As the investment scene continues to mature, the exit market continues to do so too, as Q2 brought us 27 Nordic tech acquisitions and 8 IPOs.
With the exit scene continually evolving, we’ve updated our methodology for recording exits, and as such the following were not included in this analysis.
Acquisitions announced in Q2 but not yet officially finalised:
Denmark’s Sitecore gains ‘Eunicorn’ status as EQT buys majority stake at €1 billion valuation
Finland’s JOT Automation and its sale to Wuxi Lead Intelligent Equipment for $84 million
Finland’s Okmetic receives takeover offer from China’s National Silicon
Tele2 to buy TDC Sweden for $352 million
Com Hem buys Boxer for €144m
Qliro Group sells Tretti
Existing owners or shares under new ownership:
Tencent to buy SoftBank’s stake in ‘Clash of Clans’ maker Supercell for more than $8 billion
The founder buys back Swedish e-commerce success Inkclub
The founders of Cloapp have bought out investor Benitez Holdings
Nordic origins but not headquartered in the region:
Thoma Bravo acquires Qlik Technologies for $3 Billion
So, what does that leave us with?
In Q2 2016, there were 35 tech exits in the Nordics, totalling a disclosed $845.68 million
Of the 35, an incredible 8 of these were IPO’s, meaning that 2016 has now seen 11 Nordic tech companies float, as public markets continue to excel in the Nordics despite the struggles in the US with tech companies going public.
As is the case with funding, Sweden dominates, with 6 in 10 tech exits in the Nordics in Q2 occurring in Sweden. It should also be noted that 7 of the 8 IPO’s also occured in Sweden. It could be argued that elsewhere it was a pretty slow quarter in the Nordics for exits.
Q2 ensured that the recent increase in VC-backed Nordic tech exits was maintained as essentially 1 in every 2 exits ensured some return was provided to an investor, further enhancing the Nordics as an attractive place to invest in.
As ever, other Nordic companies made up the majority of the acquirers, with the U.S being the most prolific outside of the region. Taking Q1 into account, 2016 has seen 49.28% of the acquisitions involving a Nordic buyer and seller. Companies from the U.S are still accounting for 14.49% but this is dramatically down from the 45% they represented in 2014. However, this is predominantly due to domestic purchases increasing.
All in all, it was another strong quarter for Nordic tech exits, especially considering the fact that Sitecore became/will become a unicorn and Supercell became Europe’s first ‘decacorn’, with neither of these forming part of the official analysis. With VC-backed exits and IPOs both increasing further, everything appears to be moving in the right direction, with no signs of any slowdown.