M&A advisory services in Iceland

Iceland has produced several internationally significant M&A exits relative to its population size, with cross-border strategic buyers from Europe and the US consistently showing appetite for Icelandic IP in life sciences, gaming, data and climate technology.

Kerecis's acquisition by Danish medical-device giant Coloplast and CCP Games' long history of international investment and partnership demonstrate that Icelandic companies can access global strategic buyers - but only when the process is structured and the company is prepared to compete for premium terms.

Flow advises both bootstrapped and venture-backed Icelandic companies on M&A exits. We run lean, KPI-driven processes: thorough preparation before the market is approached, strong PE and strategic acquirer relationships across the Nordics, the UK and the US, and end-to-end process management through close.

Iceland tech M&A deals in the last 12 months

$4.0B

Iceland median tech M&A valuation

Iceland median tech M&A revenue multiple

$4.0B

Iceland biggest tech acquisition in the last 12 months

Selling your tech company in Iceland

Icelandic M&A follows European mid-market conventions, with limited country-specific overlays. Most material Icelandic exits involve cross-border buyers and use Nordic or international documentation standards.

Locked-box and completion accounts

Icelandic private M&A uses both locked-box and completion accounts. Locked-box is increasingly common in tech and PE-led processes; completion accounts remain frequent in traditional sectors. Choice driven by sector convention.

W&I insurance is growing

Warranty & indemnity insurance is becoming more common in Icelandic deals above roughly ISK 1bn (~€7M). Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.

Foreign investment screening

Iceland has limited general FDI screening; sector-specific approvals apply in fisheries, energy and certain critical infrastructure. Worth checking specifically for deals involving non-EEA acquirers in scoped sectors.

Capital gains for founders

Icelandic individuals are taxed on share disposal gains at 22% (capital income flat rate). Holding-company structures (Icelandic or Nordic) used to defer or reshape the tax bill in some cases - worth planning ahead of a sale.

Corporate participation exemption

Sales of subsidiary shares by an Icelandic corporate seller can benefit from a participation exemption under specific conditions (typically requiring substantial holding and qualifying entity status). Often drives whether a transaction is share or asset-structured.

Merger control

Icelandic Competition Authority (Samkeppniseftirlitið) reviews transactions where parties' combined Icelandic turnover exceeds ISK 3bn and at least two parties each have ISK 300M+ Icelandic turnover. Most tech deals don't trigger.

Recently acquired tech companies in Iceland

Biggest M&A recently in Iceland was a $4.0B acquisition of atNorth by CPP Investments in February 2026.

See all M&A deals in Iceland

	Logo		Description	Buyer
Feb-26		atNorth	atNorth is a Reykjavik-headquartered Nordic operator of renewable energy-powered data centers providing colocation, cloud, and high-performance computing services for AI, simulation, and visualization workloads. The company runs facilities in Iceland, Sweden, and Finland, with expansions planned for Helsinki in 2025, Ballerup and Ølgod in Denmark, and Kouvola in Finland. atNorth acquired HPC specialist Gompute in 2023 to bolster its full-stack offerings featuring PUE below 1.2 through seawater cooling and geothermal power. Founded in 2009 and backed by Partners Group since 2022, it hosts workloads for research institutions and tech firms across Europe.	CPP Investments	$4.0B	-
Sep-25	R	Red Stapler	Red Stapler is a technology services provider forging partnerships with major infrastructure vendors. Based in Seattle, Washington, the company enables hyperscale cloud operators to deploy large-scale services such as compute, storage, and networking solutions. Red Stapler facilitates integrations with platforms like AWS and Azure, supporting deployments for data centers across North America and Europe. Its alliances streamline service delivery for clients in telecommunications and e-commerce, focusing on scalable architectures for high-volume workloads.	VAST Data	-	-
Aug-25		Handpoint	Handpoint is a Reykjavik-headquartered payments provider offering embedded payment solutions for SaaS platforms to enable global expansion. Founded in 2013, it processes over 100 million transactions yearly across Europe and North America, integrating with tools like Stripe and Adyen for seamless checkout experiences in hospitality and retail sectors.	Electronic Payments	-	-
Jun-25		GODO	GODO is a commission-free online booking platform designed for tourism operators and activity providers in Iceland. Reykjavik-based, it handles reservations, payments, and customer management through a mobile-optimized interface. The system includes a channel manager that distributes listings for hotels, bed and breakfasts, motels, holiday rentals, and hostels across multiple sales channels. GODO supports businesses from setup through operations, streamlining tour scheduling and inventory control for seasonal demands in the adventure and leisure sectors.	Visit Group	-	-

Who is buying tech companies in Iceland?

