Nordic M&A Tech Refresh Selected deals: Updated 09.05/2021

Updated every Monday morning, here

1 | 88 Nordic M&A Tech Refresh

Contents Selected deals: 2021 Week 18 (03 may – 09 may) 4 Selected deals: 2021 Week 17 (26 apr – 02 may) 5 Selected deals: 2021 Week 16 (19 apr – 25 apr) 7 Selected deals: 2021 Week 15 (12 apr – 18 apr) 9 Selected deals: 2021 Week 14 (5 apr – 11 apr) 11 Selected deals: 2021 Week 12-13 (22 mar – 4 apr) 13 Selected deals: 2021 Week 11 (15 mar – 21 mar) 15 Selected deals: 2021 Week 10 (08 mar – 14 mar) 17 Selected deals: 2021 Week 09 (01 mar – 07 mar) 18 Selected deals: 2021 Week 08 (22 feb – 28 feb) 20 Selected deals: 2021 Week 06-07 (08 feb – 21 feb) 21 Selected deals: 2021 Week 05 (01 feb – 07 feb) 23 Selected deals: 2021 Week 04 (25 jan – 31 jan) 24 Selected deals: 2021 Week 03 (18 jan – 24 jan) 26 Selected deals: 2021 Week 02 (11 jan – 17 jan) 28 Selected deals: 2021 Week 01 (01 jan – 10 jan) 29 Selected deals: 2020 Week 51-53 (14 dec – 31 dec) 31 Selected deals: 2020 Week 50 (07 dec – 13 dec) 33 Selected deals: 2020 Week 49 (30 nov – 06 dec) 35 Selected deals: 2020 Week 48 (23 nov – 29 nov) 37 Selected deals: 2020 Week 47 (16 nov – 22 nov) 38 Selected deals: 2020 Week 46 (09 nov – 15 nov) 40 Selected deals: 2020 Week 45 (02 nov – 08 nov) 41 Selected deals: 2020 Week 44 (26 oct – 01 nov) 42 Selected deals: 2020 Week 43 (19 oct – 25 oct) 44 Selected deals: 2020 Week 42 (12 oct – 18 oct) 46 Selected deals: 2020 Week 41 (05 oct – 11 oct) 47 Selected deals: 2020 Week 40 (28 sep – 04 oct) 49 Selected deals: 2020 Week 39 (21 sep – 27 sep) 50 Selected deals: 2020 Week 38 (14 sep – 20 sep) 51 Selected deals: 2020 Week 37 (07 sep – 13 sep) 52 Selected deals: 2020 Week 36 (31 aug – 06 sep) 53 Selected deals: 2020 Week 35 (24 aug – 30 aug) 55 Selected deals: 2020 Week 34 (17 aug – 23 aug) 57 Selected deals: 2020 Week 33 (10 aug – 16 aug) 59 Selected deals: 2020 Week 32 (03 aug – 09 aug) 60

2 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 31 (27 july – 02 aug) 61 Selected deals: 2020 Week 30 (20 july – 26 july) 62 Selected deals: 2020 Week 29 (13 july – 19 july) 63 Selected deals: 2020 Week 28 (06 july – 12 july) 64 Selected deals: 2020 Week 27 (29 june – 05 july) 65 Selected deals: 2020 Week 26 (22 june – 28 june) 66 Selected deals: 2020 Week 25 (15 june – 21 june) 67 Selected deals: 2020 Week 24 (08 june – 14 june) 68 Selected deals: 2020 Week 23 (01 june – 07 june) 69 Selected deals: 2020 Week 22 (25 may – 31 may) 71 Selected deals: 2020 Week 21 (18 may – 24 may) 72 Selected deals: 2020 Week 20 (11 may – 17 may) 73 Selected deals: 2020 Week 19 (04 may – 10 may) 75 Selected deals: 2020 Week 18 (27 apr – 03 may) 77 Selected deals: 2020 Week 17 (20 apr – 26 apr) 78 Selected deals: 2020 Week 16 (13 apr – 19 apr) 80 Selected deals: 2020 Week 15 (06 apr – 12 apr) 81 Selected deals: 2020 Week 14 (30 mar – 05 apr) 83 Selected deals: 2020 Week 13 (23 mar – 29 mar) 85 Selected deals: 2020 Week 12 (16 mar – 22 mar) 87 Selected deals: 2020 Week 11 (9 mar – 15 mar) 88

3 | 88 Nordic 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

4 | 88 Nordic 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

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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

6 | 88 Nordic 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

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► 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

8 | 88 Nordic 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

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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

10 | 88 Nordic 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

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► 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

12 | 88 Nordic 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

13 | 88 Nordic 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

14 | 88 Nordic 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

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► 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

16 | 88 Nordic 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

17 | 88 Nordic 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

18 | 88 Nordic 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

19 | 88 Nordic 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

20 | 88 Nordic 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

21 | 88 Nordic 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

22 | 88 Nordic 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

23 | 88 Nordic 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

24 | 88 Nordic 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

25 | 88 Nordic 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

26 | 88 Nordic 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

27 | 88 Nordic 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

28 | 88 Nordic 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

29 | 88 Nordic 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

30 | 88 Nordic 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

31 | 88 Nordic 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

32 | 88 Nordic 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

33 | 88 Nordic M&A Tech Refresh

Growth capital

► Contractbook, Denmark-based provider of digital contract management software, raises 9,4 USDm in its Series A, led by Bessemer Venture Partners, with participation from existing investors Gradient Ventures and byFounders https://bit.ly/3477ZDa

► Teamway, Denmark-based developer of a B2B marketplace for remote teaming, raises 2,75 DKKm from Bumble Ventures, Vækstfonden and Jakob Østergaard https://bit.ly/3a76f0F

► GetAccept, Sweden-based developer of an all-in-one remote selling platform, raises 130 DKKm in its Series B from Bessemer Venture Partners https://bit.ly/3oS5LzN

► Stillfront, Sweden-based gaming powerhouse behind 16 game studios, secures 365 EURm from DNB Bank, Nordea and Swedbank to continue its acquisition strategy https://bit.ly/3847hYy

► Rundit, Finland-based startup developing a platform for VC portfolio management, raises 1 EURm in seed funding from two new angel investors, including Pierre Weimerskirch, board member of several PE and VC funds and the LPEA Luxembourg Private Equity Association https://bit.ly/2IOTzQW

