led by SOSV, Rockstart, PreSeed Ventures, and
Luminate Venture Corp
https://bit.ly/2yOvEeU
► ClimateView, Swedish developer of software platform for environmental-related data, raises 2,3
EURm in capital investment round led by Norrsken Foundation, Nordic Makers, Max Ventures, and
CGV Capital
https://bit.ly/2XtBGMd
► Cellink, Swedish 3D bioprinting company, to start trading on NASDAQ’s main list as of April 20,
2020
https://bit.ly/3c9GudW
New funds
► Index Ventures announces 2 USDbn in new funds for early-stage and growth investments, some of
which could go to Nordics
https://bit.ly/2xfrMDw
► Blossom Capital launches angel investment and mentorship network for early-stage startups
across Europe
https://bit.ly/2yWTx4h
22 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 14 (30 mar – 05 apr)
Acquisitions, mergers and divestitures
► Alfa Kommun & Landsting AB and Safe Care Svenska AB, Swedish eHealth software group, sells
majority stake to Main Capital Partners
https://bit.ly/2x3Lt0P
► Tink, Swedish open banking platform, acquires Madrid-based account aggregation provider,
Eurobits Technologies
https://bit.ly/3dVP29Q
► PDSVISION, Swedish provider of digital transformation software solutions and services, to sell
majority stake to CapMan. PDSVISION to engage in organic and inorganic growth going forward
https://bit.ly/2xPFE7n
► Cinven-backed, One.com, Danish web hosting service provider, to acquire Amsterdam-based
Hostnet BV
https://bit.ly/2xNHANy
► Bruce, Swedish subscription service for fitness studios, acquires Norwegian competitor Combine
https://bit.ly/3aL90Cq
► Pixerymedia, Swedish creator of digital real estate software solutions, sells majority stake to
Wellstreet
https://bit.ly/349CDLd
► Rentmate, Icelandic rental platform, acquired by Dutch competitor HousingAnywhere
https://bit.ly/3aIqC1O
► Draftit, Swedish Legaltech company, sells majority stake to Visma, Norwegian software
conglomerate
https://bit.ly/2x7zZt4
► Nordic Capital-backed, Signicat, Norwegian provider of a digital identity platform, acquires
Netherland-based competitor Connectis
https://bit.ly/3c4fEUH
23 | 28Nordic M&A Tech Refresh
Growth capital
► Lunar, Danish digital provider of financial services, receives 20 EURm funding in Series B led by
SEED Capital, Greyhound, Socii, and Chr. Augustinus Fabrikker
https://bit.ly/2X8S2da
► Indó, Icelandic local ‘bank challenger’ completes 1 EURm seed funding over three rounds since
2018
https://bit.ly/2V2hKxk
► PodMe, Swedish podcast platform, receives 21 SEKm investment from Schibsted and Gorilla
Capital
https://bit.ly/39KzXEW
► Hack Your Closet, Swedish circular subscription service for clothes, raises 4,2 SEKm in funding
round led by Luminar Ventures, DHS and angel investors
https://bit.ly/2K0yIa5
Playbook
► Telavox, Swedish communication platform developer, looking for further acquisition in new and
existing markets
https://bit.ly/2RcNdM9
► C2IT, Danish provider of ERP solutions and IT services, to look for additional acquisitions following
COVID-19
https://bit.ly/2UJvRsn
► Report from Startup Genome estimates a 28 USDm reduction in global startup investments for
2020 due to COVID-19
https://bit.ly/2Reimi9
► DXC to close hardware business of its EG A/S Service Business acquisition in 2019
https://bit.ly/39HuHSA
24 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 13 (23 mar – 29 mar)
Acquisitions, mergers and divestitures
► Aksess Innkjøp, Norwegian provider of e-tendering platform, acquired by PE Viking Venture-
backed Mercell
https://bit.ly/3athEW3
► Grazper, Danish AI-driven 3D visualization, acquired by Yokogawa, a Japanese industrial
automation conglomerate
https://bit.ly/2wD2ChQ
► Queue-it, Danish provider of virtual waiting room services, sells 75% stake to Gro Capital
https://bit.ly/3bzXBoV
Growth capital
► Humio, Danish London-based time-series logging and aggregation platform, receives 138 DKKm
investment from Accel and Dell Technologies Capital
https://bit.ly/2Jpa3vO
► Cognibotics, Swedish developer of precision improvement robotics software, receives 40 SEKm in
Series A by Tibia and Fairpoint Capital
https://bit.ly/2UJM1Rl
► Nextory, Swedish audiobook and e-book subscription service, receives 60 SEKm from existing
investors Industrifonden, LK Finans AB, ACACIA, and Frescano Group
https://bit.ly/3dExkYw
► Ingrid, Swedish SaaS solution for e-commerce shipping providers, receives 12,3 SEKm investment
from Blq Invest
https://bit.ly/3dx0YyR
► Ingenium Golf, Danish golf club digitalization platform, receives 3,1 DKKm investment
https://bit.ly/2yiAGAb
