M&A sector report

Nordic software and IT services transaction market

Q2-2022
Letter from the editors

T he high level of M&A activity in the Nordics

continued in the second quarter of 2022,
recording a total of 104 transactions within software
The Nordic IT services shares sustained its strong
valuations in Q2-22, trading at ~11x EV/NTM EBITDA,
but below levels seen during 2021 above 15x EBITDA.
and IT services. The global IT services index experienced a small
reduction in valuation multiples concluding at ~10x
The number of software transactions in Q2-22 NTM. Nordic SaaS trading multiples Continued strong software deal
concluded at 89, up from the 70 deals recorded in Q2- at ~7x NTM EV/Sales volume
21, but down from the 95 deals recorded in the first The Q2-2022 report reflects transactions involving a
quarter of 2022. Nordic target registered by MergerMarket, as well as
our transaction experience and insights.
The Nordic IT services transaction market increased
during the last quarter, with 15 deals being recorded in
Q2-22, up from 7 deals recorded in Q1-22. However,
Third level
this is significantly lower than the 35 deals that was Fourth level Nordic IT services index Nordic software transactions
recorded one year ago in Q2-21. trading at ~11x NTM LTM EV/Sales of ~3.4x
Fifth level EV/EBITDA
The M&A pricing levels within software has increased
over the last quarter with a median EV/Sales multiple of
~3.4x for the last twelve months as per end of Q2-22.
For IT services, the pricing level is at a median
Kasper Harbitz Erichsen Kasper Svold Maagaard
EV/EBITDA of 11.2x.
Corporate Finance Corporate Finance
kerichsen@deloitte.no kmaagaard@deloitte.dk
SaaS multiple valuations experienced another downturn
in Q2-22. This was driven by increasing inflation and
interest rates. The NTM sales valuations for the Deloitte
Global and Nordic SaaS index concluded both at 6.7x,
this is significantly below the multiples seen over the Trygve Faust-Rolseth Andreas Barfod
course of the last year. Peak EV/Sales valuations for the
M&A Strategy Corporate Finance
two indices, which was seen in Q1-21, was at levels trolseth@deloitte.no abarfod@deloitte.no
around 18x and 14x NTM Sales for the Global and
Nordic indices respectively.

© 2022 Deloitte AS 2
TABLE OF
CONTENTS

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

© 2022 Deloitte AS
01 Software

© 2022 Deloitte AS 4
01 Software

Another strong quarter for transaction volume in the Nordic software

89 High deal volume in Q2 2022 with a total of 89 transactions

completed within the Nordic SaaS space, somewhat down
from record high 95 transactions in Q1-22
M&A market in the second quarter of 2022

Listed software company valuations took another hit in Q2 2022,

from previous record high levels, and are now trading below last five
year average EV/Sales multiples

7x The Global SaaS index traded at ~7x next twelve-month sales

at the end of Q2 , lower than theThird
sales
5-yearlevel
average of 10x NTM
Fourth level Nordic transaction multiples has somewhat decreased, and available
transaction data showcase a median EV/Sales multiple last twelve
Fifth level months of ~3.4x Sales

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

sales as at quarter-end Q2, slightly lower than the 5-year
average
Both financial and strategic investors where highly acquisitive,
accounting for 43 and 46 of the deals completed

3x Nordic software transactions concluded at a median

EV/Sales multiple of ~3.4x for the last twelve months

© 2022 Deloitte AS 5
Both the Global SaaS index and the Nordic SaaS index traded at 6.7x NTM sales at the end of Q2-2022

Feb-2021: Multiples ~156% and 138% Sentiment shift from growth to value with
18x
over the post-Covid correction levels for rising inflation and interest rates, coupled
Dec 2018: Trade war US & China with record high software valuations
the Global and Nordic indices respectively
leading to overall market correction,
16x including SaaS valuations

14x

12x
Mean Global 10.5

10x

8x Mean Nordics 7.2

6x

4x SaaS multiple valuations for both Nordic

and Global stocks have declined in Q2
2022, and are trading below average
2x multiples last five years

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

Note: LTM multiplies applied in the rare case that NTM

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

Source: S&P Capital IQ

© 2022 Deloitte AS 6
Nordic and global SaaS indices outperforming Nasdaq and MSCI Nordic the last five years

Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic - L6M Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic– L12M Key take aways

105 130
100
115
95
100
90
85 81 85 75 Over the last five years, the Global and
80 79 Nordic SaaS indices have out-
77
70 74
performed both the MSCI Nordic and
75 67
55 Nasdaq index
52
70
65 40
60
Third level 64

01-2022 02-2022 03-2022 04-2022 05-2022 06-2022Fourth level

Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L3Y Fifth level
Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L5Y
Both SaaS indices have
underperformed the broader market
375 775 the last 12 months, the Global SaaS
index has significantly underperformed
325 675 the broader indices L6M
575
275
475
225
212 402
375
175
135 275
213
125 119
175 174
109
111
The overall strong performance of the
75 75 SaaS indices over the last five years
08-2019
06-2019

10-2019
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

12-2021
06-2017
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

03-2022
06-2022
showcase the strong demand for
software companies over this period

Deloitte Nordic SaaS index Deloitte Global SaaS index Nasdaq Composite MSCI Nordic
Source: S&P Capital IQ
© 2022 Deloitte AS 7
Historical high deal volume in a 2nd quarter for M&A within software across the Nordics in Q2-22
M&A Transaction volume
The high deal volume across the Nordic countries continued within software in Q2-22

71 92 111 130 144 183 247 184

# Deals
95
89
19 10
70
60 62 59
10 56 33
52 32
47 7 16 10
41 43 17 7
38 35 10 11
31 34 34 7 33 17
27 28 2 27 5 9 7 17 21
23 23 24 5 23 12 21 23
19 10 12 7 8 8 13 26 29
17 17 18 2 18 4 8
3 6 9 1 5 7 11 19 10 2 6 13 22
6 15 912 3 17 18
4
6
4
2
6
5
4
5
7
9
6
9
8
5
5
6
6
7
10 Third
11
6 level
2
4 10
12 8
6 9
12
12
11
14
6
13
10
11
10
9
14
9
21 16 17
10 10 15
23
3 4 2 5 4 3 4 7 6 5 5 8 5 8
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Fourth
Q4 level Q3
Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017 2018 2019 2020 2021 2022
Fifth level
Norway Sweden Denmark Finland

Deal volume decreased in Q2-22 with 23

Deal volume increased in Norway in Q2-
22 with eight more deals completed than
in Q1, and six more compared to Q2-21
Strategic investors accounted for 57% of
the deals in Q2-22, whilst PE and PE-
backed companies accounted for 30%
and 13% respectively
deals completed. However still high
activity YTD with 52 completed deals,
which is 13 more compared to the same
period in 2021
Strategic investors accounted for 65% of
the deals in Q2-22, whilst PE and PE-
backed accounted for 31% and 4% each
Significant increase in completed deals
registered in Q2-22, completing 16 more
deals compared to Q2-21
Strategic investors accounted for 49% of
the deals completed in Q2-22, whilst
financial buyers and PE-backed companies
completed 39% and 12% respectively
Deal volume decreased in Finland in Q2-22
compared to Q1-22, but is on par with
number of deals completed in Q2-21
PE and Pe-backed firms accounted for
80% of the deals, whilst strategic
investors accounted for 20% respectively

Danish software companies attracted Finnish software companies continue to

Nordic buyers completed 16 deals in Q2-
22, whilst other international buyers
completed 7
International investors completed 13
significant interest from international attract interest from Nordic and
deals, while Nordic investors completed
investors completing 21 deals in Q2-22, international investors completing 5
10 of the deals in Q2-22
while Nordic investors completed 12 deals deals each in Q2-22

Source: Mergermarket, Deloitte analysis

© 2022 Deloitte AS 8
Significant deal activity across the Nordics from both financial and strategic investors in Q2-22
Selected Nordic software transactions

+ Existing management

Source: Mergermarket, Deloitte estimates

© 2022 Deloitte AS 9
Nordic software transactions concluded at a median EV/Sales multiple of 3.4x LTM
Transaction multiples
15.8x