Electronic Payments, Visit Group and CPP Investments are the most active acquirers in Iceland.

See all acquirers in Iceland

	Description	Key acquisitions
Electronic Payments	Electronic Payments is a Charlotte-headquartered payment processor offering merchant services, POS terminals, and gateway solutions nationwide. The company provides EMV-compliant equipment, virtual terminals, and e-commerce integrations with low-rate guarantees and 24/7 support. Targeting retail, restaurants, and ISVs, it handles debit, credit, and ACH transactions. Established in 2000, Electronic Payments emphasizes customized setups for high-volume merchants.	HandpointVault Payments Group	1
Visit Group	Visit Group is a Stockholm-headquartered provider of travel technology platforms connecting destination marketing organizations with vendors. Founded in 1999, it operates Citybreak for e-commerce reservations, bookvisit for accommodations, ArrivalGuides for content distribution, iTicket for ticketing, and visitalliance for analytics. Offices span Sweden, Norway, France, New York, Mexico, and Panama City, serving global tourism sectors.	GODO	1
CPP Investments	CPP Investments is a professional investment manager for the Canada Pension Plan assets not required for current benefits. Toronto-headquartered since 1999, the organization invests globally in public and private equities, real assets, fixed income, and infrastructure to maximize returns without undue risk for over 22 million contributors.	atNorthCPP IRA Joint VentureCanadian Industrial Joint Venture+1	1
VAST Data	VAST Data is a New York-headquartered software-defined storage provider powering AI workloads with its exabyte-scale platform across flash, HDD, and cloud tiers. Launched in 2019, it unifies block, file, and object protocols with hardware-agnostic architecture, serving media conglomerates and semiconductor firms. The platform integrates with NVIDIA DGX systems for petabyte-scale datasets in genomics and autonomous vehicle training, achieving sub-millisecond latencies.	Red Stapler	1
Visma	Visma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets.	PaydayDootaxPag Util+2	1
Landsbankinn	Landsbankinn is an Icelandic universal bank with 35 branches and 1.4 million customer accounts. It offers savings accounts with 4% interest, inflation-linked mortgages, corporate loans up to 10 billion ISK, and debit cards linked to Apple Pay. The Reykjavik-headquartered institution provides investment banking through its Capital Markets division and open banking APIs. Founded in 1885, Landsbankinn holds 35% market share in deposits and serves 80% of Icelandic households via its mobile app.	TM	1
Siminn	Siminn hf is an Iceland-based telecommunications company engaged in offering communication services. The operating segments of the company are Mobile, Internet, and Network; TV; Equipment sales; and Others. It derives a majority of the revenue from the Internet and Network segment, which involves revenue from data service, including xDSL service, GPON, Internet, IP net, core network, local loop, and access network. The Mobile segment involves revenue from mobile services in Iceland and abroad, whether traditional GSM service, satellite service, wholesale mobile service, or other mobile services.	Noona	1
JBT Corporation	JBT Marel Corp is a technology solutions provider to segments of the food and beverage industry. It designs, produces, and services products and systems for a broad range of end markets, generating roughly one-half of annual revenue from recurring parts, services, rebuilds, and leasing operations.	MarelBevcorpAlco-food-machines+1	1
Coloplast	Coloplast is a leading global competitor in ostomy management and continence care. The firm designs, manufactures, and markets ostomy care systems, disposable containment devices, intermittent catheters for continence care, and devices for patients with neck stomas. Coloplast also maintains a tertiary presence in the urology and woundcare markets, where it manufactures and markets penile implants, slings for incontinence and prolapse, and wound dressings. The company derives more than 60% of sales from Europe, 24% from other developed countries, and 17% from the rest of the world.	KerecisUromedicaNine Continents Medical	1
TimeXtender	TimeXtender is a Denmark-based software provider of the Data Warehouse Studio platform for automated data modeling. Compatible with Microsoft Azure Synapse, SQL Server, and Power BI, it enables semantic layers for self-service analytics in mid-market and Fortune 500 firms. Founded in 2006, TimeXtender distributes through a worldwide partner network.	ExmonBI Builders	1

Public tech companies in Iceland

Embla Medical is Iceland's largest publicly listed tech company, with a market cap of $1.8B.

