- M&A advisory
- Finland
M&A advisory services in Finland
Finland has a track record of technology M&A that belies its size - DoorDash's acquisition of Wolt, Coloplast's acquisition of Kerecis and multiple PE-led SaaS buyouts demonstrate that Finnish companies are attractive M&A targets for both strategic buyers and financial sponsors at the European and global level.
Beyond the headline transactions, Finland's enterprise software, gaming, cleantech and medtech sectors generate a consistent pipeline of mid-market exits that attract PE and corporate buyers from across Scandinavia, Germany, the UK and the US.
Flow works with bootstrapped and venture-backed Finnish companies planning or running M&A exit processes. Our approach is lean, KPI-driven and process-rigorous: structured preparation months before the process launches, strong PE and strategic acquirer relationships across Helsinki, Stockholm, London and the US, and end-to-end management through to close.
33
Finland tech M&A deals in the last 12 months
$5.8M
Finland median tech M&A valuation
1.0x
Finland median tech M&A revenue multiple
$112M
Finland biggest tech acquisition in the last 12 months
Selling your tech company in Finland
Finnish M&A follows European mid-market conventions with country-specific overlays around the participation exemption for corporate sellers and the Foreign Direct Investment screening regime in defence-adjacent sectors.
Locked-box and completion accounts
Finnish 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.
W&I insurance is increasingly common
Warranty & indemnity insurance is now standard in Finnish deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
Foreign investment review
Finland's Act on Monitoring Foreign Corporate Acquisitions requires notification of acquisitions involving non-EU/EEA acquirers in defence, critical infrastructure or sensitive technology. Adds notification time and conditions to scoped transactions.
Capital gains for founders
Finnish individuals are taxed on share disposal gains at 30% (up to €30k of capital income) and 34% above. Personal holding companies routinely used to defer taxation via the corporate participation exemption - worth planning 12+ months ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Finnish corporate seller can be tax-free under the participation exemption - typically requires 10%+ holding for one year and the subsidiary being a qualifying EU/EEA entity. Often drives whether a transaction is share or asset-structured.
Merger control
KKV (the Finnish Competition and Consumer Authority) reviews transactions where parties' combined worldwide turnover exceeds €350M and at least two parties each have €20M+ Finnish turnover. Most tech deals don't trigger.
Recently acquired tech companies in Finland
Biggest M&A recently in Finland was a $112M acquisition of Tieto (Edlevo and HR & Payroll products) by EG in February 2026.
See all M&A deals in Finland| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | T | Tieto (Edlevo and HR & Payroll products) | Tieto is a Helsinki-headquartered provider of specialized software for education through its Edlevo platform and comprehensive HR and payroll solutions. As part of TietoEVRY, the company delivers digital engineering services and industry-specific applications to clients across public and private sectors globally. | EG | $112M | 3.0x | |
Jun-25 | Lenio | Lenio Oy is a Helsinki-based IT services firm specializing in consulting for financial institutions. The company delivers cloud migration, cybersecurity, and custom software to enhance operational efficiency. Lenio supports banks and insurance firms across Finland and the Nordic region with 24/7 service desks. Founded in 2010, it maintains partnerships with Microsoft Azure and local fintech accelerators. | Panostaja | $75M | - | ||
Jul-25 | Huld | Huld is a Tampere-headquartered firm delivering software development, product engineering, cybersecurity, and digital innovation services. It supports industries like manufacturing, energy, and healthcare with embedded systems, IoT solutions, and secure cloud architectures. The Finnish company collaborates on end-to-end product lifecycles, from prototyping to market launch, maintaining design centers in Helsinki and international partnerships across Scandinavia. | Gofore | $59M | 0.5x | ||
Jun-25 | Sanako | Sanako is a Helsinki-headquartered provider of multimedia language learning platforms and ICT tools for education and corporate training. The company offers Sanako Connect for live classes and Sanako One for blended learning with recording and assessment features. Launched in 2003, Sanako serves schools in over 100 countries, integrating with Zoom and Teams. | Shape Robotics | $9.3M | 4.0x | ||
