M&A advisory services in Denmark
Denmark has a mature M&A market for technology exits, with Copenhagen-headquartered strategic acquirers in shipping, pharma and financial services active alongside pan-European and US PE funds that have made Denmark a consistent CEE hunting ground for high-quality SaaS and marketplace assets.
Tradeshift's strategic investments, Templafy's PE-led growth rounds, Vivino's international acquirer process and Just Eat's M&A history show that Danish tech companies are acquired and invested in by buyers across the full spectrum - from founder-led secondaries to full strategic exits.
Flow advises bootstrapped and venture-backed Danish companies on M&A exits. We deliver KPI-driven preparation, a structured lean process and a strong PE and strategic acquirer network across Denmark, the Nordics and key European markets - managing everything from the initial CIM through term sheet, W&I structuring and close.
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Denmark tech M&A deals in the last 12 months
$87M
Denmark median tech M&A valuation
1.0x
Denmark median tech M&A revenue multiple
$2.7B
Denmark biggest tech acquisition in the last 12 months
Selling your tech company in Denmark
Danish M&A follows European mid-market conventions with Nordic-specific patterns: locked-box increasingly common, W&I insurance standard, and the FDI screening regime introduced in 2021 now adding a regulatory layer in scoped sectors.
Locked-box increasingly common
Danish private M&A is increasingly locked-box, particularly in tech and PE-led processes. Completion accounts still used in larger or more complex transactions. The choice has material cash-flow consequences for the founder.
W&I insurance is standard
Warranty & indemnity insurance is standard in Danish deals above roughly DKK 75M. Premiums (around 1-1.5% of cover) typically paid by the buyer or split with the seller. Replaces traditional escrow.
FDI Screening Act
Denmark's Investment Screening Act (in force from September 2021) requires pre-completion notification for non-EU acquirers taking 10%+ stakes in Danish companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions.
Capital gains for founders
Danish individuals are taxed on share disposal gains at 27% on the first DKK 67k (2026 threshold, indexed) and 42% above. Holding-company structures used routinely to defer or reshape the tax bill - worth planning 12+ months ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Danish corporate seller can be tax-free under the Danish participation exemption - typically requires 10%+ holding and the subsidiary not being a tax-haven entity. Often drives whether a transaction is share or asset-structured.
Merger control
Konkurrence- og Forbrugerstyrelsen (the Danish Competition and Consumer Authority) reviews transactions where parties' combined Danish turnover exceeds DKK 900M and at least two parties each have DKK 100M+ Danish turnover. Most tech deals don't trigger.
Recently acquired tech companies in Denmark
Biggest M&A recently in Denmark was a $2.7B acquisition of GN Hearing by Amplifon in March 2026.
See all M&A deals in Denmark| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Mar-26 | GN Hearing | | GN Hearing is a Danish manufacturer of hearing aids. | Amplifon | $2.7B | 0.9x | |
Sep-25 | Decision Focus | | Decision Focus is a London-based software provider of platforms for internal audit management, risk assessment, compliance tracking, and business continuity planning. Its solutions automate workflows and reporting for governance teams in regulated industries. | Keensight Capital | $227M | - | |
Apr-26 | Asetek | | Asetek AS designs develop and market liquid cooling products. It operates in three segments: Liquid Cooling, Data center, and SimSports. The company generates maximum revenue from the Liquid Cooling segment. The Company operates internationally in several geographical areas, principally in Asia, Europe and the Americas. It derives majority of its revenue from Asia region followed by Americas. | Suzhou Chunqiu Electronic | $89M | 1.9x | |
Oct-25 | Oticon Medical | | Oticon Medical is a Smørum, Denmark-headquartered developer of implantable hearing solutions including the Ponto bone-anchored hearing system for conductive hearing loss and single-sided deafness plus the Neuro cochlear implant system for severe-to-profound sensorineural hearing loss. The company distributes products across more than 50 countries through subsidiaries and partners worldwide. Oticon Medical invests in audiological research to advance titanium implant technology and sound processing algorithms. Its solutions integrate with personal audio devices and support active lifestyles for hearing-impaired individuals. | Impilo | $87M | - | |
