The identity and access management industry in the Nordics focuses on managing digital identities and controlling access to resources. Companies within this sector provide solutions ranging from single sign-on systems to more complex identity governance frameworks. With a growing emphasis on cybersecurity, firms are developing technologies that improve user authentication and data protection. Trends suggest a shift towards cloud-based services, integrating artificial intelligence, and catering to regulatory compliance requirements. The increasing demand for secure remote work solutions ensures sustained momentum, positioning Nordic companies as innovators tackling global identity challenges.


The list comprises a mix of corporate, venture capital, and private equity investors, primarily based in Stockholm, Oslo, and Helsinki. Founded between 1853 and 2016, these investors vary in size, with some employing over 10,000 individuals while others operate with fewer than 50. In 2024, these investors executed a total of 133 deals, highlighting the significant interest in identity and access management technologies. Prominent names include ASSA ABLOY Group with 21 investments and EQT Group with 30 transactions, showcasing the active engagement in this burgeoning sector.


Top 16 Identity and Access Management Investors in the Nordics


1. 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 such as Versasec, which focuses on identity management solutions, and Axiomatics, known for its access control solutions. These investments highlight Almi's commitment to supporting innovative companies in the identity and access management sector, alongside their broader mission to foster SME growth.


2. 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. In recent years, Visma has actively expanded its portfolio through strategic acquisitions. Notably, in March 2023, Visma acquired Identum, a company focused on identity and access management software, which serves the educational and public sectors in Norway. This acquisition aims to enhance Identum's offerings and facilitate growth in the private sector. Furthermore, Visma's acquisition of Penneo in November 2024 for approximately $79 million also reflects its commitment to expanding its capabilities in digital solutions, which may intersect with identity and access management. These transactions highlight Visma's strategic interest in the identity and access management domain, making it a significant player in this industry.


3. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and based in Stockholm, Sweden, is a leading security solutions provider specializing in locks, doors, gates, and entrance automation. With a workforce exceeding 10,000 employees, the company has established itself as a leader in the security industry through innovation and a diverse product portfolio. Notably, ASSA ABLOY has made several strategic acquisitions that bolster its position in the identity and access management space. For instance, the acquisition of LaserCard Corporation in 2011 enhanced HID Global's secure ID solutions, while the recent acquisition of 3millID in 2025 focuses on physical access control technologies. Additionally, the acquisition of Control iD in 2022 further strengthens their offerings in biometric access control. These transactions reflect ASSA ABLOY's commitment to enhancing security and access control solutions for both consumers and businesses, positioning them as a key player in the identity and access management industry.


4. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the identity and access management space with its acquisition of WSO2, a leader in API and identity management software, for over $600 million, expected to close in the second half of 2024. Additionally, EQT's acquisition of Acronis, a company specializing in data protection and cybersecurity, further emphasizes their focus on sectors that are closely related to identity and access management. These transactions highlight EQT's strategic interest in technologies that enhance security and identity management capabilities.


5. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in Qevlar AI, a Parisian cybersecurity startup that raised €4.5 million in a Seed round, focusing on generative AI solutions for cybersecurity. This investment highlights their commitment to the cybersecurity domain, which is closely related to identity and access management. Additionally, EQT Ventures has participated in funding rounds for AnyDesk, a remote desktop software company, which is relevant to secure access technologies. Their diverse portfolio reflects a strong interest in technology-driven solutions, including those that enhance security and access management.


6. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a leading telecommunications company based in Stockholm, Sweden, founded in 1876. With over 10,000 employees, Ericsson specializes in advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and user experiences. As an investor, Ericsson has made significant moves in the identity and access management sector. Notably, they acquired iconectiv in 2011, a company that plays a crucial role in identity management within telecommunications. Furthermore, Ericsson participated in the Series C funding round for Menlo Security in 2017, a company focused on secure web access and identity protection. They also engaged in the Series B funding for TrueFort in 2021, which leverages behavioral analysis for security, and invested in SAM Seamless Network, which focuses on network security. These transactions highlight Ericsson's commitment to investing in technologies that enhance identity and access management.