9.6x

4.4x 4.4x
3.5x 3.3x 3.4x 2.9x 3.4x
2.7x 2.5x
Med. EV/Sales: 3.4x

NOKm

Target

Country

Enterprise value 163 386 87 686 68 13 7 205 6 43 5

Year 2022 2022 2022 2022 2022 2022 2021 2021 2021 2021 2021

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

Revenue (LFY) 10 38 24 156 24 3 2 61 2 15 1

EBITDA (LFY) 2 (7) 3 23 6 1 n.a n.a n.a n.a n.a

EBITDA-margin (LFY) 20 % -18 % 13 % 15 % 25 % 51 % n.a n.a n.a n.a n.a

EBIT-margin (LFY) 14 % -82 % -1 % 5% 13 % n.a 20 % n.a n.a n.a n.a

Acquirer

Source: Mergermarket, Deloitte estimates

© 2022 Deloitte AS 10
02 IT services

© 2022 Deloitte AS 11
02 IT services

The Nordic IT services M&A market experienced an uptick in deal

15 A total of 15 transactions have been completed within the

Nordic IT services space in Q2-2022
volume in Q2-22 compared to the last two quarters, with 15
registered deals

The Nordic- and Global IT services indices are trading around the 5-
year average NTM EBITDA multiple of 10x after a downturn in

11x month EBITDA at the end of Q2

Third
The Nordic IT services index traded level
at ~11x next twelve-
Fourth level
multiples during H1-22

The average EV/EBITDA transaction multiple registered over the last

Fifth level year is approx. 11x, somewhat above traded peers

10x Global IT services transactions concluded at a median

EV/EBITDA multiple of ~10x at the end of Q2

11x Nordic IT services transactions concluded at a median

EV/EBITDA multiple of ~11x

© 2022 Deloitte AS 12
For Q2-2022, the Nordic IT Services index ended at ~10.8x next twelve month EBITDA, while the Global
IT Services index ended at ~9.6 next twelve-month EBITDA
18x Multiples up for the Nordic and
Global indices, following strong
sector performance post-Covid
Dec 2018: Trade war between US & March-2020: Significant reduction in
downturn
16x China leading to overall market fall, EV/EBITDA multiples for both indices
including IT Services valuations during covid-19 market fall

14x

12x Mean Nordics 10.4

10x

Mean Global 10.4

8x IT services stocks experienced a slight
downturn in valuations in H1-22, now
trading at around average multiple levels
for the last five years of ~10x NTM
6x
EBITDA

4x

2x

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

Note: LTM multiplies applied in the rare case that NTM

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

Source: S&P Capital IQ

© 2022 Deloitte AS 13
Strong performance last 6 months; the Nordic IT services index outperforming the global IT services
index and the Nasdaq over the last five years
Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic - L6M Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic– L12M Key take aways

110 120
105
110
100
100 98
95 93
92
90 90 Over the last five years the Nordic-
89
85 and Global IT services index have out-
81 80 performed both the Nasdaq and the
75
80 77 MSCI Nordic indices
70 74
75
70 60
65
Third level
01-2022 02-2022 03-2022 04-2022 05-2022 06-2022Fourth level

Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L3Y Fifth level
Deloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L5Y
The IT services indices have
outperformed the broader Nasdaq
255 375 index both L12M, following strong IT-
235 services sector performance
325
215
192
195 247
275
175 169
225
155 188
135 135 175 174

115 119
125 The overall strong performance of
95 111

75 the IT Services indices underlines the

75
continued strong demand for IT
06-2019
08-2019
10-2019
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

09-2020

06-2022
06-2017
09-2017
12-2017
03-2018
06-2018
09-2018
12-2018
03-2019
06-2019
09-2019
12-2019
03-2020
06-2020

12-2020
03-2021
06-2021
09-2021
12-2021
03-2022
services companies

Deloitte Nordic IT services index Deloitte Global IT services index Nasdaq Composite MSCI Nordic
Source: S&P Capital IQ
© 2022 Deloitte AS 14
IT services deal volume in the Nordics picks up in Q2-22 after a slow Q1
M&A Transaction volume
IT services deal volume across the Nordic countries
# Deals
16 43 48 60 51 55 72 22
35