Jun-25 | Fuller Technologies | | Fuller Technologies is a provider of engineering services and equipment for cement production optimization. It supplies mills, kilns, and control systems to plants worldwide, enhancing energy efficiency and output quality. The company supports global cement manufacturers with maintenance and upgrades. | Pacific Avenue Capital Partners | $81M | - | |
Aug-25 | Celebert | | Celebert is a Danish e-commerce retailer specializing in fixtures for kitchens, bathrooms, laundry rooms, and wardrobes. Operating from Denmark, it offers products like faucets, cabinets, and lighting solutions with nationwide delivery. | TCM Group | $21M | 1.0x | |
May-25 | Matter | | Matter is an ESG data analytics provider offering a platform with over 500 sustainability metrics for asset managers, banks, and platforms. London-headquartered, it covers SDG revenue alignment, climate transition risks, SFDR PAIs, and thematic flags across 50,000 issuers. Users analyze portfolios, benchmark performance, and export compliant reports. The firm supports EU regulations through granular datasets on sovereigns and funds. | Diginex | $13M | - | |
May-26 | Indesmatech | | Indesmatech is a technology and advisory company supplying semiconductors. | Macnica Galaxy | - | - | |
Apr-26 | BEC Financial Technologies | | BEC Financial Technologies is an IT company that develops and operates systems for the financial sector. The firm supports Danish banks and related entities in IT-driven operations to optimize expenditures and core activities. | Nykredit A/S | - | - | |
Apr-26 | Amero | | Amero supplies FlexPOS-based checkout systems to physical stores, chains, and webshops. The company assigns the initial consultant to handle setup and ongoing customer support. | Everfield | - | - | |
Mar-26 | Tamigo | | Tamigo is a Copenhagen-headquartered cloud-based workforce management solution provider serving retail and hospitality businesses across Europe since 2006. The platform optimizes scheduling, time tracking, payroll, sales forecasting, and employee communication for small to large enterprises through franchise operations in multiple countries. | Accel-KKR | - | - | |
Mar-26 | One Seven Music | | One Seven Music releases pop and independent music. | Sony Music Entertainment | - | - | |
Feb-26 | Knudsen Plast | | Knudsen Plast produces injection-molded plastic components for medical devices and healthcare applications. The Danish manufacturer specializes in precision parts for the health sector. | MGS Mfg. Group | - | - | |
Feb-26 | Løgbutikken | | Løgbutikken runs an e-commerce store for flowers, seeds, and gardening supplies. The Danish platform serves hobbyists and professional growers. | Bland Selv Frø | - | - | |
Feb-26 | Treco | | Treco manufactures sorting robots, lockers, and display systems for postal operations. The Danish company equips mail handling facilities with automated and manual solutions. | Blue Equity | - | - |
Who is buying tech companies in Denmark?
Visma, Everfield and Main Capital Partners are the most active acquirers in Denmark.
See all acquirers in Denmark| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
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. | PenneoNovember FirstIvision+2 | 4 | |
Everfield | | Everfield is a Toronto-headquartered holding company founded in 2021 that acquires, builds, and scales vertical SaaS businesses targeting niche industries like construction, healthcare, and logistics. It manages a portfolio of 10 software firms serving 50,000 users globally with annual recurring revenue exceeding $20 million. Everfield invests in product roadmaps, sales expansion, and AI integrations, achieving 30 percent average YoY growth across holdings. Operations span North America and Europe with 150 employees. | AmeroHeapsOnlinePOS+1 | 3 | |
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. | NextwayOmnidocsUnik System Design+2 | 3 | |
Uniwater | | Uniwater is a Gothenburg-based specialist in water and wastewater infrastructure, supplying prefabricated pumping stations and modular treatment plants. Projects serve municipalities and industries across Sweden with solutions for sewage handling and clean water production. | ControlPartnerACOWA INSTRUMENTS3VA | 2 | |
Inspirit365 | | Inspirit365 is a consultancy implementing Microsoft Dynamics 365 for digital transformation in sectors like trade, energy, manufacturing, finance, and insurance. | DaxitImplution | 2 | |
MGS Mfg. Group | | - | Knudsen PlastTechnolutionWinther Mould Technology | 2 | |
Impilo | | Impilo is a venture capital firm investing exclusively in pharmaceuticals, medical devices, healthcare services, and related health sectors. Stockholm-based since 2017, the Nordic investor backs companies promoting sustainable community and market development through portfolio firms in Sweden and neighboring regions. | Oticon MedicalQuforaMarinus Pharmaceuticals | 2 | |
