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Report:
Nordhaven quarterly software report Q4/2025

Deal volume returns to normal levels

Nordhaven identified 33 software transactions in Q4 2025 in the Nordic region. This is a significant drop from Q3 2025, and shows that deal volumes has returned to normal levels. By number of deals, Sweden was the most active country, followed by Norway and Denmark.

Report:
Nordhaven quarterly software report Q3/2025

Deal volumes climb to new heights

Nordhaven identified 46 software transactions in Q3 2025 in the Nordic region. This volume indicates increased interest in Nordic SaaS-companies. By number of deals, Sweden was the most active country, followed by Norway and Denmark.

Report:
Nordhaven quarterly software report Q2/2025

Nordic software M&A hits three-year high

Nordhaven identified 41 software transactions in Q2 2025 in the Nordic region. This volume indicates increased interest in Nordic SaaS-companies. By number of deals, Norway was the most active country, followed by Sweden and Denmark.

Report:
Nordhaven quarterly software report Q1/2025

Q1 up until "Liberation day" - maybe yesterday's news 

Nordhaven identified 32 software transactions in Q1 2025 in the Nordic region. This volume shows continued strong intrest in Nordic SaaS-companies. By number of deals, Denmark was the most active country, followed by Sweden and Norway.

Report:
Nordhaven quarterly software report Q4/2024

Deal volume is at its highest compared with the past 6 quarters.

Nordhaven identified 32 software transactions in Q4 2024 in the Nordic region. This is among the highest quarterly volumes of transactions seen in the period of higher interest rates (since Q3-22). We have identified 114 transactions in 2024 as a whole, a moderate increase from 111 transactions in 2023

2024
Advisor to
on the majority sale to
The deal:
Nordhaven advised Pureservice, a SaaS solution for Enterprise Service Management
Nordhaven advised Pureservice, the leading domestic mid-market SaaS solution for IT and Enterprise Service Management in a majority sale to the Swedish investment company Pamir.

Pureservice was founded by domain experts within IT and business support workflows who identified a need for an efficient and streamlined “plug-and-play” service management solution requiring minimal consulting and easy configurability. The solution has been developed as a scalable technology platform that increasingly utilizes automation and AI to improve workflows and customer experiences. Pureservice has a strong presence within robust verticals such as municipalities, lawyers, tech-and IT services providers. Pureservice’s value proposition resonates with many, and they are trusted by a well-diversified customer base of +300 mid-market and enterprise customers, with growing recurring SaaS subscription revenue and consistent profitability.
 
Together with Pamir, Pureservice will continue to work on its growth strategy to expand - both in its existing core markets, new geographies, and new customers - complemented by high ambitions in product development with new functionality for existing customers.
 

About Pureservice
Pureservice was founded in 2008 and demerged from Syscom (now DXC Technology Norge) in 2018, continuing the journey on a stand-alone basis. Pureservice’s mission is to create an easier and more independent workday by enabling agents to provide exceptional service. The company is today an expert-led organization with +25 employees focusing on technical excellence and superior product delivery.
 
About Pamir
Pamir is an investment company with a long-term ownership perspective in profitable software companies. Since inception in 2012, Pamir has built a software house currently consisting of eight industry verticals, supported by a team with hands-on entrepreneurial experience from building sustainable growth businesses. Pamir invest in companies with EV up to SEK 500m, and prefer to take majority stakes. The current portfolio consists of eight company groups with a collective revenue of SEK +600m, growing at ~30% and with an EBITDA-margin of ~25%.
 
2024
Advisor to
on the majority sale to
The deal:
Nordhaven advised global leader FFS AS in the majority sale to Madison Industries
Nordhaven advised Fire Fighting Systems AS (FFS), a global leader within large firefighting systems for both marine and land-based applications. FFS has delivered its in-house developed complete firefighting systems to more than 6,000 vessels globally, reflecting their dominant market position. FFS is on track to generate revenue of ~EURm 50 in 2024 with ~20% EBIT margin.


Established in 2003 to meet the demand for complete firefighting systems that are both revolutionary in performance and cost-effective, FFS quickly emerged as an industry leader. FFS’s commitment to safety and sustainability has made it the undisputed choice for reliable, high performance external firefighting systems across the globe. FFS has designed and delivered the largest ever land-based mobile firefighting system in addition to external firefighting systems on the most powerful and advanced fireboats.

Today FFS operates out of offices in Norway and Singapore and production facilities in Sweden.

“This acquisition marks a significant milestone for FFS and opens new opportunities for growth and innovation. Madison Industries shares our commitment to excellence and customer satisfaction. With their support, we are confident that FFS will continue to thrive and deliver exceptional value to our clients,” said Trond Sørlie, CEO of FFS.

“FFS's dedication to developing efficient, eco-friendly firefighting systems complements our mission to make the world safer, healthier and more productive,” said Kris Howard, Madison Safety President and CEO. “Together, we can leverage innovative solutions to save lives and protect communities around the world.”


About FFS
Fire Fighting Systems is the global leader in the design, engineering, and manufacturing of large firefighting systems – a single-source supplier for both marine and land application. FFS’s extensive product portfolio encompasses pumps with drivers, gearboxes, firewater monitors, foam proportioners, deluge systems, remote control systems, and all the associated equipment necessary for a comprehensive firefighting solution.

About Madison
Madison is one of the largest and most successful privately held companies in the world. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. The team at Madison is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential.
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Industrials services
Report:
Nordhaven quarterly software report Q3/2024

Continued healthy activity in the private Nordic M&A market.

Nordhaven identified 28 software deals in the Nordic region during Q3 2024, slightly up from 27 deals in Q3 2023. Resurgence in interest from North American buyers in Q3 2024 following weaker interest in H1 2024.

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