► CollectiveCrunch, Finnish-German provider of AI-driven forestry platform, receives 500 EURm
investment from European Space Agency (ESA)
https://bit.ly/2QRXmxJ
► NewBanking Identity, Danish develop of identify platform, receives 1,7 EURm funding from
Vækstfonden and Scale Capital
https://bit.ly/2RaYYTc
25 | 28Nordic M&A Tech Refresh
New funds
► Skagerak Maturo, Norwegian early-stage VC firm, to invest 500 NOKm in tech companies
following current COVID-19 crisis through its fifth fund
https://bit.ly/3arqLXl
► Skyfall Ventures, Norwegian early-stage VC firm, to invest 50 NOKm for its first venture fund
https://bit.ly/3asSbfk
► Almi, Swedish state-owned business development and investment firm, receives 3.000 SEKm in
additional funds to support startups and SME’s
https://bit.ly/3bAOG6M
Playbook
► VC firms, Creandum, EQT Ventrues and Northzone to continue investments amidst COVID-19
https://bit.ly/3at9wVk
► HG-backed IT Relation, Danish IT-infrastructure outsourcing service provider, to continue its
organic and inorganic growth plans after 12 successful acquisitions
https://bit.ly/3bwzxTS
► Gro Capital looking for more tech acquisitions following COVID-19
https://bit.ly/2wJ2Fsc
26 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 12 (16 mar – 22 mar)
Acquisitions, mergers and divestitures
► Holte, Norwegian construction software company, acquired by Danish software conglomerate EG
A/S
https://bit.ly/2Qzyrik
► Hubso AB, Swedish influencer branding platform, acquired by Orgo Tech AB for 6,9 EURm
https://reut.rs/2wuCBkr
► Teston AS, Norwegian provider of user testing software, acquired by UserTesting Inc.
https://bit.ly/397ZEif
► ALMA Consulting Oy, Finnish developer of information management software, acquired by Vitec
Software Group AB
https://cisn.co/3aeulUC
Growth capital
► Oura, Finnish developer of health and sleep tracking ring, raises 28 USDm in Series B from
Gradient Ventures, Square and Forerunner Ventures
https://tcrn.ch/39erYQa
► Bilot, SAP and Microsoft enterprise applications and software solutions developer, starts trading
on Nasdaq First North Growth Market Finland
https://bit.ly/2vKv94y
► Mainframe Industries, a pan-Nordic gaming studio, raises 7,6 EURm in Series A for cloud-native
MMO
https://bit.ly/33EVduw
► Kundo, Swedish developer of digital customer service software, receives 50 SEKm investment
from Standout Capital
https://bit.ly/2xf6qWj
► Papirfly, Norwegian provider of Brand Activation Management software, has partnered with
Standout Capital for a 33% stake, to leverage Norwegian, Danish and UK markets and accelerate
international expansion
https://bit.ly/2y0hfMo
Playbook
► EG A/S, Danish software conglomerate, to build new division for software solutions after their
acquisition of Holte and CalWin
https://bit.ly/2xiqBT8
27 | 28Nordic M&A Tech Refresh
Selected deals: 2020 Week 11 (9 mar – 15 mar)
Acquisitions, mergers and divestitures
► Inspari A/S, a Danish Business Intelligence firm, has been partly acquired by Blue Equity
https://bit.ly/3dl370q
► Tocoman, provider of accounting software for construction, acquired by Admincom Finland Oy for
EUR 10m
https://bit.ly/2QDiWpn
► Framsikt AS, Norwegian provider of web-based products for municipalities, acquired by Visma
https://bit.ly/3apJrGU
► Shibuya Crossing, Swedish data center expert, has merged with Pulsen, Swedish IT operation
company, to form a leading company for business-critical IT solutions
https://bit.ly/3a6DIpb
Growth capital
► Fuzu, Finnish career platform, raises 3,4 EURm in a Series A funding round led by Sparkmind.vc
https://bit.ly/2Ualz4f
► Haltian, Finnish IoT product development company, raises 9 EURm by Inventure, Ilmarinen, Nordic
Option and a group of private investors through investment service SijoittajaPRO, including Head
Invest
https://cisn.co/33DoZ2t
► Aibidia, Helsinki-based transfer pricing platform, raises 4,2 EURm to help companies digitalize
international tax
https://bit.ly/3bjksVK
► Brandpad, Oslo-based cloud-based platform for managing brand portfolios, raise 0,3 EURm to help
companies boost their brands
https://bit.ly/2QD4r4T
New funds
► Sparkmind.vc, Helsinki-based VC, is launching a EUR 40m Edtech fund focused on Northern
Europe
https://bit.ly/2Ualz4f
Playbook
► Polaris Private Equity-backed ProData Consult are looking for new acquisitions after a strong
2019
https://bit.ly/3dlzxrx
► HiQ, the progressive Swedish-based digital transformation company, are looking to complement
organic growth through Nordic acquisitions
https://cisn.co/39cf45l
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