Polaris | | Polaris is a Copenhagen-based private equity firm targeting mid-market companies across services, manufacturing, and technology sectors. The firm executes buyouts, growth capital, and recapitalizations in local and international markets, spanning physical assets to digital platforms. | Globeteam7NValtus+1 | 2 | |
Shine | | Shine is a Paris-based digital bank tailored for freelancers and independent professionals in Europe. The company offers business current accounts, invoicing tools, tax management software, and payment processing integrated into a mobile app. Launched in 2017, Shine serves over 400,000 users primarily in France and Spain, partnering with Société Générale for banking infrastructure. Its platform automates VAT declarations and expense tracking, expanding into accounting advisory services across the European Economic Area. | TaxHelperStorebuddyIVN+1 | 2 | |
Puzzel | | Puzzel is an Oslo-headquartered provider of cloud-based customer engagement platforms serving over 1,000 organizations across Europe and beyond. The company delivers omnichannel contact center solutions, including voice, chat, email, and social media routing, alongside AI-powered virtual agents and conversational analytics. Its ecosystem integrates with CRM systems such as Salesforce and Microsoft Dynamics, enabling workforce management and case handling for sectors like finance, telecom, public services, and utilities. Puzzel operates data centers in Norway, the UK, Spain, and Poland to ensure 99.999% availability, supporting more than 100 million customer interactions annually since its founding in 2005. | CapturiSupWizVergic | 2 |
Public tech companies in Denmark
Coloplast is Denmark's largest publicly listed tech company, with a market cap of $14B.
See all public companies in Denmark| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
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. | $6.30 | -35.0% | $14B | $18B | 4.1x | ||
Demant | Demant is a Denmark-based manufacturer and distributor of hearing solutions, such as hearing aid devices and diagnostic equipment. More than 80% of the company's sales come from North America and Europe. | $37.27 | -6.1% | $7.9B | $11B | 2.9x | ||
Ambu | Ambu AS provides medical technology solutions. The company’s business consists of research and development of new solutions, which are then manufactured, marketed, and sold. It operates in two verticals: Endoscopy Solutions and Anesthesia & Patient Monitoring, with the majority of revenue being generated from the Endoscopy Solutions business. Geographical segments include North America, Europe, and the Rest of the World. | $10.51 | -32.8% | $2.8B | $2.8B | 2.8x | ||
Netcompany | Netcompany Group AS is an information technology services company. The company is engaged in delivering business-critical IT solutions to large Public and Private sector customers and supporting them in their digital transformation journeys. Its offerings include software solutions and digital platforms such as Pulse, Easley AI and Solon Tax among others. The company's business segments are Denmark, SEE & EUI, the United Kingdom, Norway, the Netherlands and Banking Services. It generates the majority of revenue from the Denmark segment. | $52.86 | +12.4% | $2.4B | $3.0B | 2.2x | ||
GN Store Nord | GN Store Nord is a Danish company offering medical and audio solutions. The group comprises three businesses: Hearing (about 40% of sales), Enterprise (40%), and Gaming (20%). GN Hearing offers hearing aids and competes globally with Sonova, Demant, Starkey, and WS Audiology (formerly Sivantos and Widex). GN Enterprise provides headsets and speakerphones to the enterprise market, including contact centers and offices. GN recently acquired SteelSeries, a provider of gaming accessories such as headsets and keyboards, thereby forming the Gaming division. The company has positioned itself as a major player in the Unified Communication-enabled headsets market. The firm's premium brands are Resound in hearing, Jabra in headsets, and SteelSeries in gaming. | $14.57 | -1.9% | $2.1B | $3.5B | 1.5x | ||
ChemoMetec | ChemoMetec AS specializes in designing, developing, and producing instruments using patented technology in cell counting and evaluation. It is engaged in the manufacturing and marketing of analytical instruments used for quantitative analysis of cells in liquids. Its applications include Cell Analysis and counting of Mammalian Cells, Yeast Cells, and Sperm Cells. It provides platforms for the determination of viability and cell count of yeast, veterinary semen, mammalian cells, and somatic cells as well as image analysis. It has four segments instruments; consumables; services and others, and the majority of its revenue is generated from the Consumable segment. | $52.89 | -35.1% | $920M | $879M | 11x | ||