► Tink, Sweden-based open banking platform pioneer, raises 85 EURm in additional funding from Eurazeo Growth, to fuel its continued expansion and development https://bit.ly/3gV93zz

34 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 49 (30 nov – 06 dec)

Acquisitions, mergers and divestitures

► Improsec, Denmark-based IT security consultancy, acquired by Hg-backed IT Relation. Improsec will continue to operate under its own name, but be a central part of IT Relation’s new Cyber Security Services division https://bit.ly/39MtVqY

► Loxysoft, Sweden-based provider of software systems for contact centers, telemarketing and workforce management, acquired by LeadDesk, Finland-based European leader of telesales software for sales and customer service. The acquisition will give LeadDesk an even stronger foothold in Sweden and Norway https://cisn.co/3gm9xy7

► TimeEdit, Sweden-based developer of a flexible cloud-based academic scheduling and planning tool, acquired by Monterro, a leading Nordic growth investor in B2B software companies https://bit.ly/3lO9yMo

► dk Hugbunaour, Iceland-based provider of business solutions and accounting software for the Icelandic SME-market, acquired by Total Specific Solutions, Netherlands-based European provider of vertical market software solutions https://bit.ly/2VMTpw5

► Sensa, Iceland-based provider of hosting, cloud management, operation services, communication and security solutions, acquired by Crayon, Norway-based global leader in digital transformation https://bit.ly/39Mgyad

Growth capital

► Flowrite, Finland-based AI-powered writing tool, raises 0,55 EURm in pre-seed funding from Lifeline Ventures, Seedcamp and business angels https://bit.ly/3qBfNGS

► Elias, Sweden-based adaptive game audio and music software platform, raises 36 SEKm from GP Bullhound to fuel its product development and international expansion https://bit.ly/36OgHbl

► ReceiptHero, Finland-based digital receipt FinTech startup, raises 2 EURm in seed funding from Lifeline Ventures, Superhero Capital, and Vidici Ventures. The funding strengthens their position to meet Finland’s compulsory digital receipts by 2025 https://bit.ly/3qA8vTN

► Ultimate.ai, Finland/German-based startup building a AI-powered virtual customer service agent automation platform, raises 20 USDm in Series A from new investors OMERS Ventures, Felicis Ventures and existing investors HV Capital and Maki.vc https://bit.ly/2JZzjwg

► AlexisHR, Sweden-based SaaS developer of HR software, raises 12 SEKm from Alliance Venture https://bit.ly/2LdwdVX

► SuperNormal, Sweden-based remote-first startup developing a video collaboration software tool, raises 2 USDm from EQT Ventures and business angels https://bit.ly/33Po54n

35 | 88 Nordic M&A Tech Refresh

New funds

► European Investment Bank Group (EIB Group) reveal new 150 EURm financing instrument to support early-stage and growth-stage AI (and related) tech companies across Europe in co- investments alongside funds backed by the European Investment Fund (EIF) https://bit.ly/3lNVKSd

36 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 48 (23 nov – 29 nov)

Acquisitions, mergers and divestitures

► Profit Software, Finland-based software and IT consultancy in the bank and insurance industry, acquired by Volpi Capital https://bit.ly/39lr2gG

Mercell, Norway-based leading European provider of e-tendering and e-procurement software, acquires Visma Commerce activities, to create a leading European provider of public e- procurement https://bit.ly/37gXk9X

► DQC, Sweden-based Microsoft modern workplace IT consultancy, acquired by FSN Capital-backed Fellowmind, Netherlands-based European digital technology leader. DQC will join forces with Felowminds’ Orango and Endeavour business units in Sweden https://bit.ly/3o7vkfL

► Kahoot, Norway-based leading EdTech learning platform, acquires Drops, Estonia-based mobile language learning platform, to expand its global learning platform into language learning https://prn.to/3fQYmNU

Growth capital

► Wayd, Norway-based startup building a mobile-based photo sharing social network, raises 3,5 NOKm from Innovation Norway, Seamless OU, Acini Capital, Bluefield AS and Bredvid AS https://bit.ly/3mm4IHt

New funds

► Blq Invest, Sweden-based investment fund, raises 200 SEKm in its first fund, to invest in Swedish early-stage tech startups https://bit.ly/2JcZ4ZY

37 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 47 (16 nov – 22 nov)

Acquisitions, mergers and divestitures

► QuickOrder, Denmark-based provider of software solutions for restaurants, merges with its Norwegian competitor, WeOrder, to form a new Nordic leader in the space. The companies will operate under the QuickOrder name going forward https://bit.ly/39dOI6m

► Embracer Group, Sweden-based parent company for game development and publishing companies, acquires 13 different game studios in one day, with the help from EY https://bit.ly/3kUOYcS

► Spacemaker, Norway-based provider of AI software for urban development, backed by Atomico, Northzone and more, was acquired by Autodesk, the U.S. publicly listed software and services company that targets engineering and design industries https://tcrn.ch/2HnM6Ya

► Ditmer, Denmark-based IT consultancy and software provider, acquired by Visma, Norway-based European leader in cloud business solutions https://bit.ly/3nK4U3q

► KlarPris, Denmark-based digital procurement system for technical installers such as electricians and plumbers, acquired by Danish private equity fund, Adelis Equity Partners https://bit.ly/2UOu9oG

► Nuuka, Finland-based market-leading PropTech software provider for the real estate industry, sells 20% stake to Finland’s largest construction company, YIT https://bit.ly/39aA1B9

► C2IT, Denmark-based Microsoft IT consultancy and software developer, acquires Nplus, Denmark- based Microsoft IT consultancy https://bit.ly/3m8s2sd

Growth capital

► Madden Analytics, Sweden-based analytics software developer for e-commerce, raises 4,8 SEKm from private investors and matched by Almi Invest https://bit.ly/2J1apfa

► Yourpay, Denmark-based e-commerce payment solution, raises 13 DKKm from existing investor Artha https://bit.ly/3fq0agg

► ShiftX, Norway-based SaaS startup providing a collaboration tool for visualizing business operations, raises 15,3 NOKm from Alliance Venture, Skagerak Maturo, and angels https://bit.ly/3kWzghc

