- M&A advisory
- Norway
M&A advisory services in Norway
Norway has an active M&A market for technology exits, drawing strategic acquirers from energy, maritime, telecoms and financial services alongside pan-European PE funds that have become increasingly active in Oslo's enterprise software and climate-tech sectors.
Cognite's strategic investment by TotalEnergies and Accenture, Gelato's international growth investment rounds and Oda's strategic review process each illustrate the variety of exit and growth-capital paths available to Norwegian founders - both for venture-backed companies and bootstrapped operators with strong recurring revenue.
Flow advises bootstrapped and venture-backed Norwegian companies on M&A exits. We combine KPI-driven preparation with a strong PE and strategic acquirer network across Norway, the Nordics and Europe, managing the process end-to-end - from preparation and buyer qualification through term sheet, fritaksmetoden structuring advice and close.
39
Norway tech M&A deals in the last 12 months
$21M
Norway median tech M&A valuation
1.6x
Norway median tech M&A revenue multiple
$353M
Norway biggest tech acquisition in the last 12 months
Selling your tech company in Norway
Norwegian M&A follows European mid-market conventions with country-specific patterns around the participation exemption for corporate sellers and the National Security Act screening regime in defence-adjacent sectors.
Locked-box and completion accounts
Norwegian 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 industrial and family-business sales. Choice driven by sector convention.
W&I insurance is increasingly common
Warranty & indemnity insurance is now standard in Norwegian deals above roughly NOK 75M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
National Security Act screening
Norway's National Security Act requires notification of investments giving control over Norwegian companies in defence, critical infrastructure or sensitive technology. The regime has been expanding - adds notification time and conditions to scoped transactions.
Capital gains for founders
Norwegian individuals are taxed on share disposal gains at the upward-adjusted rate (currently ~37.84%, indexed by the share supplement factor). Personal holding companies (aksjeselskap) routinely used to defer taxation via the corporate participation exemption - worth planning 12+ months ahead of a sale.
Participation exemption (fritaksmetoden)
Sales of qualifying shares by a Norwegian corporate seller are largely exempt from corporate income tax under fritaksmetoden - 97% exemption (3% effectively taxable). Often drives whether a transaction is share or asset-structured, and underpins the standard founder-holding-company structure used in most Norwegian exits.
Merger control
Konkurransetilsynet (the Norwegian Competition Authority) reviews transactions where parties' combined Norwegian turnover exceeds NOK 1bn and at least two parties each have NOK 100M+ Norwegian turnover. Most tech deals don't trigger.
Recently acquired tech companies in Norway
Biggest M&A recently in Norway was a $353M acquisition of Lefdal Mine Datacenter by 3i Infrastructure in March 2026.
See all M&A deals in Norway| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Mar-26 | Lefdal Mine Datacenter | Lefdal Mine Datacenter utilizes a Norwegian mine for data center operations with green power, low-cost cooling, stable infrastructure, and a favorable political environment. | 3i Infrastructure | $353M | - | ||
Dec-25 | SEAM | SEAM is a Norway-headquartered supplier of hybrid and zero-emission power systems, automation, and digital solutions for maritime vessels. | Hanwha Engine | $188M | - | ||
Dec-25 | B | Bekk Consulting AS | Bekk Consulting AS is an Oslo and Trondheim-based Norwegian firm delivering strategic advisory, systems development, and digital service design for public and private sector clients. | Axcel | $160M | 1.6x | |
Sep-25 | Tise | Tise is a Norway-based mobile marketplace app for second-hand fashion, interiors, and furniture, launched in 2016 and headquartered in Oslo. Available on iOS and Android, Tise facilitates local buying and selling with Instagram-style feeds and in-app payments. The platform serves 2 million users across Scandinavia, promoting sustainability through features like clothing rental trials and carbon footprint calculators for transactions. | eBay | $130M | 6.8x | ||
