M&A sector report

Nordic software and IT services market

Q4-2022
Letter from the editors

T he M&A activity level in the Nordics continued to

slow down during the fourth quarter of 2022,
recording a total of 61 transactions within
software and IT services
IT services stocks valuations remained fairly stable over
the quarter, trading at 8.4x EV/NTM EBITDA and 9.7x
EV/NTM EBITDA for the Deloitte Nordic and Global
indices respectively at year-end 2022.

The number of software transactions in Q4-22
concluded at 50, down from the 56 deals recorded in
Q3-22. For 2022 however, 290 software deals was
recorded, up from 247 in 2021, driven by strong H1 deal
activity.
The Q4-2022 report reflects transactions involving a Nordic SaaS trading multiples Continued strong software deal
Nordic target registered by Mergermarket, as well as at 6.7x NTM EV/Sales volume
our transaction experience and insights.

The Nordic IT services transaction market experienced

some improvement in the last quarter, with 11 deals Third level
being recorded during Q4-22, up from 8 deals
completed in Q3-22. Total number of IT services deals Fourth level Nordic IT services index Nordic software transactions
trading at 8.4x NTM EV/EBITDA LTM EV/Sales of 3.9x
recorded in 2022 was 41, down from 72 in 2021. Fifth level
For the last twelve months as per end of 2022, M&A
pricing levels within software was transacted at a
median EV/Sales multiple of 3.9x. For IT services, the
pricing level is at a median EV/EBITDA of 12.0x at year Kasper Harbitz Erichsen Kasper Svold Maagaard

end 2022. Corporate Finance Corporate Finance

kerichsen@deloitte.no kmaagaard@deloitte.dk
SaaS multiple valuations continued their downward
trajectory for global stocks, while Nordic stock
valuations remained flat during the quarter. The NTM
EV/Sales valuations for the Deloitte Nordic SaaS index
Trygve Faust-Rolseth Andreas Barfod
concluded at 6.7x, with valuation at similar levels as
historical mean last five years. The Deloitte Global SaaS M&A Strategy Corporate Finance
index concluded at 5.2x NTM Sales, significantly below trolseth@deloitte.no abarfod@deloitte.no

the last five year mean of 11.0x.

© 2023 Deloitte AS 2
TABLE OF
CONTENTS

01
Software
02
IT services
03
Deloitte Insights
• Public market data • Public market data • Recent Deloitte credentials
• M&A activity • M&A activity • Sector team & contact details

© 2023 Deloitte AS
01 Software

© 2023 Deloitte AS 4
01 Software

Deal volume slowed down in the Nordic software M&A market during
Record high deal volume registered in 2022, but with a the second half of 2022, however M&A activity is still high from a

50 significant lower volume in H2-22 compared to H1-22, as the

M&A market slows down with increased macro headwinds.
Deal activity remained high in Q4-2022 with a total of 50
transactions completed within the Nordic SaaS space
historical perspective

Listed software company valuations stabilised in Q4 2022, around

their historic mean in the Nordics, whilst global SaaS valuations
continued their downward trajectory

5x The Global SaaS index traded at Third level

5.2x next
sales at the end of Q4, significantly lower
average of 11.0x NTM sales
twelve-month
Fourth level
than the 5-year
Fifth level Available transaction data showcase a median EV/Sales multiple last
twelve months of 3.9x Sales, however with large variations in
multiples achieved

7x The Nordic SaaS index traded at 6.7x next twelve-month

sales at quarter-end Q4, which is at the 5-year historical
average of 6.7x
Both financial and strategic investors continued to be highly
acquisitive in the Nordic countries

4x Registered Nordic software multiples transactions concluded

at a median of 3.9x for 2022

© 2023 Deloitte AS 5
Software multiple valuations decreased through 2022, with the Nordic SaaS index ending at ~7x whilst
the global index ended at ~5x
20x

Feb-2021: The multiples for the Global

and Nordic indices have exceeded the
18x
Dec 2018: The trade war post-Covid correction levels by 156% and
between the US and China 138%, respectively
resulted in a market
16x correction, including SaaS
valuations

14x

12x Mean Global 11,0

10x

8x

6x Mean Nordics 6,7

Downward trend for SaaS multiples

4x across Nordic and Global stocks
throughout 2022, currently trading at
or below their last five-year averages,
2x respectively

0x
12-2017 06-2018 12-2018 06-2019 12-2019 06-2020 12-2020 06-2021 12-2021 06-2022 12-2022