► Unikie, Finland-based deep tech startup providing automatic driving software, raises 12 EURm from CapMan Growth and Tesi. The round will be used to expand its software internationally https://bit.ly/2IZSbef

38 | 88 Nordic M&A Tech Refresh

► Juni, Sweden-based developer of a banking app and platform for e-commerce and online marketing entrepreneurs, raises 2,1 EURm in seed funding from Cherry Ventures https://tcrn.ch/2IY7WSK

► Bygr, Norway-based SaaS developer of a communication and collaboration tool for the construction industry, raises 10 NOKm from new and existing investors, including AF Eindom, Construct Ventures, and Grand Invest https://bit.ly/3pSpMri

► Avassa, Sweden-based developer of distributed edge cloud management software, raises 60 SEKm from Fairpoint Capital and Industrifonden. Proceeds will be used for accelerating the development of company's Platform-as-a-Service (PaaS) for managing massively distributed edge clouds for container applications https://bit.ly/33b9Tm2

New funds

► CapMan, Nordic private equity firm, closes its second growth fund at 97 EURm. CapMan Growth targets Nordic growth companies with a turnover of 5 to 100 EURM, through minority investments. Investments range in size from 3 to 20 EURm https://bit.ly/399Fg42

39 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 46 (09 nov – 15 nov)

Acquisitions, mergers and divestitures

► Pointsharp, Sweden-based Identity and Access Management solution provider, sells 60% stake to Main Capital, Netherlands-based private equity fund. Together with Main Capital, the company will focus on an organic growth strategy of strengthening the partner network for further international expansion, complemented with smart strategic acquisitions focused on created a leading security player in North-Western Europe https://bit.ly/3lzdBwT

► eSmiley, Denmark-based software provider for digital self-monitoring and compliance within food safety, acquired by VIA Equity along with the management team in an MBO. Plans are to accelerate growth and expand international footprint https://bit.ly/3pqylJD

► Spotify, Sweden-based leading global music streaming platform, plans to acquire Megaphone (formerly Panoply Media), US-based leading provider of podcasting technology for publishers and advertise. The acquisition further strengthens Spotify’s advancement in the podcast vertical https://bit.ly/2UwRZoS

► EQT-backed Tia Technology, Denmark-based provider of software solutions for Property & Casualty insurers as well as Life and Pension, Health, acquired by Sapiens, Israel-based leading provider of software solutions for the insurance industry https://bit.ly/3nua9nY

► NiSec, Norway-based provider of data security services, acquired by FSN-backed Nordlo Sweden- based provider of IT infrastructure, cloud services and digitalization solutions. The acquisition helps Nordlo expand its operations in Norway and give NiSec customers access to Nordlo services https://bit.ly/3npgOj6

► TimeLog, Denmark-based provider of professional services automation software solutions, acquired by Viking Venture, a leading software investor in the Nordics. The investment will accelerate TimeLog’s European expansion https://bit.ly/32OY3xB

Growth capital

► IQM. Finland-based developers of superconducting quantum computers, raises 39 EURm in its Series A, led by MIG Fonds, with participation from Tencent, Vsquared, Salvia, Santo Venture Capital, and existing investors Tesi, OpenOcean, Maki.vc, Vito Ventures, and Matadero QED. The funding will accelerate hardware development and help co-design application-specific solutions for clients https://bit.ly/3lCWme3

► Linear, Finland-based PropTech startup developing a marketplace that includes realtors, raises 1,1 EURm by Innovestor Ventures, Superhero Capital, and more, in seed funding to further develop its SaaS tool and expand into new markets https://bit.ly/2UyidqY

► Covr, Sweden-based developer of mobile security solutions, raises 20,7 SEKm from undisclosed investors https://bit.ly/35yQX2g

40 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 45 (02 nov – 08 nov)

Acquisitions, mergers and divestitures

► EG A/S, Denmark-based vertical software provider, acquires Capto A/S, Denmark-based LegalTech company providing software solutions for lawyers and organizations https://bit.ly/36fHcFh

► EG A/S, Denmark-based vertical software provider, acquires Prosedo A/S, Denmark-based PropTech company providing software solutions for housing and property administration in Denmark https://bit.ly/38pezI7

► EQT-backed IFS, Sweden-based provider of enterprise software, acquires Clevest Solutions, Canada-based software provider to energy and water utility companies https://bit.ly/2UjAw3r

► Hiddn Solutions-owned Arribatec, Norway-based global provider of integrated ERP and CPM solutions, acquires Innit, Norway-based DevOps-driven software and IT development platform services https://bit.ly/3lc9uXt

Growth capital

► Cooler Future, Finland-based FinTech developing a climate impact investing app, raises 1,4 EURm from Lifeline Ventures, Nordic Makers, Purple Orange Ventures and angels https://bit.ly/3n2L7Mj

► inRiver, Sweden-based leading provider of production information management software, raises 32 USDm from Lugard Road Capital, to support its growth, continue product development, and expand internationally https://bit.ly/3p65NF0

► Light Brick Studio, Denmark-based gaming studio and LEGO-spin off, raises 1 EURm from LEGO’s venture arm, Lego Ventures https://bit.ly/3lbNufj

► Ezeride, Sweden-based startup developing a carpooling mobile app, secures an undisclosed strategic investment from Mekonomen Group https://bit.ly/2Ilj9fx

41 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 44 (26 oct – 01 nov)

Acquisitions, mergers and divestitures

► Cinven-backed, One.com, Denmark-based leading hosting provider in Northern Europe, acquires Zoner Oy, Finland-based hosting provider, adding their sixth acquisition in 2020 https://bit.ly/3oPoD2U

► Danoffice IT, Denmark-based IT infrastructure solutions, equipment and managed solutions, acquires Npvision Group A/S (NPV), Denmark-based provider of used IT-equipment to corporate and public customers domestically and internationally https://bit.ly/2TPHAEl

► MaintMaster Systems AB, Sweden-based provider of a cloud-based computerized maintenance management system (CMMS) for manufacturing companies, acquired by Monterreo Software Investment from Almi Invest https://bit.ly/322s4d2

► Klarna, Sweden-based European-leading FinTech, acquires Woila, Sweden-based online price checker that improves post-purchase shopping experience by exercising price guarantees and vouchers https://bit.ly/2Gmzznw