See all public companies in Iceland

Logo		Description	Sectors
	Embla Medical	Embla Medical hf operates as an orthopedic products company specializing in the design, development, manufacturing and sales of prosthetics and bracing & supports products. The company also provides patient care through a network of Orthotic and Prosthetic (O&P) facilities. It sells its products in multiple countries, with Europe and North America representing its principal markets. The company operates within three business segments: Prosthetics & Neuro Orthotics, Bracing & Supports and Patient Care. The majority of the company's revenue is derived from the Prosthetics & Neuro Orthotics, which includes products designed for users with varying mobility needs, ranging from lower-activity applications to solutions intended for more active use.	Medical Devices	$4.11	-18.7%	$1.8B	$2.2B	2.3x

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Icelandic companies.

Access to relevant buyers

We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.

No corporate red tape

We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.

Thorough preparation

KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.

Optimize value, not valuation

Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.

We provide M&A advisory services across Iceland and beyond

Sector expertise

Explore our M&A advisory offering across a variety of tech sectors in Iceland.

Software

Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity

AI & ML

Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting

Fintech

Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software

Consumer internet

Consumer software subscription platforms, edutech, online content, social networks, online dating

Digital media

Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR

E-commerce & marketplaces

Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms

Consumer products

Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products

Mobility

Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure

Digital health

Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS

Industrial technology

Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing

Digital infrastructure

Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS

IT services

Software development and testing, digital transformation, cloud services, advertising agencies, IT support services

Selected case studies

We've closed sell-side and buy-side transactions across European, US and emerging-market tech.

Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.

See all case studies

We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.

Recently completed M&A advisory projects

Selected M&A transactions and prior deal experience.

M&A

Polish publicly listed diversified industrial firm

M&A

German email marketing software platform

M&A

German software testing provider

M&A

Leading provider of testing, inspection, and certification services

M&A

Spanish neobanking platform for Gen Z and Millennials

M&A

Online price comparison and booking platform for rental cars

M&A

Digital testing, cybersecurity, content and digital forensics provider

M&A

Online casual dating platform for curious individuals

M&A

European DAM software provider

M&A

$3bn acquisition by Blackstone. Family of online dating brands (Badoo, Bumble, Chappy, Lumen).

M&A

€135m acquisition by Takeaway. Leading B2B online food delivery platform in Israel.

M&A

€80m acquisition by Zur Rose. Online e-commerce platform for pharmacy, beauty and wellness.

M&A

$200m acquisition by EMK. World's largest data collection and transformation platform.

M&A

Acquisition by ProSiebenSat.1 / General Atlantic. Online marketplace for household products and services.

M&A

€300m acquisition by Oakley Capital. Leading European online matchmaking platform.

M&A

Acquisition by Axel Springer. Leading Israeli online classifieds platform (jobs vertical).

M&A

$800m acquisition by Adobe. Marketplace for royalty-free images, graphics and HD videos.

M&A

€80m acquisition by Lifull. Spanish vertical search engine for real estate, cars and jobs.

M&A

Acquisition by Oakley Capital. Italy's largest online car insurance, gas and electricity brokerage.

Strategic Advisory

Strategic advisory. Cashless mobile taxi app connecting passengers to nearby taxis.

M&A

Acquisition by IAC. Digital social media platform for Q&A.

M&A

$228m acquisition by Axel Springer. Israel's leading classifieds and advertising portal.

M&A

Acquisition by Quant. Turkish membership-based daily deals site.

M&A

€320m acquisition by Bonnier. Pay television company across the Nordic region.

Minority Acquisition

€290m minority acquisition by News Corp. German direct broadcast satellite Pay TV (DACH).

M&A

€3.2bn acquisition by ProSiebenSat.1. European media group (TV, radio, print).

M&A

€3.1bn acquisition by KKR and Permira. German mass media and digital company.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional M&A advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and navigate complex transactions.

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M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.

Fractional CFO in Iceland

We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.

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VC fundraising in Iceland

We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.

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M&A advisory services in Iceland