Note: LTM multiplies applied in the rare case that NTM

EV/Sales NTM (Global) median EV/Sales NTM (Nordic) median multiplies are not available

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 6

Nordic and Global SaaS indices still outperforming Nasdaq and MSCI Nordic the last five years, despite a
decline over the last 12 months
Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic - L6M Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic– L12M Key takeaways

105 130
100
100 115
95
100 Over the last five years, the Global and
90
87 85 89 Nordic SaaS indices have out-
85 84
85 74 performed both the MSCI Nordic and
80 76
70 Nasdaq index
75
55 59
70
65 40
60 Third level
07-2022 08-2022 09-2022
12-2022 10-2022 11-2022
Fourth level Both SaaS indices have developed
negatively over the last 12 months.
Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L3Y Fifth level
Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L5Y
However, the Nordic SaaS index have
had a small rebound during Q4 2022

275 675
255 575
235
215 475
195 The overall strong performance of the
175 375 362 SaaS indices over the last five years
155 154
showcase the strong demand for
275 software companies over this period,
135
114
119 177 however the the shifting macro
115 175
95 141 environment and corresponding
95 112
75 75 sentiment shift from growth to value
09-2017
12-2017
03-2018
06-2018
09-2018
12-2018
03-2019
06-2019
09-2019
12-2019
03-2020
06-2020
09-2020
12-2020
03-2021
06-2021
09-2021
12-2021
03-2022
06-2022
09-2022
12-2022
shares have led to a sharp decline and
12-2019
02-2020
04-2020
06-2020
08-2020
10-2020
12-2020
02-2021
04-2021
06-2021
08-2021
10-2021
12-2021
02-2022
04-2022
06-2022
08-2022
10-2022
12-2022

relative underperformance over the

last 12 to 18 months

Deloitte Nordic SaaS index Deloitte Global SaaS index Nasdaq Composite MSCI Nordic

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 7

Deal volume slowed down in Q4-22 compared to previous quarters, however still high market activity
M&A Transaction volume
Deal volume across the Nordic countries within software in Q4-22

71 92 111 130 144 183 247 290

95
89
19 10
70
60 62 59
10 56 56
52 32 33 50
47 7
41 43 16 17 10 7 9
38 35 10 11 4
31 34 34 7 33
27 28 2 27 5 9 7 17 21 17 16 15
23 23 24 5 23 12 21 23
19 10 18 12 7 8 8 13 26 29
6 2 4 8 7 19 10
3 6 9 1 5 11 2
3 17 6 13 22 16 19
9 9 5 15 2 12 9 12 6 14 18
5 6 10 6 8 12 10 10 23
6 8 7 4 6 9 11 14 21 16 17 15 15
6 7 11 6 10 12 8 13 8 11 9 9 10 10 12
5 4 3 4 5 5 5
Q1 Q2
2016
Q3 Q4 Q1 Q2
2017
Q3 Q4 Q1 Third
Q2 level
2018
Q3 Q4 Q1 Q2
2019
Q3 Q4 Q1 Q2
2020
Q3 Q4 Q1 Q2
2021
Q3 Q4 Q1 Q2
2022
Q3 Q4

Fourth levelSweden
Norway Denmark Finland
Fifth level

Continued high deal volume in Q4-22 with a
slight downturn from Q3-22 with three less
deals recorded
High M&A volume registered in Q4-22
M&A deal volume has decreased during Lower deal volume in Q4-22 in Finland with
with three more deals recorded
Q4-22 with one less deal completed five less deals compared to Q3-22
compared to Q3-22

Strategic investors accounted for 53% of

PE investors accounted for ~40% of the Strategic buyers accounted for 53% of the
the deals in Q4-22, with financial sponsors Financial sponsors accounted for 75% of
deals in Q4-22, whilst PE-backed companies deals, whilst PE-backed investors and
and PE-backed companies accounting for the deals, with PE-backed companies
and strategic buyers accounted for ~25% financial sponsors completed 33% and 13%
21% and 26% respectively accounting for 25%
and 35% respectively respectively
Swedish software companies attracted
Norwegian software companies attracted Danish software companies attracted
significant interest from international Finnish software companies continue to
significant interest from Nordic investors, significant interest from Nordic investors,
investors, completing 9 of the deals in attract interest from Nordic investors
completing 10 of the deals in Q4-22. Other completing 11 of the deals Q4-22. Other
Q4-22. Nordic investors completed 10 accounting for 3 deals
international investors completed 2 deals international investors completed 4 deals
deals