► Stillfront Group, Sweden-based independent games creator and publisher, acquires Everguild, UK- based game studio operating in UK and Spain https://bit.ly/2TMSf2A

Growth capital

► Nansen AI, Norway-based blockchain-based crypto analytics platform developer, raises 1,2 USDm from Skyfall Ventures, Mechanism Capital, Robot Ventures, Volt Capital, Fabric Ventures and angels https://bit.ly/388tpCG

► Cognite, Norway-based SaaS developer of an DataOps and AI-platform used for full-scale digital transformation of asset-intensive industries, raises 75 USDm from Accel for product development and market expansion https://bwnews.pr/35XPcdE

► Stratsys, Sweden-based cloud-based platform for governance and strategic planning, execution and evaluation, adds Verdane as investors in exchange for a minority stake https://bit.ly/3oX3Gn0

► Eloomi, Denmark-based HR-platform for managing employee feedback, learning and development, raises 45 DKKm from Kennet Partners and Vækstfonden, to be used for intensifying its ongoing expansion in UK and USA https://bit.ly/2JsPEJt

► Kodit.io, Finland-based PropTech startup using tech to speed up housing market sales, raises 100 EURm from NREP to acquire new properties, scale existing market position in Finland, Spain and Poland, as well as enter new markets https://bit.ly/3ehowbR

42 | 88 Nordic M&A Tech Refresh

► AppFollow, Finland-based provider of mobile app management and analytics platform, raises 5 USDm in its Series A led by Nauta Capital, to be used for expanding its all-in-one app management platform globally https://bit.ly/382RPxM

► Nortical (previously EVLedger), Sweden-based provider of battery performance and health estimation software, raises 12 SEKm from Norrsken VC, Almi Invest, E14 Invest and Jelly Invest https://bit.ly/35XRmdz

New funds

► PreSeed Ventures launches its 265 DKKm PSV Tech01 venture fund focused on backing pre-seed stage and early-stage tech startups in Denmark and Southern Sweden https://bit.ly/3edgcty

43 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 43 (19 oct – 25 oct)

Acquisitions, mergers and divestitures

► GRO Capital sells Boyum IT Solutions, Denmark-based global leader in SAP-based manufacturing, warehouse and usability software solutions, to European mid-market private equity tech investor, Volpi Capital https://bit.ly/3orcPDN

► Knowit, Nordic digital consultancy, acquires Creuna, Nordic-leading customer experience agency, to merge with Knowit Experience to form the largest digital agency in the Nordic region https://bit.ly/34syKms

► Vitec, Sweden-based Nordic provider of vertical software solutions, acquires NexGolf, Finland- based provider of enterprise-management solutions for golf courses https://cisn.co/35wGsuX

► Proact, Sweden-based data centre and cloud services provider, acquires Cetus Solutions, UK- based cloud and workplace specialist, to expand market presence in UK https://cisn.co/31G9ffE

Growth capital

► Depict.ai, Sweden-based SaaS solution for e-commerce product recommendations, raises 2,8 USDm from Initialized, EQT Ventures, Northzone and business angels https://bit.ly/3jBajHP

► Decisions, Norway-based SaaS Office 365/Teams add-in solution for streamlining meetings, raises additional capital from existing investors Skagerak Maturo, Holta Invest, and new investor Idekapital, to fuel expansion and product development https://bit.ly/31E78bY

► GreenMobility, Denmark-based rental platform for electric cars, raises 75 DKKm from Nordic, UK, and German investors through a private placement https://bit.ly/34rGBAw

► Lunar, Denmark-based digital provider of financial services, raises 40 EURm from existing investors in Series C, to launch its buy-now-pay-later-offering targeted at existing users and businesses across Denmark, Norway and Sweden https://bit.ly/2FYq6CH

► Lendify, Sweden-based digital lending platform, raises 115 USDm from Insight Investment to help fund European expansion https://bit.ly/2Tp3iza

► Oneflow, Sweden-based developer of a contract management platform, raises 36 SEKm from Spintop Ventures and angel investors https://bit.ly/3dVL1CJ

► PodMe, Sweden-based podcast platform, raises 25 SEKm from existing investor Schibsted Growth to develop its platform and expand internationally https://bit.ly/3dVL1CJ

44 | 88 Nordic M&A Tech Refresh

New funds

► Embracer Group, Sweden-based parent company for game development and publishing companies, raises 648 USDm for future acquisitions https://bit.ly/3dT2Hz4

► EQT launches its new EQT Growth fund, with an investment strategy focused on partnering with founders and management teams of market leading companies through growth investments in a range of technology, technology-enabled, and scalable businesses https://bit.ly/31IqqNk

► OpenOcean, Finnish VC, raises 85 of 130 EURm in its third fund targeting software startups https://bit.ly/37IFhLA

45 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 42 (12 oct – 18 oct)

Acquisitions, mergers and divestitures

► EG A/S, Denmark-based vertical software provider, acquires LUDUS Suite from DXC Technology, an EduTech platform for educational institutions that supports administrative work https://bit.ly/37hUByv

► Automile, Sweden-based fleet tracking and management software, acquired by Abax, Norway- based provider of vehicle monitoring software, to form a leading Nordic SaaS for telematic and IoT services https://bit.ly/3m3HVj9

► Visma, Norway-based European leader in cloud business solutions, acquires Advitrae, Netherlands-based provider of software solutions for the education market https://bit.ly/37hUByv

Growth capital

► Teton.ai, Denmark-based developer of contactless patient monitoring, raises 8 DKKm from PreSeed Ventures and business angels https://bit.ly/31kqRNA

► DecideAct, Denmark-based provider of a cloud-based Strategy Execution Management platform, raises 9,5 DKKm from Vækstfonden and private investors, to capture internationals markets https://bit.ly/2HeVBsj

► AGROINTELLI, Denmark-based provider of agricultural robots, raises 14,5 EURm from Nordic Alpha Partners and Vækstfonden, to scale production and accelerate international growth plans https://bit.ly/2IKmdlR

► Propstep, Denmark-based apartment rental platform for newly built apartments, raises capital from Linde Capital (Olav de Linde) and Vækstfonden, to beat current broker franchises and administrators in the rental space https://bit.ly/31mOzsH