21
18 18 19 19 11
17 17 17
14 14 4 14 14 1 15
3 2 3
12 3 11 3 4 12
6 5 1 5 4 0 3
8 9 4 9 8 4 4 8 2 8 3
7 1 12 2 7
6 4 2 6 3 5 5 4 2 6 6
0 4 1 5 2 4 8 0 9 11
2 2 2 6 2 2 10 4 6 3 2 2
1 6 4 3 1 0 4 1 1 3
3 4 0
1 4 2 0 4
2
0
Q2
1
0
1
0
Q3 Q4
2
1
Q1
2
Q2
5
Q3
3
Q4
4
1
Q1
3
Q2
Third level Q21 Q37
3
2
Q3
2
1
Q4
2
Q1
4
0
Q4
4
Q1
4
Q2
1
3
0
Q3
5
Q4 Q1
4
Q2
3
Q3
7

Q4
3
Q1
5
Q2
6
Q3
3
0
Q4
1
3
Q1
2
Q2
2015 2016 2017 Fourth level2018 2019 2020 2021 2022

Fifth level
Norway Sweden Denmark Finland

The number of transactions involving

Deal activity increased in Sweden in Q2 After no deals in Q1-22, deal activity Number of deals involving Finnish IT
Norwegian IT services companies
2022, going from zero deals in Q1 2022 involving Danish companies picked up in services companies remained stable in
decreased slightly in Q2-22, compared to
to 4 deals Q2 and amounted to 6 deals Q2-22 compared to previous quarter
Q1-22

Financial investors accounted for 100% of
the transactions in Q2 2022
Strategic investors accounted for 50% of
the transactions in Q2 2022, whilst PE firms
and PE backed companies accounted for
25% each
PE firms accounted for 50% of the
Strategic investors accounted for 67% of
transactions in Q2-22, whilst strategics and
the transactions in Q1 2022, whilst PE
PE backed firms account for 33% and 17%
firms completed 33%
respectively

Nordic investors completed 4 of the Nordic buyers completed two deals in

Swedish and international investors Nordic investors completed all of the
deals in Q2-22, whilst international Q2-22 and international investors
completed one deal each in Q2-22 deals in Q2-22
buyers completed 2 deals completed one deal

Source: Mergermarket, Deloitte analysis

© 2022 Deloitte AS 15
Several transaction in the Nordic IT services market in Q2-22
Selected Nordic IT services transactions

Consulting business

Source: Mergermarket, Deloitte estimates

© 2022 Deloitte AS 16
Nordic IT services transactions concluded at a median EV/EBITDA multiple of ~11.2x
Transaction multiples

20.2x

14.2x
12.0x
9.7x 10.4x
Med. EV/EBITDA: 11.2x
6.7x

NOKm
Cybercom
Target Intressenter AB

Country

Enterprise value 71 2 692 108 2 399 103 105

Year 2021 2021 2021 2021 2021 2021

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

Revenue (LFY) 36 2 031 118 1 652 68 78

EBITDA (LFY) 5 134 9 248 10 16

EBITDA-margin (LFY) 14 % 7% 8% 15 % 15 % 20 %

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

Acquirer

Source: Mergermarket, Deloitte estimates

© 2022 Deloitte AS 17
03 Deloitte Insights

© 2022 Deloitte AS 18
Deloitte Corporate Finance acted as exclusive financial adviser to AnaCap in the acquisition of EDIGard
from Nets (a part of Nexi Group)
Description of the transaction Transaction overview

• Nets have collaborated with EDIGard since 2013 and fully acquired the company in Transaction entity
2017
• EDIGard is a leading pan-Nordic end-to-end SaaS platform covering the full bill
Background payments ecosystem for enterprises and SMEs EDIGard is a digital invoice
distribution and bill payment
• EDIGard is headquartered in Norway and operates across Sweden, Denmark, Finland, solutions business
UK and Germany. It comprises the EdiEX branded platform and was a part of Nets
Issuer & eSecurity Services umbrella

acted as exclusive Buyer

financial advisor to
• The sale of EDIGard was a result from a strategic review and allow Nets to focus on AnaCap
AnaCap is a leading Financial Sector
the core business within Issuer & eSecurity Services
investor in the European mid-
Situation • AnaCap aim to partner with the already strong management team that in recent years market, investing across the industry
has achieved impressive growth across the Nordics. The business aligns with a through complementary Private
number of AnaCap’s core strengths including the continuous demand for the Equity and Credit platforms
adoption of tech-enabled and digitalisation processes