7. 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. Notably, Nordic Capital has made significant strides in the identity and access management sector through its acquisition of Signicat, a digital identity solutions provider, in April 2019. This acquisition aims to accelerate Signicat's international expansion and strengthen its market position. Additionally, Nordic Capital has invested in iLOQ, a company that provides digital locking solutions, further emphasizing its interest in the identity and access management domain. These transactions reflect Nordic Capital's commitment to driving growth and operational improvements in companies that are pivotal to the identity and access management landscape.


8. OpenOcean

  • Website: openocean.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: openocean-vc

OpenOcean is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in investing in early-stage technology startups across Europe, focusing on empowering founders in the data economy by providing capital and expertise to help scale innovative solutions. OpenOcean has been active in various technology sectors, including identity and access management. Notably, they led a Series A investment in Authologic, which raised $8.2 million in October 2024, indicating their commitment to supporting identity management solutions. Additionally, they participated in funding rounds for other technology companies, such as Strong Network and Sunlight.io, which, while not exclusively focused on identity management, operate within the broader technology landscape that includes data security and access management solutions.


9. Monterro

  • Website: monterro.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: monterro-ab

Monterro is a private equity investment firm based in Stockholm, Sweden, founded in 2012. The firm specializes in the growth of B2B software companies, providing both capital and operational support to help these companies scale and expand into new markets. Monterro focuses primarily on Nordic software companies, leveraging their expertise to drive growth and internationalization. Notable transactions include the acquisition of Axiomatics, a company specializing in identity and access management solutions, which raised $6.5 million in 2013. They also acquired Specops Software, which offers solutions related to secure access and identity management, and Outpost24, a cybersecurity firm that provides services relevant to identity protection. Their investment in Trapets, a SaaS platform for financial crime prevention, further emphasizes their commitment to security solutions, which often overlap with identity and access management needs.


10. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, specializing in growth equity investments in technology-enabled companies. Founded in 1985, Verdane focuses on digitalization and decarbonization trends, providing capital and hands-on support to help businesses scale. They have been actively investing in the technology sector, with notable transactions including their involvement in Hornetsecurity, a cybersecurity company that offers solutions related to identity and access management. Verdane has participated in multiple funding rounds for Hornetsecurity, supporting its product development and international expansion. Additionally, their acquisition of a majority stake in Verified, a B2B SaaS company, and an 80% stake in Corlytics, which focuses on regulatory compliance, further demonstrates their commitment to investing in companies that enhance security and operational efficiency.


11. First Fellow Partners


First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm invests in startups and supports entrepreneurs, particularly in technology and innovation sectors. They focus on providing capital and strategic guidance to help businesses grow. Notably, First Fellow Partners has been involved in several transactions relevant to the cybersecurity field, including investments in Hoxhunt, a cybersecurity gamification platform, and Detectify, which offers security solutions for web applications. These investments indicate their engagement in sectors that overlap with identity and access management, as they contribute to enhancing security measures and user awareness in digital environments.


12. Alliance VC

  • Website: alliance.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2001
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: alliance-venture

Alliance VC is a venture capital firm based in Oslo, Norway, founded in 2001. The firm specializes in investing in early-stage technology companies founded by Nordic entrepreneurs with global ambitions. Alliance VC provides not only financial support but also strategic guidance to help startups scale their operations and navigate funding challenges. Among their notable transactions, they have invested in IndyKite, a decentralized web identity platform, which raised $8 million in seed funding in February 2022, and $2.5 million in a pre-seed round in October 2021. Additionally, they supported Encap Security, which raised $840,000 in a seed round in February 2010, focusing on security solutions that are integral to identity and access management. Furthermore, their investment in Bits Technology, which raised €4 million in seed funding in April 2023, showcases their commitment to fostering innovation in the tech sector, including areas relevant to identity and access management.


13. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily in Finland, Estonia, and Sweden. Icebreaker.vc has participated in several notable transactions, particularly in the cybersecurity sector. They were involved in multiple funding rounds for Hoxhunt, a Finnish cybersecurity startup that raised $40 million in a Series B round in May 2022, and previously secured €2.5 million in a Series A round in October 2018, as well as $371,537 in a Seed round in April 2017. These investments highlight Icebreaker.vc's focus on supporting innovative solutions in cybersecurity, which is closely related to identity and access management. Additionally, they invested in Apiable.io, an API management company, which may also touch on aspects of identity and access management through API security and access control. Overall, Icebreaker.vc's investment strategy aligns with the interests of the identity and access management sector.


14. Telia


Telia Company AB is a telecommunications company based in Solna, Stockholm, Sweden, founded in 1853. It operates primarily in the Nordic and Baltic regions, offering a variety of services including IoT connectivity, smart city solutions, and telephony services. Telia serves both businesses and public sector organizations, providing innovative solutions to enhance connectivity and operational efficiency. As an investor, Telia Ventures has participated in several relevant transactions, including a Series B funding round for Aporeto, a cloud security firm, which raised $20 million to support its go-to-market expansion and innovation. Additionally, Telia invested in SlashNext, a provider of phishing protection, which raised $26 million in venture capital funding. These investments highlight Telia's commitment to security solutions that are integral to identity and access management.


15. Viking Venture

  • Website: vikingventure.com
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2001
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: viking-venture

Viking Venture is a venture capital firm based in Trondheim, Trøndelag, Norway, founded in 2001. The firm specializes in the software sector, focusing on fast-growing Nordic B2B software companies. They provide capital and strategic support to enhance growth and operational efficiency, including mentoring, recruitment assistance, and guidance on financing and successful exits. Notably, Viking Venture has made several investments in Signicat, a leading provider of digital identity solutions, with funding rounds in 2008, 2014, and 2016, totaling over $4 million. This involvement highlights their commitment to the identity and access management industry, as Signicat's services are integral to managing digital identities and access control in various applications.


16. VIA equity

  • Website: viaequity.com
  • Type: Private Equity
  • Headquarters: Hellerup, Denmark
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: via-equity

VIA equity is a private equity firm based in Hellerup, Denmark, founded in 2006. The firm specializes in investments in the technology sector, particularly software and IT companies. VIA equity focuses on partnering with ambitious businesses to provide capital and strategic guidance, helping them to grow and become industry leaders. The firm operates primarily in Northern Europe, targeting companies that require investment management and advisory services. Notable transactions include the acquisition of UVdata A/S in 2013, which may involve data management solutions relevant to identity and access management. In 2024, VIA equity acquired Crediflow, a company that could potentially offer services related to identity and access management. Additionally, their investment in Advania AB, a leading IT provider in the Nordics, positions them in a sector that often intersects with identity and access management solutions. These transactions highlight VIA equity's active role in the technology landscape, suggesting a potential relevance to identity and access management.



Identity and Access Management Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
VismaOslo, Oslo, Norway10001+199616
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EQT VenturesStockholm, Stockholm, Sweden11-50201528
EricssonStockholm, Stockholm, Sweden10001+18763
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
OpenOceanHelsinki, Uusimaa, Finland11-5020097
MonterroStockholm, Stockholm, Sweden11-5020121
VerdaneOslo, Oslo, Norway51-20019857
First Fellow PartnersHelsinki, Uusimaa, Finland1-1020164
Alliance VCOslo, Oslo, Norway1-1020015
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167
TeliaSolna, Stockholm, Sweden10001+18530
Viking VentureTrondheim, Trøndelag, Norway11-5020011
VIA equityHellerup, Denmark11-5020063


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