► Mediatool, Sweden-based provider of omnichannel marketing software, raises 2,5 EURm from Newion, J12 Ventures, Almi Invest and existing investors Twig Ventures https://bit.ly/3m3I71R

46 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 41 (05 oct – 11 oct)

Acquisitions, mergers and divestitures

► Penneo, Denmark-based provider of document management and customer onboarding solutions, acquires KYC and AML activities from CLA Reply, Denmark-based provider of vertical software for the audit and accounting industry https://cisn.co/2GDyGXT

► Visma, Norway-based European leader in cloud business solutions, acquires DomaCare, Finland- based provider of cloud-based ERP solutions for the welfare segment https://bit.ly/3lCTAVY

► Seedrs and Crowdcube merge to create one of the world’s largest private equity marketplaces https://bit.ly/3jRS81f

► Thunderful Group, Nordic group of game developers, publishers and distributors, acquires Coatsink, UK-based game development studio and publisher https://cisn.co/30TzTRN

► Bisnode, Sweden-based provider of European data and analytics solutions, acquired by Dun & Bradstreet, US-based provider of business decisioning data and analytics solutions. The two companies will unite after a 17-year strategic alliance https://bwnews.pr/3dk8kWt

► Ramentor, Finland-based software and consulting firm within advanced analytics and risk assessment, acquired by AFRY, Sweden-based international engineering, design and advisory firm, in order to strengthen its digitalization capabilities and advance its RAMS offering https://bit.ly/2GELrl3

Growth capital

► G-Loot, Sweden-based esports operator and betting platform, raises 56 USDm from new and existing investors, including Robur, CNI and Inbox Capital https://bit.ly/36TKAYf

► Nordsense, Denmark-based provider of an intelligent waste management software platform, raises 54 DKKm from ACME and Vækstfonden https://bit.ly/33QEHt3

► Shape Robotics, receives 1,1 DKKm grant from InnoBooster / Innovation Fund Denmark to support R&D and reach long-term commercial targets https://cisn.co/36Qqkqx

► Winningtemp, Sweden-based AI-driven employee engagement software platform, raises 157 SEKm in Series B from Frog Capital and Bonnier Ventures, to support its international expansion (UK) and development https://bit.ly/30Wtghn

47 | 88 Nordic M&A Tech Refresh

New funds

► Momentum, Norway-based raises 200 NOKm to invest in Norwegian and international technology companies associated with the marine industry. Investments will be between 5 and 20 NOKm in early growth tech companies, as a minority shareholder with at least 10% ownership https://bit.ly/3jRSkO1

48 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 40 (28 sep – 04 oct)

Acquisitions, mergers and divestitures

► EG A/S, Denmark-based vertical software provider, acquires Sigma Estimates A/S, Denmark-based provider of calculation software for the construction industry, in order to improve their EG Construction product offering https://bit.ly/3iwxcva

► Better Collective, Denmark-based leading sports betting group, acquires Atemi Group, UK-based global lead generation platform within iGaming, to strengthen their position as a leading sports betting aggregator across the world https://bit.ly/3lpoZLt

► Retune, Sweden-based provider of IT infrastructure, security and workplaces services, acquired by Sobro, Sweden-based private equity firm https://bit.ly/3ivvNFd

► EQT-backed Iver, Sweden-based leading Nordic managed IT services provider, acquires City Network, Sweden-based European provider of open IT infrastructure services https://bit.ly/2EZyu4e

► Norvestor-backed Aptilo Networks, Sweden-based provider of wireless network services, acquired by Enea, Sweden-based tech conglomerate https://bit.ly/3jwnJFJ

► LeadDesk, Finland-based leading Nordic provider of sales and customer service cloud solutions, acquires Capricode Systems, Finland-based provider of tailored customer service enterprise solutions https://cisn.co/3iwvpqb

Growth capital

► Einride, Sweden-based developer of driverless e-vehicles for freight, raises 8,5 EURm led by Norrsken VC and existing investors EQT Ventures, Nordic Ninja VC, Ericsson Ventures and others https://bit.ly/3d0kVOo

► LogPoint, Denmark-based leading provider of security information and event management software, raises 190 DKKm in Series B from Digital+Partners, Evolution Equity Partners and Dico https://bit.ly/3njTR1p

► Annotell, Sweden-based provider of a analytics and annotation platform for improving self-driving perception systems, raises 5,8 EURm in Series led by Ernström & Co and Stena Sessan https://bit.ly/3naArMq

► Controlant, Iceland-based provider of digital supply chain visibility software, raises 15 USDm in Series B to expand its reach and customer base https://bit.ly/3cUNInK

49 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 39 (21 sep – 27 sep)

Acquisitions, mergers and divestitures

► Conscia, Denmark-based provider of IT infrastructure, acquires SECOA AB, Sweden-based provider of Cisco cloud services, and Netherlands-based Damecon, provider of Azure, AWS and Google cloud services https://bit.ly/2S7xI84

► Tink, Sweden-based leading European open banking platform, acquires UK-based OpenWrks, an open banking aggregation platform, in order to strengthen its connectivity and coverage in key markets https://bit.ly/30eFphj

► Axiel, Sweden-based software and service provider for the cultural sector, acquires CultureConnect, US-based provider of digital experience solutions for museums, libraries, attractions and cultural organizations https://bit.ly/3cIJfVa

Growth capital

► Hococo, Denmark-based provider of IT communication platform for property managers and tenants, raises capital from DanBAN – Danish Business Angels https://bit.ly/334Z6dp

► BotXO, Denmark-based developer of chatbot for business as Automated Chat as a Service, raises 29 DKKm from Seed Capital and Vækstfonden https://bit.ly/3mYWWUH

► Eliq, Sweden-based customer engagement platform for minimizing customer churn for energy companies, raises 5 EURm in Series A funding from Inven Capital, Contrarian Ventures, and prior investors, in order to scale its platform across Europe https://bit.ly/36dJNBg

► Norban, Sweden-based provider of a tech-enabled real estate brokerage marketplace, raises 1,7 EURm from private investors Johan Tjärnberg (Bambora) and David Hedman (Sneakers & Stuff, WESC) https://bit.ly/30feuls