• In June 2022, AnaCap signed an agreement to acquire EDIGard from Nexi Group
through Nets
Outcome
• Deloitte Corporate Finance acted as exclusive financial advisor to private equity firm
AnaCap

Source: Mergermarket, press releases

© 2022 Deloitte AS 19
Deloitte is one of the most active advisors within the IT sector in the Nordics
Mergermarket Nordic league table by volume (2021-YTD22) Strong activity 2021-YTD22 (selected credentials)

January 2021
35 in the sale to
in the acquisition of
16 25 Encode offers a marketing
management platform Emineo provides Oracle
22 database services
in the acquisition of
16
Trackunit offers SaaS- in the sale to
14 based telematics solutions
Luxion provides advanced
lightning technology
13
in the acquisition of
12 in the acquisition of
Cloud Teams offers IT
consulting services Itadel offers IT consulting
11
services
11 in the sale to
in the sale to
10 RIG offers scheduling software
for rig management Front Systems offers a retail
10 commerce platform

10 in the sale to
9 Globeteam offers IT in the sale to
consulting services
Resight offers SaaS solutions
9 to grid and energy companies
in the sale of
9
in the sale to
to
9 CI provides a consent
EnviDan Selvkost offers an IT cost recovery solution mgmt. platform
8

8 in the acquisition of
EdiGard delivers a SaaS Tafjord Connect delivers
6 fiber infrastructure
platform for payments
6
July 2022

Deloitte is one of the most active advisers in the Nordic IT M&A market … … with strong references within both sell-side and buy-side advisory

© 2022 Deloitte AS Deloitte Corporate Finance transactions 20

Deloitte professionals covering TMT in Norway
Contact details
Corporate Finance Advisory M&A Strategy M&A Transaction Services M&A and Business Transformation

Carsten V. Haukås Sheil Malde Are Skjøy Joachim Gullaksen

Corporate Finance M&A Strategy Transaction Services Post Merger Integration
+47 91 555 035 +47 959 20 982 +47 907 26 899 +47 905 34 970
chaukas@deloitte.no smalde@deloitte.no askjoy@deloitte.no jogullaksen@deloitte.no
Linkedin Linkedin Linkedin Linkedin

Kasper Harbitz Erichsen Trygve Faust-Rolseth Nikolai Maldan Ole Rødland

Corporate Finance M&A Strategy Transaction Services Technology Due Diligence
+47 906 50 679 +47 924 34 437 +47 952 68 729 +47 938 89 949
kerichsen@deloitte.no trolseth@deloitte.no nmaldan@deloitte.no orodland@deloitte.no
Linkedin Linkedin Linkedin Linkedin

Andreas Barfod M&A Tax M&A Legal

Corporate Finance
+47 901 02 027 Audun Frøland Mari Wetlesen
M&A Tax M&A Legal Services
abarfod@deloitte.no
+47 913 48 997 +47 909 65 187
Linkedin
afroland@deloitte.no mwetlesen@deloitte.no
Linkedin Linkedin

Dronning Eufemias Gate 14

Please visit us at: Deloitte Corporate Finance Deloitte Corporate Finance Deloitte Norway
0191 Oslo, Norway

© 2022 Deloitte AS 21
Deloitte professionals covering TMT in Denmark
Contact details
Corporate Finance Advisory

Kasper Svold Maagaard Tore Stürmer Heyden Preben Krab Larsen

Corporate Finance Corporate Finance Corporate Finance
+45 30 93 54 54 +45 30 93 00 33 +45 22 32 82 51
kmaagaard@deloitte.dk theyden@deloitte.dk prlarsen@deloitte.dk
Linkedin Linkedin Linkedin

Sebastian Kvist Guldberg Frederik Holm Andersen

Corporate Finance Corporate Finance
+45 40 33 61 37 +45 50 48 64 86
seguldberg@deloitte.dk fandersen@deloitte.dk
Linkedin Linkedin