Feb-26 | SST | SST is a Finnish marketing communications agency providing campaign design, software development, video production, and 3D visuals across digital and traditional media. | Eniro Group | $2.4M | - | ||
Dec-25 | Netello Systems Oy | Netello Systems Oy is a Helsinki-headquartered firm offering search engine optimization, conversion rate optimization, search engine marketing, and web design services. It targets small and medium-sized enterprises in Finland with performance-focused digital marketing tools. | JMEA Group | $2.0M | 1.0x | ||
Jul-25 | Qwamplify Nordics | Qwamplify Nordics is a Stockholm-based digital marketing agency offering social media campaigns and website optimization. It runs performance marketing on Meta, TikTok, and Snapchat for Nordic retailers like H&M and ICA. The agency optimizes e-commerce sites using Google Analytics 4 and Tag Manager for conversion rate improvements. Part of the Qwamplify group since 2021, it serves Scandinavian markets with localized content strategies. | Eniro Group | $1.0M | 0.3x | ||
Jun-25 | Foamit | Foamit is a Finnish manufacturer of foam glass aggregate produced from recycled glass waste for use in construction insulation and lightweight fill. Its foam glass gravel offers thermal insulation, water resistance, and compressive strength up to 500 kPa, reducing project costs in road bases, green roofs, and floor insulation. The company also builds portable, air-powered pre-mix foam generators including the FI-5N, FI-10N, FI-20N, and FI-25N models, equipped with Viton or Kalrez seals for handling cement, bentonite, or chemical grouts. These units support applications in soil stabilization, tunneling, and waterproofing from its base in Espoo, Finland. | Partnera | $300K | - | ||
Apr-26 | CoreGo | CoreGo is a provider of payment and access control solutions for events and venues. CoreGo offers portable terminals, RFID wristbands, QR scanners, turnstiles, and cloud management systems for festivals, stadiums, and trade shows in various countries. These tools handle cashless transactions and entry management. | Bregal Milestone | - | - | ||
Mar-26 | Talosäätö Oy | Talosäätö Oy maintains properties and installs automation and electrical systems in Eastern Finland. | Caverion | - | - | ||
Mar-26 | DT Systems Oy | DT Systems Oy is a Finnish firm that designs, installs, and maintains data center and critical network infrastructure. | Nimlas Group | - | - | ||
Feb-26 | Oiva Health | Oiva Health is a Helsinki-headquartered health tech company providing digital platforms for remote home care. The firm develops video consultation tools and monitoring apps used by Nordic municipalities for elderly care and chronic disease management. Acquired and rebranded as Videovisit Global, it serves over 100 public health organizations across Scandinavia with HIPAA-compliant software. Oiva Health integrates wearable data and AI triage to enable independent living, operating in Finland, Sweden, and Denmark. | LuxSci | - | - | ||
Feb-26 | F | Fluentic | Fluentic powers AI-driven translation for multilingual customer support, handling real-time correspondence with high accuracy. | LeadDesk | - | - | |
Dec-25 | Ideal Group | Ideal Group is a Helsinki-headquartered provider of product lifecycle management services using PTC Windchill software for manufacturing clients across the Nordics. The company supports digital transformation through product information management systems, custom product design, and consulting on secure data handling. Serving industries like machinery and electronics since its founding in 1996, Ideal Group employs over 100 professionals and maintains offices in Finland, Sweden, and Estonia. It partners with PTC for PLM implementations and delivers lifecycle services from concept to aftermarket support. | Mait | - | - | ||
Dec-25 | Rundit | Rundit is a SaaS platform for venture capital and private equity portfolio management. The tool centralizes deal tracking, investor reporting, fund performance analytics, and ESG monitoring in a single dashboard. Portfolio managers use it to monitor KPIs, conduct scenario modeling, and automate LP communications. Rundit serves funds in Europe and North America with integrations to CRM systems and financial databases. | Greenstep | - | - |
Who is buying tech companies in Finland?
Alma Media, Vitec Software and Eniro Group are the most active acquirers in Finland.