► Exabel, Norway-based, provider of an AI-driven analytics and data platform for asset managers, raises 3,6 USD in seed funding from 28 undisclosed investors https://bit.ly/2S2CdRF

New funds

► Daniel Ek, Spotify CEO, pledges 1 billion EURO of his wealth to back deep-tech moonshot startups form Europe in the coming 10 years https://tcrn.ch/2S0EexH

50 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 38 (14 sep – 20 sep)

Acquisitions, mergers and divestitures

► Kahoot!, Norway-based leader in EdTech solutions, acquires Promentum Equity Partners-backed Actimo, Denmark-based provider of mobile training and communication solutions for remote staff https://bit.ly/2ZTGWJr

► Delegate, Blue Equity-backed Denmark-based Microsoft solutions IT consultancy, acquired by Broad Horizon, Netherlands-based full-service Microsoft solutions provider. Delegate to use its new financial power to grow through acquisitions https://bit.ly/3hO6VZ5

► Conscia, Denmark-based provider of IT infrastructure, acquires Net IT Services, Denmark-based provider of VMware solutions https://bit.ly/2FPIWvg

► Embracer Group, Sweden-based parent company for game development and publishing companies, acquires Vertigo Games, Turkey-based game developer and publisher of free-to-play mobile shooter games https://bit.ly/35UulJY

Growth capital

► Ulobby, Brussels/Denmark-based SaaS platform for public affairs & stakeholder relations management, raises 8+ DKKm from Vækstfonden and business angels from DanBAN https://bit.ly/3iQfKCP

► Keepit, Denmark-based industry leader in Cloud-to-Cloud SaaS data backup, raises 30 USDm from One Peak Partners https://bit.ly/2ZWzHAB

► Layerise, Denmark-based provider of digital product manuals, raises 8 DKKm in pre-seed funding from E.Ventures, Heartcore, and Ulrik Bo Larsen from Falcon.io https://bit.ly/2ZWzAVH

► Disior, Finland-based developer of 3D CT/MRI analytics software solutions for healthcare, raises 1,7 EURm from Tesi and existing investor Maki.VC https://bit.ly/3iPpAFh

► Metacore (formerly Everywear Games), Finland-based game studio, raises 25 EURm to launch new discovery puzzle game https://bit.ly/2ZWzCwN

► HappySignals, Finland-based employee engagement platform for increasing tech adoption among employees, raises 4,7 USDm in Series A from Nauta Capital and Vendep Capital https://bit.ly/2ZWzD3P

► Fixably, Finland-based provider of software for hardware repair shops, raises 1,6 EURm from Icebreaker.VC https://bit.ly/3iUqYGM

51 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 37 (07 sep – 13 sep)

Acquisitions, mergers and divestitures

► Segulah-backed IT-Total, Sweden-based IT infrastructure services provider, merges with Devinix, Sweden-based provider of hybrid cloud solutions, including IP-networking, co-location and IT operations https://bit.ly/2FuOA5Y

► Challenger Mobile, Sweden-based provider of mobile IP telephony, acquires Battlecamp, Sweden- based mobile game developer. Battlecamp to be rebranded as SafeLane Gaming https://bit.ly/2RpYFDT

► Visma, Norway-based European leader in cloud business solutions, continues on its Dutch strategic expansion by acquiring Cash Software, Netherlands-based business software specialist https://bit.ly/2RnfZJB

► Conscia, Denmark-based provider of IT infrastructure, acquires Credocom, Denmark-based provider of cybersecurity solutions https://bit.ly/3kc7iOH

► Dustin, Sweden-based Nordic IT provider, acquires Exato, Denmark-based provider of cloud and cybersecurity solutions https://bit.ly/3mg3rlv

Growth capital

► QuadSAT, Denmark-based drone startup for testing and calibrating antennas, raises 2 EURm in Pre-Series A investment round from Seraphim Capital, Vækstfonden, and Helge Munk. The money will be used to productize its technology in a bundled drone-and-software product https://bit.ly/2Ftyn19

► 2021.AI, Denmark-based governance platform for AI, raises 2 USDm from Innovation Fund Denmark https://bit.ly/3it37xy

New funds

► Superhero Capital, Finland-based venture capitalist, announces the first close of its second seed fund at 30 EURm. The fund plans to invest in 25 seed-stage startups in Finland and Baltics over the next 4 years https://bit.ly/32qmHES

52 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 36 (31 aug – 06 sep)

Acquisitions, mergers and divestitures

► Mercell, Norway-based leading Nordic digital tendering and procurement platform, acquires Comcare, Denmark-based post-award, contract management and e-procurement SaaS provider https://bit.ly/2R1Siq8

► Summit Partners-backed SiteImprove, Denmark-based global leader of website experience and digital marketing optimization, acquired by Nordic Capital https://bit.ly/2EVBHC4

► Segulah-backed IT-Total, Sweden-based IT infrastructure services provider, acquires EnvokeIT, Sweden-based provider of cloud and digital workplace services https://bit.ly/3i7qeNN

► GRO Capital-backed Trifork, Denmark-based global software developer, acquires Nine A/S, Denmark-based software developer for the public sector https://bit.ly/2EXNHmy

► Techstep, Norway-based Nordic provider of Managed Mobility Services, acquires Optidev, Sweden- based Nordic supplier of turnkey mobility solution for the transportation, logistics, and public safety sectors https://cisn.co/3jY0Wm5

► Hiddn Solutions, Norway-based cybersecurity company, to acquire Arribatec, Norway-based software consultancy https://bit.ly/3jSqWzc

► HeroBase, Denmark-based cloud contact center software provider, acquired by Enreach, Netherlands-based provider of software-based IP telephony and backed by Waterland Private Equity Investments https://bit.ly/35aJ6YF

Growth capital

► Soundsboks, Denmark-based provider of portable sound systems, raises 52 DKKm in capital investment round led by Heartcore Capital, Vækstfonden, and Jägermeister through M-Venture https://bit.ly/2R2P9Gp

► Earth Science Analytics (ESA), Norway-based AI-driven petroleum geoscience software, raises 75 NOKm in Series B investment from Sumitomo Corporation, Wintershall Dea Technology, and Equinor Ventures https://bit.ly/3h6X6F6