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 8

High deal activity across the Nordics from both financial and strategic investors in Q4-22
Selected Nordic software transactions

Ocean Impact AB

Beginning End-
-Q4 Q4

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 9

Nordic software transactions concluded at a median EV/Sales multiple of 3.9x LTM
Transaction multiples
15,8x

9,6x

4,4x 4,4x
3,5x
Med. EV/Sales: 3.9x 2,6x 2,7x
1,3x

NOKm

Target

Country

Enterprise value 2 578 647 1 664 3 935 890 6 992 690 128

Year 2022 2022 2022 2022 2022 2022 2022 2022

Stake 100% 100% 100% 100% 100% 100% 39% 70%

Revenue (LFY) 1 791 237 100 387 249 1 592 243 29

EBITDA (LFY) 228 (131) 20 (71) 32 237 60 15

EBITDA-margin (LFY) 13 % -55 % 20 % -18 % 13 % 15 % 25 % 51 %

EBIT-margin (LFY) 10 % -77 % 14 % -82 % -1 % 5% 13 % n.a

Acquirer

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 10

02 IT services

© 2023 Deloitte AS 11
02 IT services

The deal volume in the Nordic IT services M&A market increased in

11 A total of 11 transactions have been completed within the

Nordic IT services space in Q4-2022
Q4-22 compared to the previous quarter, with 11 registered deals.
The deal volume in 2022, with 41 deals concluded, is down from
2021-levels where 72 IT services deals was recorded

The Nordic- and Global IT services indices are trading below their 5-

10x Global IT services transactions concluded at a median

Third level
EV/EBITDA multiple of 9.7x at the end of Q4-22
Fourth level
year average NTM EBITDA multiples (both 10.3x) after continued
downturn in valuation multiples during Q4-22

Fifth level The average EV/EBITDA multiple registered for the latest available IT
services transaction data is 12.0x

8x The Nordic IT services index traded at 8.4x next twelve-

month EBITDA at the end of Q4-22

12x Nordic IT services transactions concluded at a median

EV/EBITDA multiple of 12.0x

© 2023 Deloitte AS 12
For 2022, the Nordic IT Services index ended at ~8x next twelve month EBITDA, while the Global IT
Services index ended at ~10 next twelve-month EBITDA
16x
Dec 2018: Trade tensions between Multiples up for the Nordic and
March-2020: Significant reduction in Global indices, following strong
the US & China leading to a overall
EV/EBITDA multiples for both indices sector performance post-Covid
fall in the market, including IT
during covid-19 market fall downturn
Services valuations
14x

12x
Mean Nordics 10,3

10x

Mean Global 10,3

8x

Sentiment shift from growth to

value with rising inflation and
6x interest rates, affecting IT services
companies, albeit significantly less
than for software valuations

4x

2x

0x
12-2017 06-2018 12-2018 06-2019 12-2019 06-2020 12-2020 06-2021 12-2021 06-2022 12-2022

Note: LTM multiplies applied in the rare case that NTM

EV/EBITDA NTM (Nordic) median EV/EBITDA NTM (Global) median multiplies are not available

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 13

The Nordic IT services index continues to outperform the global IT services index and the Nasdaq,
despite a decline over the last 12 months
Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic - L6M Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic– L12M Key takeaways

110 120
105
110
100 100
100 Over the last five years the Nordic-
95 93
95
and Global IT services index have out-
90 88 90 89
performed both the Nasdaq and the
85 82
84 80 MSCI Nordic indices
74
80
70
75
60
70
65
Third level
07-2022 08-2022 09-2022 10-2022 11-2022 Fourth level
12-2022
The IT services indices have
Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L3Y Fifth level
Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L5Y
outperformed the broader Nasdaq
index L12M

195 375

175 325
159
155 275 233
140
135 225
119
The overall strong performance of
172
115 175 the IT Services indices over the last
114
141 five years underlines the continued
95 125 strong demand for IT related
112
companies in general, albeit less than
75 75 seen for software companies over
06-2018
12-2017
03-2018

09-2018
12-2018
03-2019
06-2019
09-2019
12-2019
03-2020
06-2020
09-2020
12-2020
03-2021
06-2021
09-2021
12-2021
03-2022
06-2022
09-2022
12-2022
08-2021
12-2019
02-2020
04-2020
06-2020
08-2020
10-2020
12-2020
02-2021
04-2021
06-2021