Better Collective | Better Collective AS is a developer of educational platforms within the iGaming industry. The company's segment includes Publishing and Paid Media. It generates maximum revenue from the Publishing segment. The publishing business segment includes revenue from Collective’s proprietary online platforms and media partnerships, where online traffic comes either directly or through organic search results. | $13.36 | -2.8% | $772M | $1.1B | 2.6x | ||
Napatech | Napatech AS is a tech company. It enhances open and standard virtualized servers to boost innovation and release valuable computing resources that improve services and increase revenue. The Group manufactures and sells network adapters to end-users and through third-party channel partners. It derives maximum of its revenue from the Americas. | $5.16 | +120.2% | $570M | $556M | 20x | ||
Columbus | Columbus AS is a digital consultancy company. The group specialises in solving complex challenges for customers in the manufacturing, retail and distribution, food and beverage, and life science industries. It delivers business-critical solutions in areas such as CloudERP, Data & Analytics, Application Management, Digital Commerce, Cybersecurity, AI Innovation, and ESG. The company's geographical segments include Sweden, Denmark, Norway, UK, U.S. and Other. | $1.53 | -1.4% | $195M | $220M | 0.9x | ||
cBrain | cBrain AS is a software engineering company headquartered in Denmark. The company is created from the collective ambition of IT industry pioneers and technology innovators to help governments transform and thereby contribute to creating efficient, accountable and transparent public institutions. The company has developed a Commercial Of-The-Shelf (COTS) software platform named F2, built for government organizations focused on fast-tracking digital transformation at scale. | $9.37 | -64.2% | $183M | $181M | 4.4x | ||
NNIT | NNIT AS is a Denmark-based company that offers consultancy services in IT (Information Technology) development, implementation, and operations. The services provided by the company include advising, building, implementing, managing, and supporting IT solutions and operating IT systems for customers. The company's reporting segment comprises of Region Denmark; Region Europe; Region USA, and Region Asia out of which Region Denmark derives the majority of revenue. | $6.38 | -39.6% | $159M | $207M | 0.7x | ||
North Media | North Media AS provides platforms for business communication with consumers. The group has the following business areas: Last Mile with the company FK Distribution, which packs and distributes printed matter to households. The other business area: Digital Services, includes the companies, BoligPortal, which is a rental housing platform, Ofir, which is a job portal, and the company BEKEY, which offers secure, digital access solutions to, among others, distributors and home care providers. | $7.16 | +14.4% | $129M | $13M | - | ||
Freetrailer Group | Freetrailer Group AS is a Danish technology company providing trailer reservation and borrowing services for free through a sharing economy IT platform. It offers self-service solution via the Freetrailer app and electronic lock, enabling its partners and their customers enjoy maximum flexibility. The group operates as a sharing platform providing rental services for Trio Cargo eBikes, Open trailers, Closed trailers, 2-axle open trailers, Open trailer with cage, and other trypes of trailers across various locations in Denmark, Sweden, Norway, Germany and the Netherlands. | $9.12 | -33.5% | $87M | $90M | - | ||
Asetek | Asetek AS designs develop and market liquid cooling products. It operates in three segments: Liquid Cooling, Data center, and SimSports. The company generates maximum revenue from the Liquid Cooling segment. The Company operates internationally in several geographical areas, principally in Asia, Europe and the Americas. It derives majority of its revenue from Asia region followed by Americas. | $0.266 | +142.9% | $84M | $104M | - | ||
GreenMobility | GreenMobility AS offers modern urbanites easy, flexible and sustainable transport in the form of electric, shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, or on daily basis. GreenMobility operates a total of 1600 EVs in Copenhagen, Aarhus, Malmo, Gothenburg, Antwerp, Gent and Helsinki. The company sees a rapidly growing market for car sharing in large cities that demand green transport for their citizens and to reduce the number of private cars. Geographically it derives key revenue from domestic sales in Denmark. | $12.41 | +156.8% | $73M | $87M | - |
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 Denmark and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Denmark.
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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