See all acquirers in Finland| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Alma Media | Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe. | Climatrix.earthEffortiaEdilex Lakitieto+1 | 4 | ||
Vitec Software | Vitec Software Group AB is a software company in Vertical Market Software in the Nordic region. The company provides software for the pharmacy market, automotive and machine industry, banks and insurance companies, healthcare companies, real estate agents, and the education sector. Its segments comprise Auto, Energy, Real Estate, Finance and insurance, Environment, Estate Agents, and Education and health. | RoiduCodeaNavicode+2 | 4 | ||
Eniro Group | Eniro Group AB is a search engine company for individuals and companies operating in Sweden, Norway, Denmark, Finland, and Poland. Its operations are divided into two business areas. The Marketing Partner business area offers local small and medium-sized companies a comprehensive range of digital marketing services with the help of both external partnerships and its local search engines. The Dynava business area offers customer service and response services for larger companies in the Nordic region, as well as directory inquiry services. | SSTQwamplify NordicsMedialuotsi | 3 | ||
IQI | IQI is a Helsinki-based consultancy delivering project management, procurement, and IT services from the merger of Consultor Finland and Profit Consulting. It specializes in technical IT implementations for public sector and enterprise clients in Finland, including ERP systems and digital transformation projects. The firm employs certified PMP professionals for agile and waterfall methodologies. | First GoalNotkia ITProfit Consulting | 3 | ||
MariaDB | MariaDB is a Helsinki-headquartered database company providing an open-source relational database server forked from MySQL. The platform integrates into major Linux distributions like Red Hat Enterprise Linux and Ubuntu, powering websites for Wikimedia Foundation and the Finnish government. MariaDB offers enterprise editions with tools such as MaxScale for database clustering and SkySQL for cloud-managed services across AWS, Azure, and Google Cloud. | SkySQLCodershipGridGain | 2 | ||
Nimlas Group | Nimlas Group is a Swedish technical services firm delivering installations in electricity, ventilation, heating, automation, and plumbing. Formed in 2021 through the merger of Sandbäckens El and QMG, it targets energy-efficient systems for private residences, offices, hospitals, schools, public facilities, and industrial sites across Sweden. The company handles projects from design to maintenance, emphasizing sustainable building technologies. | DT Systems OyRovaniemen Sähkö ja SäätölaiteLP Electric Oy+1 | 2 | ||
Bought | Bought is a Berlin-based automated secondhand marketplace using AI to access 95% of untapped supply from private sellers. Processing clothing, electronics, and books via app-based scanning and pricing, it ships to 10 European countries. Launched in 2022, Bought handles 100,000 listings monthly and partners with logistics firms like DHL for rapid fulfillment. | NetfleaZadaa | 2 | ||
Lemonsoft | Lemonsoft Oyj is a Finnish software company that designs, develops, and sells ERP software solutions to streamline its customers' processes across different business lines and administration. The Company operates in the ERP software market in Finland as a service provider for SMEs. | ApplirentAtmoticsFinazilla | 2 | ||
Confirma Software | Confirma Software is a holding company acquiring vertical market enterprise software providers. Denver-based, it targets established SaaS businesses in construction, healthcare, and distribution with integrated platforms for CRM, ERP, and workflow automation serving mid-market clients in North America. | Solteq (healthcare software unit)Netbaron SolutionsQuick Systems | 2 | ||
TA Associates | TA Associates is a Boston-headquartered growth equity firm investing in technology, healthcare, financial services, consumer, and business services sectors. It partners with management teams of companies generating over $100 million in revenue, providing capital for acquisitions and international expansion. TA has offices in London, Mumbai, and Hong Kong. | ePassiEpassi GroupVolue Infrastructure+2 | 2 |
Public tech companies in Finland
Tieto is Finland's largest publicly listed tech company, with a market cap of $2.8B.
See all public companies in Finland| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Tieto | Tieto Oyj is a software and technology consulting company. The company provides software and digital engineering services to customers across multiple industries. Its operations include specialized software businesses such as Tieto Caretech, Tieto Banktech, and Tieto Indtech, as well as a technology consulting business. The company offers services in areas including software development, design, cloud, and artificial intelligence. | $23.90 | +28.8% | $2.8B | $3.2B | 1.5x | ||
Vaisala | Vaisala Oyj is engaged in the provision of measurement solutions and services for weather, environmental, and industrial applications. The company operates through two reportable segments: Industrial Measurements and Weather and Environment. The Industrial Measurements segment provides measurement instruments and solutions to optimize processes, product quality, and energy efficiency across industries. The Weather and Environment segment offers weather and environmental monitoring solutions, as well as data and software services, to support safety, operational efficiency, and decision-making. | $59.99 | +4.0% | $2.2B | $2.2B | 3.0x | ||
Sanoma | Sanoma Oyj is a learning and media company. The group publishes magazines and newspapers along with educational learning literature and services. It operates in two segments: Learning and Media Finland. Sanoma's learning products and services enable teachers to develop the talents of every child to reach their full potential. The company offers printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education. The Finnish media business of Sanoma provides information, experiences, inspiration, and entertainment via multiple media platforms: newspapers, radio, television, events, magazines, online, and mobile channels. The company's publications include Helsingin Sanomat, IltaSanomat among others. | $10.79 | -2.0% | $1.8B | $1.8B | 1.2x | ||