► Saga Robotics, Norway/UK-based developer of autonomous agricultural robots, raises 9,5 EURm from Nysnø Climate Investments, ADM Capital Europe LLP, Rabo Food & Agri Innovation Fund, and Propagator Venture https://bit.ly/3lWwpqn

► Industriens Fond awards 8,1 DKKm to 50 Danish robotics companies to accelerate their international growth via its new Global Growth Robotics accelerator program https://bit.ly/321YlRU

53 | 88 Nordic M&A Tech Refresh

► MapsPeople, Denmark-based indoor navigation solutions provider, raises 38 DKKm from Vækstfonden https://bit.ly/2R05DiF

► GamerzClass, Denmark-based provider of masterclasses in gaming and e-sport, raises 1 USDm from Bumble Ventures, TrueSight Ventures, Vækstfonden, business angels and existing investors https://bit.ly/35cyqZy

54 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 35 (24 aug – 30 aug)

Acquisitions, mergers and divestitures

► Kanari (previously Red Ocean Technology), Norway-based software provider for analytics applications, acquired by Adelis Equity Partners https://bit.ly/32T4FdN

► SpectrumOne, Sweden-based data visualization platform for marketers, acquires Å-Data Infosystem, Sweden-based developer of software solutions for public and private SME’s https://cisn.co/2EECFCp

► Corsearch, US-based trademark and brand protection company, acquires TrademarkNow, Finland- based start-up developing an AI-based trademark search and watchlist platform https://bit.ly/32GhBDs

► Accel-KKR acquires majority stake in NAVTOR (from Smedveg Capital), Norway-based provider of cloud-based e-navigation solutions for the maritime industry https://bit.ly/3hJ3PGm

► Sympa Oy, Finland-based provider of HR software, acquired by Providence Equity Partners. Previous owners, Alfvén & Didrikson, to retain minority stake alongside founders https://bit.ly/2EEKS9F

► MAG Interactive, Sweden-based mobile game developer, acquires Sventertainment, Sweden-based developer of the trivia game app Primetime https://bit.ly/31GPCo7

Growth capital

► Supermetrics, Finland-based provider of marketing metrics analytics software, raises 40 EURm from Highland Europe and IVP https://tcrn.ch/34NEYOa

► Grant Compass (LegatBogen.dk), Denmark-based search platform for funds and scholarships, raises 28 DKKm from SEED Capital, Vækstfonden, and North-East Family Office https://bit.ly/3gBmO4w

► Challengermode, Sweden-based e-sports platform, raises 12 USDm from Alibaba Group’s global investment arm, eWTP Innovation Fund, Telia Ventures, GP Bullhound, Back in Black Capital, and Zlatan Ibrahimovic https://bit.ly/2QA1BNK

► Open Payments Europe, Sweden-based open banking platform, raises 3 EURm from Industrifonden, and existing investors Brightly Ventures, Luminar Ventures and angel investors https://bit.ly/2YMUbLA

► Grid, Iceland-based developer of platform for turning spreadsheet into secure web documents, raises 12 USDm from NEA, BlueYard Capital, Slack Fund and Acequia Capital, among others https://cisn.co/2DbeIBS

55 | 88 Nordic M&A Tech Refresh

New funds

► Seed Capital announces 67 of 135 EURm raised for its fourth seed-stage fund, targeting tech start-ups and companies in Denmark https://bit.ly/3bev09F

56 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 34 (17 aug – 23 aug)

Acquisitions, mergers and divestitures

► Devoteam, global IT consultancy, acquires 70% stake in Inviso, Denmark-based provider of business intelligence and data analytics https://bit.ly/3jbY2cH

► Symbrio, Sweden-based provider of software for the installation industry, acquired by Constellation Software Inc’s Volaris Group, a vertical market technology provider https://bit.ly/32k057L

► ATS AB, Sweden-based 3D digital software and equipment provider, acquired by FARO Technologies, Florida-based 3D measurement, imaging and realization software and equipment provider https://bit.ly/2FGQQqD

► Bilot, Finland-based software and IT service provider, to merge with CastorIT, Finland-based SAP solutions provider https://cisn.co/2YvmxtM

Growth capital

► Cobalt.io, Danish-born cybersecurity platform for penetration testers, raises 29 USDm in Series B led by Highland Europe https://bit.ly/2FRvNlt

► Quuppa, Finland-based provider of real-time location systems, raises 20 EURm from Bocap and TCG Oy https://bit.ly/2Ex2fsM

► Hiber, Sweden-based provider of web platform for user-generated games, raises 2,25 USDm in its second round of funding by Luminar Ventures, Wild Sloths, Bumble Ventures, Sybo, Konvoy Ventures and GFR Fund https://bit.ly/3jbY4Bl

► Smoc.ai, Norway-based chabot and advertisement SaaS, raises 3,6 NOKm in funding round led by Skyfall Ventures https://bit.ly/32gdQod

► Zuuvi, Denmark-based platform for designing banner ads, raises capital from Weco A/S https://bit.ly/2YuwtDP

► Visma, Norway-based European leader in vertical software, receives investments from new and existing investors, valuing the company at 12,2 billion USD https://bit.ly/2Qmo0he

► Adnavem, Sweden-based SaaS marketplace for transport and logistics, raised 4 USDm by Runa Capital and Spintop Ventures https://bit.ly/2EtXr7r

57 | 88 Nordic M&A Tech Refresh

New funds

► Accelerace, launches its second pre-seed fund, backed by Færchfonden, Vækstfonden and Symbion, targeting newly established Danish startups https://bit.ly/34uT9Yf

58 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 33 (10 aug – 16 aug)

Acquisitions, mergers and divestitures

► EG’s subsidiary Silkeborg Data A/S, Denmark-based vertical software provider, acquires Altiplan ApS, Denmark-based provider of HosInfo rostering system for hospital wards https://bit.ly/3kOw5cP

► Viking Venture-backed, House of Control Group, Norway-based provider of cloud-solutions for finance departments, acquires DinERP, Norway-based provider of ERP solutions https://bit.ly/3h5dGWP

► Quentinel, Finland-based specialist in software testing automation, acquired by Gofore, Finland- based digitalization specialist https://bit.ly/34654vi

► Norvestor-backed NetNordic, Norwegian-based leading Nordic system integrator, acquires Bolero, Sweden-based provider of cloud, cyber security, analytics, network and data centre services https://bit.ly/2PZExI6

