The IT consulting industry in the Nordics is vibrant and dynamic, characterized by companies that specialize in digital transformation, cloud services, cybersecurity, and software development. Major players range from large firms offering comprehensive solutions to niche consultancies focusing on specific technologies or industries. The continuous evolution of technology keeps driving demand, with a growing emphasis on sustainability and artificial intelligence reshaping service offerings. Insights suggest that the Nordics remain at the forefront, leveraging strong tech ecosystems, innovation, and a supportive regulatory environment to attract talent and investment for future growth.

The Nordic investment scene features a mix of private equity, venture capital, and corporate investors, primarily based in Stockholm and Oslo. Established between 1865 and 1996, these firms hold various sizes, from 11 to over 10,000 employees. In 2024, they collectively completed a substantial number of deals, indicating an active and competitive market. Major players like EQT Group and Knowit emphasize their strategic role in shaping the IT consulting landscape, enhancing services and driving transformation across sectors.

Top 13 IT Consulting Investors in the Nordics

1. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across various sectors and geographies. In the IT consulting domain, EQT has made significant investments, including the acquisition of Iver in 2018, which focuses on IT services, and Nexon Asia Pacific, an Australian cloud and managed service provider acquired in 2019. Most recently, EQT announced its intention to acquire Perficient, a digital consultancy firm, for nearly $3 billion in 2024. Additionally, EQT led a $125 million Series D funding round for Ardoq, further emphasizing its active role in supporting IT consulting and technology-driven companies.

2. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in companies like Entiros AB, which raised $772,667 in a venture round in December 2020, and Elastisys, which secured $679,613 in a seed round in February 2017. These investments highlight Almi's engagement in the IT consulting sector, as both companies are involved in technology and consulting services, further supporting their relevance in this industry.

3. Afry

• Website: afry.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1895
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: afry

AFRY AB is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services, including sustainability consulting, digital solutions, and project management across various industries. In recent years, Afry has made several strategic acquisitions to enhance its consulting capabilities. Notably, they acquired Simosol Oy in June 2021, a Finnish company specializing in Smart Forestry digital solutions, which strengthens their position in the digital consulting arena. Additionally, the acquisition of ProTAK in January 2021 further bolstered their digital offerings. These transactions demonstrate Afry's commitment to integrating IT consulting into their broader service portfolio, making them a relevant player in the IT consulting industry.

4. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Notably, CapMan has been involved in several transactions relevant to the IT consulting sector, including the acquisition of Symbio Group in 2009, which is likely engaged in IT consulting services. Additionally, CapMan Infra's acquisition of Danish colocation firm fuZion A/S in 2023 highlights their interest in technology infrastructure, as fuZion operates data centers. Furthermore, their investments in Solid Information Technology, which raised significant funding in both Series B and venture rounds, further emphasize their commitment to the IT sector. These transactions illustrate CapMan's active role in the IT consulting and technology landscape.

5. Visma

• Website: visma.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1996
• Headcount: 10001+
• Number of deals in 2024: 16
• LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in providing cloud-based accounting, payroll, invoicing, and HR solutions, primarily serving small and medium businesses as well as public sector organizations. Visma has a strong presence in Europe and Latin America, operating through a network of entrepreneurial companies that contribute to its innovative software offerings. In recent years, Visma has made several strategic acquisitions to bolster its capabilities in IT consulting and related fields. Notable transactions include the acquisition of Weoptit, a leading AI optimization company, which enhances Visma's expertise in AI and optimization solutions. Additionally, the acquisition of Kontek, a company specializing in cloud-based payroll solutions, and ACOS, a B2G software provider, further illustrate Visma's focus on expanding its consulting and software services. The acquisition of Silverfin, a Belgian accounting technology specialist, for 300 million euros, also highlights Visma's commitment to growing its portfolio in the fintech and consulting sectors. Overall, Visma's investment strategy is closely aligned with the IT consulting industry, making it a significant player in this space.

6. Etteplan

• Website: etteplan.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1983
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: etteplan-group

Etteplan is a corporate investor based in Espoo, Uusimaa, Finland, founded in 1983. The company specializes in providing engineering solutions and software services to industrial businesses, focusing on enhancing efficiency and sustainability through innovative technologies. Their client base spans various sectors, including aerospace, automotive, and medical technology, requiring advanced technical expertise and support. In recent years, Etteplan has made several strategic acquisitions to bolster its presence in the IT consulting sector. Notably, they acquired TekPartner, a Danish engineering and IT company, to expand their service offerings in Denmark. They also acquired Skyrise.tech, a Polish software development company, to enhance their expertise in cloud and application software solutions. Additionally, the acquisition of LCA Consulting further solidifies their commitment to providing comprehensive IT consulting services. These transactions highlight Etteplan's active role in the IT consulting industry, making them a significant player in this space.