10-2021
12-2021
02-2022
04-2022
06-2022
08-2022
10-2022
12-2022

the same period

Deloitte Nordic IT services index Deloitte Global IT services index Nasdaq Composite MSCI Nordic

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 14

 IT services deal volume in the Nordics slows down in 2022
M&A Transaction volume
IT services deal volume across the Nordic countries in Q4-22

16 43 48 60 51 55 72 41

# Deals
35

21
18 18 19 19 11
17 17 17
14 14 4 14 14 1 15
3 12 2 3 12
3 11 3 4 11
9 6 9 5 1 5 4 3
8 8 4 4 8 2 8 3 8
6 7 1 12 2 6 7 1
5 4 2 6 3 5 5 4 2 6
3 0 4 1
1 5 2 4 8 0 1 9 11 1 5
2 2 2 6 2 2 10 4 6 3 2 2 2
1 1 3
0
1
1
0
1
0
2
2
0
2
1
3
2
0
4
2
0
1
2
1
6
5 3
4
4
1 3 Third level 1 7
3
2
3
2
1
4
2 4
0
4 4
1
1
3
0
0
5
4
3
1
4
7
3 5 6 2
3
0
0
1
3
4
2
4
1
1
4
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014 2015 2016 2017 Fourth level 2018 2019 2020 2021 2022
Norway Sweden Denmark Finland
Fifth level

4 deals completed in Norway during Q4- Deal volume in Q4-22 slowed down Deal volume increased in Denmark during Deal volume in Finland was on par with
22 which is higher compared to the compared to Q3-22, with one deal Q4-22 compared to Q3-22, with five deals deal volume observed during in Q3-22,
previous quarter completed in the Swedish market completed during the period with one deal completed in Q4-22

Norwegian PE and PE backed companies Strategic investors accounted for 80% of Strategic investors accounted for the
A Swedish PE accounted for the deal in Q4-
accounted for 2 deals in Q4-22, whilst the deals completed during Q4-22, while transaction completed in Finland in Q4-
22
strategic investors accounted for 2 deals PE-backed accounted for 20% 22

Danish IT services companies attracted

There were no deals completed by
A Nordic investor completed the deal in interest from international investors A Nordic investor completed the one
international investors for Norwegian
Q4-22 during Q4-22 completing 2 deals, where deal recorded in Q4-22
companies in Q4-22
Nordic investors accounted for 3 deals

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 15

Transactions in the Nordic IT services market in Q4-22
Nordic IT services transactions

Beginning End-
-Q4 Q4

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 16

Nordic IT services transactions concluded at a median EV/EBITDA multiple of 12x
Transaction multiples
19,3x 20,2x

14,2x
9,7x 12,0x
Med. EV/EBITDA: 12x 10,4x
8,9x

NOKm

Target Cybercom
Intressenter AB

Country

Enterprise value 125 458 96 2,220 100 2,491 66

Year 2022 2022 2021 2021 2021 2021 2021

Stake 100% 100% 100% 100% 100% 100% 100%

Revenue (LFY) 42 73 63 1,529 110 1,879 33

EBITDA (LFY) 14 24 9 229 8 124 5

EBITDA-margin (LFY) 33 % 32 % 15 % 15 % 8% 7% 14 %

EBIT-margin (LFY) n.a 31 % 15 % 7% 5% n.a 14 %

Acquirer

© 2023 Deloitte AS Sources: Mergermarket, Deloitte, S&P CapitalIQ, NKP 17

03 Deloitte Insights

© 2023 Deloitte AS 18
Deloitte is one of the most active advisors within the TMT sector in the Nordics
Selected recent credentials

Connect

acquired by sold to sold to acquired by acquired by sold to

Accent
Infranode Trill Impact AnaCap Infranode Visma
Equity

acted as exclusive acted as exclusive acted as exclusive acted as exclusive acted as exclusive acted as exclusive
financial adviser to financial adviser to financial adviser to financial adviser to financial adviser to financial adviser to
Infranode Kimbrer Computer CataCap AnaCap Infranode Waterland

Broad process Partnership agreement Broad process Focused process Focused process Broad process

Danish logistic
Norwegian broadband Danish supplier of IT Payment solution Norwegian broadband Nordic IT solution
software and system
provider hardware business provider company
integrator

© 2023 Deloitte AS 19
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