Alma Media | Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe. | $15.46 | +11.2% | $1.3B | $1.4B | 3.6x | ||
Kempower | Kempower Corp designs, manufactures and commercializes charging solutions and services for electric vehicles and machines. Geographically, it derives a majority of its revenue from Rest of Europe regions and it also has a presence in Nordics, North America and Rest of the World. Its charging solutions include Kempower Power Unit; Kempower Movable Charger; Kempower Station Charger; Kempower ChargEye for Depots; Kempower ChargEye for CPOs and others. | $16.25 | +27.7% | $901M | $885M | 2.7x | ||
Qt Group | Qt Group PLC is engaged in Qt product development, commercialization and licensing under commercial and open-source licenses. It is used for developing cross-platform applications and graphical user interfaces for desktops, embedded systems, and mobile devices. The Group reports one business segment that provides its customers with software development tools. This technology is used in various devices and applications, including consumer electronics, vehicles, airplanes and industrial automation applications. Geographically, it has a presence in the Rest of Europe and APAC and North America. It derives revenue from License sales and consulting and others. | $30.41 | -55.4% | $772M | $873M | 3.3x | ||
Revenio Group | Revenio Group Oyj is a Finnish health technology company. It develops and commercializes effective and easy-to-use health tech-related screening devices for detecting diseases of significance to public health. Its ophthalmic diagnostic solutions includes intraocular pressure (IOP) measurement devices (tonometers), and perimeter and fundus imaging devices under the iCare brand. Its eye care software platform Oculo offers clinical communication, telehealth, remote patient monitoring, and data analytics capabilities. The company's geographical segments include Finland, USA, and Others. | $16.41 | -47.2% | $437M | $417M | 2.8x | ||
F-Secure | F-Secure Corp is engaged in designing and providing a comprehensive range of Cyber-security products and services related to data security, privacy protection as well as privacy protection and digital identity protection of consumer terminal devices, networks, and devices connected to a network, sold in each case either directly or indirectly to consumers. Geographically the company earns a majority of its revenue from Europe followed by the Nordic Countries. Its products are F-Secure Total, F-Secure Internet Security, F-Secure VPN, F-Secure ID Protection, and F-Secure Scam Protection. | $2.21 | -2.8% | $386M | $551M | 3.2x | ||
WithSecure | WithSecure Corp, formerly F-Secure Corp is a cyber security products and services company The Company has one segment which is security. Its solutions help to protect thousands of businesses from security threats. Geographically, WithSecure is focused on Europe and the United States, and the company's products are sold by thousands of resellers. The company's revenue is split into three categories. Cloud revenue includes the Elements platform cloud-based products, Managed Detection and Response (MDR) and Cloud Protection for Salesforce (CPSF) revenue. Onpremise revenue includes the Elements portfolio on-premise product (Endpoint protection) and other legacy products. Consulting revenue includes the cyber security consulting services. | $1.99 | +66.3% | $350M | $374M | - | ||
Canatu | Canatu PLC creates nano solutions. It is developing carbon nanotubes (Canatu CNTs) and CNT reactors for the semiconductor, automotive, and medical diagnostics industries. The group focuses on creating the carbon nanotubes for industry-transforming products. | $9.32 | -15.8% | $314M | $210M | 9.1x | ||
Remedy Entertainment | Remedy Entertainment PLC is a gaming company developing narrative and visually impressive console and computer games, published by partners such as Rockstar Games and Smile Gate, Sony and Microsoft. The company's games have been made into books, comics, concerts, Tv-series, and a Hollywood movie. It published games such as Death Rally, Max Payne, and others. It has a Games Market segment that includes Mobile, Console, and PC. | $16.55 | -24.4% | $225M | $206M | 2.3x | ||
Gofore | Gofore PLC is a digital services company. The company offers services that help operators in the private and public sectors face digital change. The company offers services such as Digital transformation advisory, agile software development, service design, cloud technology, data & analytics, Digital quality assurance, and testing automation. The vast majority of its revenue comes from Finland. | $13.56 | -36.4% | $220M | $240M | 1.0x | ||
Digia | Digia Oyj is a Finnish-based IT service company. Digia comprises four service areas: Digital Solutions, Business Platforms, Financial Platforms, and Managed Solutions The company serves a diverse set of markets, including energy, retail trade, public sector, insurance, manufacturing and service business, banking and investment services and logistics. Geographically, it operates in Finland, Sweden, Netherlands & other countries, out of which the majority of its revenue comes from Finland. | $6.84 | -18.0% | $182M | $210M | 0.8x | ||
Admicom | Admicom Oyj provides software solutions and related services for the construction industry, covering the construction value chain as well as services that support its customer's operations. Its ERP system supports management of operations, finances, and projects. The company also offers a project management product suite for managing the lifecycle of a building. | $34.35 | -43.4% | $170M | $162M | 3.6x | ||
Multitude | Multitude AG, formerly Multitude SE is a European FinTech company that offers digital financial and banking services to both individuals and small and medium-sized businesses. The company's operations are divided into three business units: consumer banking (Ferratum), SME banking (CapitalBox) and wholesale banking (Multitude Bank). These units are supported by an internal Banking-as-a-Service platform. The company operates in nearly 16 different countries. | $7.37 | -10.0% | $158M | -$132M | - |
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 Finland and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Finland.

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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