Transaction activity remained consistently solid throughout the year, driven by continued demand for recurring revenue business models and buyers’ increasing focus on companies with clear and defensible niche positions. Public market valuation levels held steady through the fourth quarter, contributing to a predictable environment for both strategic and financial acquirers. Activity in Q4 followed the same overall pattern as earlier in the year, with vertical software once again representing the largest share of deal flow, while the IT services and consulting segment remained stable and characterized by a high proportion of Nordic buyers.
A total of 106 transactions were completed in the fourth quarter, broadly in line with previous quarters and within the stable post-Covid activity range. Public valuation levels were unchanged through the quarter, with listed Nordic SaaS companies trading at approximately 4.7× EV/Sales. IT services and consulting companies were valued at around 9.4× EV/EBITDA and 1.2× EV/Sales.
SaaS transaction activity declined from 72 to 54 transactions in Q4 but remained consistent with levels observed in recent years. The IT services and consulting segment recorded 38 transactions, up from 32 in the previous quarter, with approximately 90% of buyers originating from the Nordic region. Vertical software accounted for 66% of SaaS transactions during the quarter and continued to be the strongest contributor to overall volume, supported by clear niche positioning, strong customer retention, and stable recurring revenues.
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