Mar-26 | Vipps MobilePay Checkout | Vipps MobilePay Checkout is an online payment solution for businesses. Merchants accept digital wallet and card payments via a single interface that handles processing, customer ID, order management, and shipping. The platform supports Vipps, MobilePay, and cards with direct mobile wallet integration. | Kustom | $43M | 0.2x | ||
Jul-25 | Earth Science Analytics | Earth Science Analytics is a geoscience software firm delivering machine learning tools for oil and gas exploration. Based in Perth, Australia, it processes seismic, gravity, and magnetic data to predict mineral deposits and reservoirs with 20% higher accuracy than conventional methods. Founded in 2018, ESA serves E&P clients like Woodside Petroleum, integrating workflows into Petrel and Kingdom suites for basins in Australia and Southeast Asia. | Imdex | $21M | 7.0x | ||
Jul-25 | Earth Science Analytics | Earth Science Analytics is a geoscience software firm delivering machine learning tools for oil and gas exploration. Based in Perth, Australia, it processes seismic, gravity, and magnetic data to predict mineral deposits and reservoirs with 20% higher accuracy than conventional methods. Founded in 2018, ESA serves E&P clients like Woodside Petroleum, integrating workflows into Petrel and Kingdom suites for basins in Australia and Southeast Asia. | Imdex | $21M | 7.0x | ||
Sep-25 | Nordark | Nordark is a crypto-friendly banking platform for Web3 companies, headquartered in Oslo. The service enables multi-currency accounts, fiat on-ramps, and trading across 200 cryptocurrency pairs via smart order routing. Nordark supports DeFi projects and NFT marketplaces with API integrations for automated settlements. | Hilbert Group | $16M | - | ||
Dec-25 | Plorea | Plorea is a Norwegian point-of-sale system combining payment processing with integrated booking capabilities for businesses. | Done.ai Group | $10M | 1.3x | ||
Jun-25 | Fullstakk Marketing | Fullstakk Marketing is a data-driven digital marketing agency specializing in Google Ads, SEO, social media, conversion rate optimization, and inbound marketing. Fullstakk Marketing delivers performance-focused digital campaigns. | Done.ai Group | $5.0M | 1.7x | ||
Oct-25 | ERPkonsult | ERPkonsult is a Norwegian consultancy firm focused on IT implementations for the food processing and chemical manufacturing industries. Based in Oslo, it supports clients with ERP systems, automation software, and process optimization tools to enhance production efficiency and compliance. The company delivers services including system integration, custom development, and training for platforms like SAP and Microsoft Dynamics, serving Scandinavian producers of dairy products, beverages, and specialty chemicals. | Elvenite | $2.0M | 0.7x | ||
Jun-25 | JCloud | JCloud is a Oslo-based provider of cloud infrastructure and AI platforms emphasizing data sovereignty for European enterprises. The company delivers virtual private clouds, GPU-accelerated computing, and machine learning tools compliant with GDPR, serving sectors like finance, healthcare, and public administration across Norway and the Nordic region. | Done.ai Group | $1.0M | 0.4x | ||
Mar-26 | Ilder | Ilder is a consultancy designing, developing, and researching cloud-based and web-based interactive solutions. | Nordlo Group | - | - | ||
Mar-26 | Omilon | Omilon supplies documentation solutions for healthcare and care in the Nordic region, incorporating speech recognition and AI to streamline administrative tasks. These tools halve documentation time for staff in healthcare, casework, and public administration, freeing up to a full working day per week. | Nexus AG | - | - | ||
Mar-26 | KapitalKontroll | KapitalKontroll is a SaaS provider of automated self-collection systems and full-service collection assistance for businesses and municipalities. | Axcel | - | - |
Who is buying tech companies in Norway?
Done.ai Group, Main Capital Partners and LeadDesk are the most active acquirers in Norway.