Other Deloitte professionals covering TMT in Denmark

Thomas Strand Adam Norsker Mikkel Boe Michael Hoe Knudsen

Transaction Services M&A Strategy Post Merger Integration M&A Tax

Weidekampsgade 6
Please visit us at: Deloitte Corporate Finance Deloitte Corporate Finance Deloitte Denmark
2300 Copenhagen S, Denmark

© 2022 Deloitte AS 22
Deloitte professionals covering TMT in Sweden
Contact details
Corporate Finance Advisory M&A Strategy M&A Transaction Services M&A and Business Transformation

David Järnland Nils Lindstrand Marcus Ekehov Debbie Wrench

Corporate Finance M&A Strategy Transaction Services Post Merger Integration
+46 70 080 28 49 +46 70 080 29 70 +46 70 080 33 12 +46 70 080 29 80
djarnland@deloitte.se nlindstrand@deloitte.se mekehov@deloitte.se dewrench@deloitte.se
Linkedin Linkedin Linkedin Linkedin

Thomas Rauschning Tom Pernodd Jonas Malmlund

Corporate Finance Transaction Services Consulting
+46 70 080 29 81 +46 73 397 10 60 +46 73 397 13 03
trauschning@deloitte.se tpernodd@deloitte.se jmalmlund@deloitte.se
Linkedin Linkedin Linkedin

Enes Ljuca M&A Tax Valuation & Modelling

Corporate Finance
+46 70 080 32 39 Johan Rasmussen Mats Lindqvist
M&A Tax Valuation & Modelling
eljuca@deloitte.se
+46 70 080 29 59 +46 73 397 21 14
Linkedin
johrasmussen@deloitte.se mlindqvist@deloitte.se
Linkedin Linkedin

Rehnsgatan 11
Please visit us at: Deloitte Corporate Finance Deloitte Corporate Finance Deloitte Sweden
113 79 Stockholm, Sweden

© 2022 Deloitte AS 23
Deloitte professionals covering TMT in Finland
Contact details
Corporate Finance Advisory M&A Transaction Services Other Deloitte professionals covering TMT in Finland

Henrik Wickström Marko Pöllänen Tapio Koivumäki Tomi Karsio

Corporate Finance Transaction Services Post Merger Integration M&A Tax
+358 40 539 1087 +358 40 730 7053 +358 40 357 6138 +358 40 836 5171
henrik.wickstrom@deloitte.fi marko.pollanen@deloitte.fi tapio.koivumaki@deloitte.fi tomi.karsio@deloitte.fi
Linkedin Linkedin Linkedin Linkedin

Matti Saarimaa Niko Annola Jukka-Petteri Suortti Tuomo Saari

Corporate Finance Transaction Services Consulting Consulting
+358 40 549 4631 +358 40 571 0472 +358 50 563 6436 +358 40 505 9159
matti.saarimaa@deloitte.fi niko.annola@deloitte.fi jukka-petteri.suortti@deloitte.fi tuomo.saari@deloitte.fi
Linkedin Linkedin Linkedin Linkedin

Santeri Karvinen Mikko Lahtinen Nikolas Sjöberg

Transaction Services & Analytics Audit M&A Legal
+358 40 044 4519 +358 50 599 4278 +358 44 750 5663
santeri.karvinen@deloitte.fi mikko.lahtinen@deloitte.fi nikolas.sjoberg@deloitte.fi
Linkedin Linkedin

Salmisaarenaukio 2,
Please visit us at: Deloitte Financial Advisory Deloitte Corporate Finance Deloitte Finland
00180 Helsinki, Finland

© 2022 Deloitte AS 24
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”).
DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in
respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to
clients. Please see www.deloitte.no to learn more.

Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit, consulting, financial advisory and risk
management services, and Deloitte Advokatfirma AS, providing tax and legal services.

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities
in more than 150 countries and territories (collectively, the “Deloitte organization”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000
people make an impact that matters at www.deloitte.no.

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively,
the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances
or your business, you should consult a qualified professional adviser.

No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its
member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying
on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.

© 2022 Deloitte AS