7. Knowit

• Website: knowit.eu
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1990
• Headcount: 1001-5000
• LinkedIn: knowit

Knowit is a corporate investor based in Stockholm, Sweden, founded in 1990. The firm specializes in digital transformation and IT services, offering a comprehensive range of solutions that include management consulting, software development, cloud services, and cybersecurity. Knowit's client base spans various industries, emphasizing innovative and sustainable solutions to enhance operations and adapt to technological changes. Notably, Knowit has been active in the IT consulting sector through significant acquisitions, such as the acquisition of Cybercom Group for approximately $259 million in May 2021, which bolstered their IT service offerings. In December 2020, they acquired the Nordic digital agency Creuna for around SEK 201 million, enhancing their digital consulting capabilities. Furthermore, their acquisition of Creuna Danmark in December 2021 and the Finnish strategy agency Marketing Clinic in June 2022 highlight their strategic focus on expanding their management consulting and digital services, reinforcing their position in the IT consulting market.

8. Proact IT Group AB

• Website: proact.eu
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• LinkedIn: proact

Proact IT Group AB is a corporate investor based in Solna, Stockholm, Sweden, specializing in IT services with a focus on cloud transformation, data management, and cybersecurity solutions. Founded in 1994, Proact operates across multiple countries and serves various sectors, including healthcare, legal, and insurance. The company has made significant acquisitions to bolster its presence in the IT consulting space, including the acquisition of sepago GmbH, a German IT consultancy, for EUR 12 million, aimed at enhancing its public cloud transformation services. Additionally, Proact acquired Teamix GmbH for EUR 9 million to strengthen its datacenter architecture capabilities in Germany. Other notable transactions include the acquisition of Cetus Solutions, a cloud and workspace specialist, for £7.7 million, and PeopleWare, a Dutch IT managed services provider, for €17 million. Most recently, Proact announced the acquisition of BlakYaks, a UK-based consulting company specializing in cloud transformation, for an initial consideration of £16 million. These acquisitions reflect Proact's strategy to enhance its market presence and service offerings in the IT consulting domain.

9. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to foster their growth and development. Norvestor emphasizes sustainability in its investment approach and has a diverse portfolio that includes various sectors, notably IT services. Among its notable transactions, Norvestor acquired a majority stake in Globeteam A/S, a specialized IT consultancy in Denmark, marking its first direct investment in the Danish market. Additionally, the firm acquired Crayon Group, a significant player in IT services, in 2012. Other relevant acquisitions include NetNordic, one of the largest Nordic solution integrators, and The North Alliance, which further solidifies Norvestor's presence in the IT consulting landscape. These investments highlight Norvestor's strategic focus on enhancing operational efficiency and market presence within the IT consulting sector.

10. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, with a strong focus on creating long-term value and sustainability in its portfolio companies. Nordic Capital partners with management teams to drive growth and operational improvements. Notably, they have made significant investments in the IT consulting space, including the acquisition of Conscia, a leading provider of complex security and networking solutions in Northern Europe, which highlights their commitment to the technology sector. Additionally, their acquisition of Orc Group, known for its technology solutions, further emphasizes their involvement in IT consulting. With a robust portfolio and a focus on sustainable investment opportunities, Nordic Capital is well-positioned in the technology landscape.

11. Sobro

• Website: sobro.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2007
• Headcount: 1001-5000
• LinkedIn: sobro-ab

Sobro is a corporate investment firm based in Stockholm, Sweden, founded in 2007. The firm focuses on supporting strong entrepreneurs and management teams by providing investment partnerships and business consulting services. Sobro operates by investing its own capital, which allows for flexibility in partnerships and support for businesses seeking to realize their visions. Notably, Sobro has been involved in several transactions within the IT consulting sector, including investments in Candidator AB, Zington Xperience AB, and TrueSec, all of which are recognized players in the IT consulting industry. These investments demonstrate Sobro's commitment to fostering growth in the IT consulting space, making them a relevant investor in this field.

12. Adelis Equity Partners

• Website: adelisequity.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2012
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: adelis-equity-partners

Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm focuses on growing businesses in the Nordic region and provides investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant investments in the IT consulting space, acquiring companies such as AddPro, a prominent IT service provider, and NetIP, a Danish IT provider. In December 2022, they acquired a majority stake in Aderian Group, a Nordic IT services company expected to surpass SEK 1 billion in annual revenue. Additionally, they acquired Red Ocean Technology, rebranded as Kanari, further emphasizing their commitment to the IT sector. Their acquisition of Knightec, a consulting company, also highlights their strategic focus on IT consulting services, making them a key player in this industry.

13. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has invested in Apica, a data management and active observability company, which highlights their involvement in the IT consulting sector. Apica's focus on providing modern observability solutions for enterprise organizations aligns with the growing demand for IT consulting services. Additionally, their investment in LOGIQ.AI, a data fabric innovator, further emphasizes their commitment to supporting companies that enhance data management capabilities, which is crucial for IT consulting.

IT Consulting Insights: Key Investors in the Nordics

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