See all acquirers in Norway| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Done.ai Group | Done.ai Group AB offers an integrated suite of AI-powered tools that span the full operational workflow. Its modular, API-first architecture, businesses can manage their entire value chain, from first customer touchpoint to back-end accounting, fully integrated in one automated, end-to-end platform. | PloreaDebet Faktura og InkassoFullstakk Marketing+2 | 8 | ||
Main Capital Partners | Main Capital Partners is an Amsterdam-headquartered private equity firm exclusively investing in enterprise software companies across Benelux, DACH, and Nordics regions. It pursues buy-and-build strategies in SaaS, cloud, and vertical market software, partnering with management for operational scaling. | XaitDocumasterAritma+2 | 3 | ||
LeadDesk | LeadDesk Oyj offers cloud service for sales and customer-service needs, such as contact centers. The company's major customer industries includes media, security services, energy, telecommunications, financial services, and market research. | Edialog24 SolutionZissonTelemagic Group+1 | 3 | ||
Axcel | Axcel is a Copenhagen-headquartered Nordic private equity firm investing in mid-market companies. Founded in 1994, it has raised four funds totaling DKK 10 billion and completed 45 platform investments plus over 80 bolt-ons. Axcel backs firms in consumer goods, industrials, and services across Denmark, Sweden, and Norway. | KapitalKontrollBekk Consulting ASGeomatikk Group+1 | 2 | ||
Imdex | Imdex Ltd is an Australia-based mining technology company. Its product offering includes an integrated range of drilling optimisation products, cloud-connected rock knowledge sensors, and data and analytical software. Its combined product offering is commodity-agnostic and can be applied across the mining value chain. The company's products and services portfolio comprises solids removal units, directional drilling solutions, drilling fluids, multi-sensor downhole data acquisition, analysis, and visualisation systems, and various software and other mining technology solutions. Geographically, the company generates maximum revenue from the Americas, followed by Asia-Pacific, and Middle East, Africa and Europe. | Earth Science AnalyticsAusSpecFlexidrill | 2 | ||
Longship | Longship is an Oslo-based private equity firm investing in lower mid-market companies across Norway and the Nordic countries, with a focus on industrials, maritime, and business services sectors. | NordicNeuroLabStar Information SystemsThe Cloud People | 2 | ||
ECIT | ECIT is a Norwegian provider of accounting, payroll, HR consulting, and IT outsourcing services to small and medium-sized businesses across the Nordics. Headquartered in Trondheim, it operates over 50 offices serving more than 25,000 clients with cloud-based ERP solutions and compliance support. | ITsjefen ASKovert ASMicropartner | 2 | ||
Multiconsult | Multiconsult ASA is a specialist in engineering design, consultancy, and architecture services. The company's activities involve multidisciplinary consultancy, design, planning, project supervision, project management, geotechnical site surveys, verification, and controls in Norway and abroad. It provides engineering services in Norway, Sweden and Poland in addition to architecture services in all three Scandinavian countries. Its business segments are Buildings and Properties, Mobility and Transportation, Energy and Industry, and Water and Environment. Majority of revenue is from Buildings and Properties. Its geographical segments include Norway, Sweden, Denmark, Poland, and other countries. | LifetecPetter J. RasmussenViaNova Group | 2 | ||
Bridgepoint Group | Bridgepoint Group PLC is an international alternative asset fund management group, providing private equity and private debt lending solutions to the middle market. The reporting segments of the company are Private Equity, Credit, Infrastructure and Central out of which, the company derives maximum revenue from Private equity. | Comrod CommunicationiC ConsultPDS Vision Group+2 | 1 | ||
3i Infrastructure | 3i Infrastructure PLC is a closed-ended UK investment trust that invests in infrastructure, delivering long-term sustainable returns to shareholders and having a positive influence on its portfolio companies and stakeholders. | Lefdal Mine DatacenterTCRSRL Traffic Systems+1 | 1 |
Public tech companies in Norway
Kongsberg is Norway's largest publicly listed tech company, with a market cap of $30B.