► Banqsoft, owned by KMD, Nordic provider FinTech solutions, acquires Concent AS, Norway-based provider of credit management and debt collection software https://bit.ly/2Y6OvvM

► LeadScoreApp, Denmark-based provider of lead scoring and email targeting automation, acquired by Fastbase, US-based web and database analytics company https://bit.ly/3iK31Bm

Growth capital

► ROEQ, Denmark-based producer of robotics carts, lifters and rollers from MiR-robots, raises capital from VækstPartner Kapital and its 80 Danish investors https://bit.ly/311nxaL

► Varjo, Finland-based producer of VR/XR hardware and software, raises 54 USDm in Series C funding led by new investors Tesi, NordicNinja, Swisscanto Invest, and previous investors Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund https://bit.ly/3119RMM

► Practio, Denmark-based digital healthcare platform, raises 8,2 DKKm in equity funding round led by Spintop Ventures, to accelerate its international expansion https://bit.ly/3iMqsKl

► Labster, Denmark-based EdTech provider of VR-enabled laboratories, raises 9 USDm in equity venture funding from GGV, and existing investors Owl Ventures, Balderton and Northzone https://tcrn.ch/3h71rZS

New funds

► Nordic Secondary Fund (N2F), to invest 350 DKKm in 20 to 30 Nordic growth companies. Maximum ownership stake of 10%. Currently 75 investors have backed the fund. Fund number two expected to close at 750 DKKm https://bit.ly/3g4hk1T

59 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 32 (03 aug – 09 aug)

Acquisitions, mergers and divestitures

► Visma, Norway-based European leader in cloud business solutions, acquires Yuki, Netherlands- based all-in-one accounting software platform https://bit.ly/3kv1fpe

► Pentia, Denmark-based IT consultancy, acquires Klausen + Partners, Denmark-based B2B marketing agency. Together the brands will create a full-service customer experience agency, combing both technology and creative competences https://bit.ly/3a8qx7S

► LogPoint, Denmark-based leading provider of security information and event management software, to acquire agileSI, Germany-based leading SAP security solution from Orange Cyberdefense. The deal includes a partnership agreement, conserving the technology as part of Orange’s cybersecurity portfolio https://bit.ly/3abw5yD

► Pinja, Finland-based vertical software provider, acquires PiiMega, Finland-based developer of software for the forestry industry, e-commerce solutions and ERP systems https://bit.ly/3abwj8X

Growth capital

► Neutral DSP Technologies, Finland-based provider of sound processing software and hardware for musicians, raises 5 EURm from CapMan, previous investors, as well as music and technology influencers https://bit.ly/3imgm2y

► Blue Ocean Robotics, Denmark-based developer, producer and seller of robots for healthcare, hospitality, construction and agriculture, raises 122 DKKm from Niels Thorborg, Nordic Eye and other new and existing investors https://bit.ly/30IQqZ8

New funds

► CapMan, Finland-based Private Equity fund, raises 74 of 85 EURm for its second growth fund. The fund will target minority investments, 3 to 20 EURm, in Finnish growth companies with turnover of 5 to 100 EURm https://bit.ly/3ku3dWY

► Idekapital, Norway-based technology fund, raises 600 of 800 NOKm for its second fund. Among the investors are KLP, Oslo Pensjonsforsikring, Gjensidige Foundation, Investinor, Lundhs Labradoreksport and Magnus Carlsen. The fund targets Norwegian-based B2B SaaS companies with global potential https://bit.ly/33Ooi8y

60 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 31 (27 july – 02 aug)

Acquisitions, mergers and divestitures

► Modcam, Sweden-based provider of data-driven computer vision insights, acquired by Cisco, America-based global provider of networking and telecommunication hardware, software and services. To be integrated in Cisco Meraki smart cameras business https://bit.ly/33ldajA

► Mindville, Sweden-based JIRA IT service and asset management solutions provider, to be acquired by Atlassian, Australia-based provider of team collaboration and productivity software https://bit.ly/30jJ121

► Double Star, Finland-based game studio, acquired by Huuuge Games, Poland-based global free-to- play game developer and publisher https://bit.ly/3focdcC

► EcoOnline, Norway-based provider of workplace health and safety software, acquires UK-based competitor Airsweb https://bit.ly/33kgLy4

Growth capital

► LocalizeDirect, Sweden-based localization software company, raises 10,2 SEKm from Entreprenör Invest (IKEA Family Foundation) VC’s and angels https://cisn.co/30mVBOg

61 | 88 Nordic M&A Tech Refresh

Selected deals: 2020 Week 30 (20 july – 26 july)

Acquisitions, mergers and divestitures

► Adevinta ASA, Norway-based leading online marketplace operator, to acquire eBay Classifieds Group from eBay Inc. Schibsted ASA to support the acquisition by acquiring the Danish assets, including the DBA.dk and Bilbasen.dk brands https://bit.ly/2D7oXqE

► Retail Solution, Norway-based provider of IT solutions for the restaurant and catering industry, partly acquired by the wealthy Norway-based Øgreid family https://bit.ly/2OXeP6n

Growth capital

► TinyMobileRobots, Denmark-based producer of outdoor surveying and marking robots, raises 13 DKKm from existing investor Anders Fauerskov and employees Mads Genefke and Sune Larsen https://bit.ly/3jFPdZZ

62 | 88 Nordic 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

63 | 88 Nordic 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

64 | 88 Nordic 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

65 | 88 Nordic 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

66 | 88 Nordic 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

67 | 88 Nordic 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

68 | 88 Nordic 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

69 | 88 Nordic 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

70 | 88 Nordic 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

71 | 88 Nordic 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

72 | 88 Nordic 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

73 | 88 Nordic 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

74 | 88 Nordic 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

75 | 88 Nordic 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

76 | 88 Nordic 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

77 | 88 Nordic 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

78 | 88 Nordic 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

79 | 88 Nordic 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

80 | 88 Nordic 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

81 | 88 Nordic 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

82 | 88 Nordic 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

83 | 88 Nordic 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

84 | 88 Nordic 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

85 | 88 Nordic 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

86 | 88 Nordic 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

87 | 88 Nordic 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

88 | 88