See all public companies in Norway| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Kongsberg | Kongsberg Gruppen is an international technology company that supplies products and services to the defense, maritime, oil, gas, and aerospace industries. The company is divided into two business segments: the maritime segment and defense and aerospace systems. Maritime, which earns most of the firm's revenue, creates navigation, automation, monitoring, and positioning products for commercial ships and offshore industry. The defense and aerospace segment provides defense and space-related products and systems. Outside of the two main segments, the firm operates Kongsberg Digital, which produces digital solutions for oil, gas, wind, and merchant marine markets. Products are delivered globally, with North America accounting for about one third of total revenue. | $33.69 | -10.2% | $30B | $28B | 5.1x | ||
Vend Marketplaces | Vend Marketplaces ASA is a family of digital consumer brands with growing positions within online marketplaces in the Nordics. With effect from the fourth quarter of 2024, the operating segments are Mobility, Real Estate, Jobs, Recommerce and Delivery. It derives maximum revenue from Mobility Segment. Geographically, it operates in Norway, Sweden, Denmark, Finland and Others. Its brands include Blocket, Finn, Tori, Dba, Oikotie, Bytbil, qasa, and others. | $26.15 | +40.5% | $5.5B | $5.2B | 7.3x | ||
AutoStore | AutoStore Holdings Ltd offers a world-class suite of hardware and software, providing end-to-end support from solution design to Robot operations. Using developed routing algorithms, powerful data insights, and reporting tools, the company continuously enhances its software and robotic solutions. The AutoStore system can serve all end markets and all types of warehouses, allowing the company to offer its solutions to a variety of industries, including grocery, retail, third-party logistics (3PL), industrials, and healthcare. The company operates in Norway, Germany, Europe, the U.S., Asia, and other places. The maximum of its revenue is derived from Europe. | $1.33 | +137.6% | $4.5B | $4.6B | - | ||
Nordic Semiconductor | Nordic Semiconductor designs Bluetooth Low Energy chips for the wireless industry, making 90% of its revenue from this technology. Nordic’s chips are used in all types of battery-powered devices such as wearables, smarthome applications, asset trackers, and industrial and healthcare markets. In recent years Nordic has also expanded into adjacent technologies such as Wi-Fi, Thread protocol and long-range connectivity. | $21.63 | +65.7% | $4.3B | $4.2B | 5.6x | ||
TGS | TGS ASA provides data, intelligence, ocean bottom node (OBN) acquisition services, processing, analytics, cloud-based data applications, and other specialized services and solutions to energy companies across the energy spectrum, whether it is oil and gas, carbon capture and storage, or wind development. Its reportable segments are divided into six overall business units: Contract, Multi-client, New Energy Solutions (NES), Imaging, Shared Services. It generates the majority of its revenue from Multi-client sales. | $16.72 | +90.7% | $3.3B | $3.9B | 2.6x | ||
Kitron | Kitron ASA is an electronics manufacturing service company. It manufactures products that are embedded in the customers' products and box-built electronic products. The company provides a high-level assembly of complex electromechanical products and also provides various other services within development, industrialization, supply chain management, logistics, and aftermarket services. The company has manufacturing facilities in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, China, and the United States. It serves Defense/Aerospace, Energy/Telecoms, Industry, Medical Devices, and Offshore/Marine markets. | $11.42 | +85.5% | $2.5B | $2.5B | 2.5x | ||
Atea | Atea ASA is a Norway-based company that provides IT infrastructure and system integration services to customers. The company's product and services portfolio includes the sale of products such as third-party hardware and software, mobile device management and security software, and maintenance and operation of IT infrastructure services for companies, among others. The company operations are divided into six business segments based on geographical areas and services: Norway, Sweden, Denmark, Finland, The Baltics, and Shared Services. The firm generates the majority of its revenue in Sweden. | $17.14 | +12.8% | $1.9B | $2.1B | 0.4x | ||
Borregaard | Borregaard ASA makes and sells biochemicals and biomaterials designed to replace oil-based products, It has three operating segments; BioSolutions segment develops, produces and sells biopolymers and bio vanillin from lignin used in Industries such as agrochemicals, batteries, industrial binders and construction. Bio vanillin is supplied to flavour and fragrance companies, as well as to the food and beverage industry, Biomaterials segment develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. It also includes cellulose fibrils for industrial applications, and the Fine Chemicals segment consists of fine chemical intermediates for contrast agents and bioethanol. | $16.06 | -17.9% | $1.6B | $1.8B | 2.2x | ||
Norbit | Norbit ASA is l provider of tailored technology to selected applications by solving challenges through solutions. It operates in three segments namely, the Oceans segment which delivers tailored technology and solutions to the maritime markets, Connectivity (ITS) segment which offers tailored connectivity solutions based on short-range communication technology to intelligent traffic systems and truck applications, and The Product, Innovation & Realization (PIR) segment offers R&D services and contract manufacturing services to key customers. It has manufacturing facilities in Selbu and Roros. It derives maximum revenue from Oceans Segment. | $20.12 | +1.1% | $1.3B | $1.3B | 4.5x | ||
Pexip | Pexip Holding ASA is a technology company that provides video communication solutions and virtual meeting solutions for businesses and individuals. Geographically, it derives a majority of revenue from Europe, the Middle East, and Africa and also has a presence in the Americas and the Asia Pacific. It serves Government; Healthcare; Education and Finance industries. | $8.29 | +33.5% | $865M | $788M | 6.2x | ||
Bouvet | Bouvet ASA is a consultancy company that provides advice in the field of information technology and digital communication. It helps enterprises shape digital solutions that create efficiency and new business opportunities. The company caters to both private and public-sector players. Some of the business sectors that it caters to include Power supply, Industry, Oil and gas, Public admin, Transportation, Retail, Information and communication, Service industry, and Health. Its geographical segments are Norway, Sweden, and other countries, of which the vast majority of its revenue comes from Norway. | $5.11 | -36.5% | $523M | $500M | 1.2x | ||
General Oceans | General Oceans ASA is a provider of underwater technology delivering sensors, systems, and robotic solutions used in demanding marine environments. The Group produces technology for measuring and understanding the ocean, imaging & navigation systems, and autonomous/remotely operated vehicles with associated manipulators and control systems. Underwater acoustics is the core of the Group's technology, complemented by optical technology, environmental sensors, and software capabilities. | $2.64 | - | $507M | $434M | 3.0x | ||
Medistim | Medistim ASA is a medical device company. It is engaged in researching, developing, producing, distributing, and sales of medical equipment through its own business or participation in other companies, as well as related activities. The company's business is focused on cardiac and vascular surgery. The group operates in the USA, Europe, China, and the Rest of the World. The main divisions are sale of own products and sale of third-party products. Sale of own products has two business models, the capital model and the lease model. Third-party products segment sells medical devices from third party manufacturers in Norway, Sweden and Denmark. Key revenue is generated from Own Products segment. | $24.20 | +17.4% | $443M | $424M | 5.5x | ||
Morrow Bank | Morrow Bank ASA is a Norwegian bank offering convenient payment and financing products to consumers. It is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts, and online point-of-sales finance products to consumers. | $1.37 | - | $318M | $412M | 2.4x | ||
Appear | Appear ASA, along with its subsidiaries, provides high-capacity, sustainable solutions for live-production and broadcast distribution technology to media, entertainment and sports clients. The company provides live video transport solutions that operate over satellite, dedicated fiber, and public internet infrastructure. Its offerings support a range of live event scenarios across media, entertainment, and sports industries, adapting to the varying requirements of these sectors. The company derives revenue from the following sources: Sales of media processing and delivery platforms, Additional sales of software and licenses, and Sales of support and consulting services, majority being generated from the sales of media processing and delivery platforms. | $7.74 | - | $314M | $270M | 2.9x |
Why Flow Partners as your M&A advisor
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 Norway and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Norway.

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.

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.
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