The telecommunication equipment industry in the Nordics comprises firms delivering essential connectivity solutions, including hardware and software for mobile networks, fiber optics, and IoT devices. Companies in this sector range from established giants like Ericsson and Nokia to innovative startups focused on niche technologies. As digitalization accelerates, there’s a strong shift toward seamless 5G implementation and smart infrastructure. In addition, sustainability trends drive a wave of eco-friendly telecommunications solutions. The Nordics are emerging as a hub for technological enhancements, with significant investment pouring into the development of robust and resilient communication networks.


The listed investors represent varied backgrounds, including corporate giants and venture capital firms, with headquarters primarily in major Nordic cities like Stockholm, Helsinki, and Oslo. Investors range from those established in the mid-19th century to emerging players from the last two decades, showcasing substantial deal activity in 2024. Among them, Ericsson led with three investments, while EQT Group was particularly active with thirty deals. This mix not only highlights financial power but also an inherent entrepreneurial spirit across the region amidst evolving market demands.


Top 17 Telecommunication Equipment 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 based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the telecommunications sector through its acquisitions of key companies. In March 2020, EQT acquired Zayo for $14.3 billion, a major player in providing fiber-based bandwidth infrastructure. In February 2020, they acquired Deutsche Glasfaser for approximately $2.73 billion, focusing on expanding fiber optic networks in Germany. Additionally, EQT's acquisition of Melita Plc in May 2019 highlights their commitment to supporting growth in telecommunications services, particularly in Italy. Furthermore, their acquisition of Segra in April 2018 underscores their investment strategy in telecommunications infrastructure. These transactions illustrate EQT's active role in the telecommunications equipment industry, making them a relevant investor in this space.


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 investments, Almi has backed companies in the telecommunication equipment sector, including InCoax Network Europe, which raised over $1 million in a venture round, and Maven Wireless, which secured approximately $1.97 million. Other investments include BeammWave, Sweratel, and Forsway, which also align with the telecommunications industry, showcasing Almi's commitment to supporting innovative technology firms in this space.


3. Ericsson

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

Ericsson, founded in 1876 and headquartered in Stockholm, Sweden, is a corporate investor and a global leader in telecommunications. The company provides advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and user experiences across various industries. In recent years, Ericsson has made significant investments to bolster its position in the telecommunication equipment market. Notable transactions include the acquisition of Cradlepoint, a leader in wireless edge WAN systems, for $1.1 billion, which enhances Ericsson's 5G enterprise offerings. Additionally, Ericsson acquired Vonage for $6.2 billion, further expanding its capabilities in cloud communications. Other investments include earlier funding rounds for companies like NanoSemi and Concealfab, which, while less defined, indicate Ericsson's interest in innovative technologies that complement its core business. Overall, Ericsson's strategic acquisitions and investments underscore its commitment to advancing telecommunications technology.


4. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider. With over 10,000 employees, Nokia specializes in networking technology and digital transformation, offering a wide range of products and services that include cloud infrastructure, mobile networks, and security solutions. The company has been actively involved in the telecommunication equipment industry through several key transactions. Notably, Nokia acquired Alcatel-Lucent in a landmark deal valued at 15.6 billion Euros, making it the second largest mobile equipment manufacturer in the world. This acquisition allowed Nokia to significantly expand its market presence and product offerings. Additionally, Nokia's acquisition of Motorola for $1.2 billion and Gainspeed, a cable technology specialist, further solidified its position in the telecommunication equipment sector. The acquisition of Elenion Technologies, a startup focused on silicon photonics, aims to enhance Nokia's capabilities in optical connectivity for 5G and enterprise networking. These strategic investments and acquisitions highlight Nokia's commitment to advancing technology in the telecommunications space.


5. Telenor

  • Website: telenor.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1855
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: telenor-group

Telenor ASA, founded in 1855 and headquartered in Fornebu, Akershus, Norway, is a leading telecommunications company providing mobile telecommunications, broadband, and TV distribution services. With a customer base of 209 million subscribers, Telenor operates primarily in Scandinavia and Asia, focusing on empowering societies through connectivity. The company is committed to responsible business practices and innovation in telecommunications. Telenor has been actively involved in strategic acquisitions to enhance its telecommunications capabilities. Notable transactions include the acquisition of Tele2 Sweden's fibre and cable firm, which aims to strengthen its position in the fixed broadband and television services market. Additionally, Telenor acquired DNA Oyj for approximately $1.69 billion, further expanding its telecommunications portfolio. Other significant acquisitions include Glocalnet AB and Bredbandsbolaget, which have bolstered Telenor's presence in the broadband sector. These transactions reflect Telenor's commitment to enhancing its telecommunications infrastructure and services, making it a relevant player in the telecommunication equipment industry.


6. LINK Mobility


LINK Mobility is a corporate investor based in Oslo, Norway, founded in 2000. The company specializes in mobile communication services, offering a range of products including SMS messaging, RCS, and marketing automation solutions aimed at enhancing customer engagement for businesses across various industries. LINK Mobility has been active in expanding its portfolio through strategic acquisitions in the telecommunications sector. Notable transactions include the acquisition of Tismi B.V., a Dutch CPaaS enabler, aimed at enhancing LINK's CPaaS offerings; Hay Systems Ltd, a UK mobile messaging company, marking LINK's entry into the UK market; and Horisen Messaging, a leading mobile messaging provider in Switzerland. These acquisitions reflect LINK Mobility's strategy to strengthen its position in the mobile communication landscape and expand its service offerings globally.


7. 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, focusing on creating long-term value through partnerships with passionate founders. Notably, Industrifonden has been involved in several transactions relevant to the telecommunications equipment sector, including a significant investment in Flexenclosure, which specializes in intelligent power management systems and prefabricated data centers for the telecom industry. Additionally, they led a funding round for Telness Tech, a teltech company, indicating their commitment to supporting innovations in telecommunications. Other investments include Anyfi Networks and Netadmin Systems, further showcasing their engagement in the telecom space.


8. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, focusing on niche markets. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notable transactions include the acquisition of Direktronik AB, a family-owned importer and reseller of hardware for data and network communication, which enhances Lagercrantz's growth prospects in the Nordic region. They also acquired Tykoflex AB, a manufacturer of enclosures for fiber cables, which is expected to positively impact their earnings. These strategic acquisitions highlight Lagercrantz's commitment to expanding its presence in the telecommunications equipment sector, alongside their broader technology focus.


9. Telia


Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily in the Nordic and Baltic regions. With over 10,000 employees, Telia offers a diverse range of services, including IoT connectivity, smart city solutions, and telephony services. The company serves both businesses and public sector organizations, focusing on innovative solutions to enhance connectivity and operational efficiency. Notable transactions include the acquisition of Tele2 in 2014 for $612 million, which expanded their market presence, and the acquisition of Phonero in 2016 for 250 million euros, aimed at strengthening their position in the Norwegian telecom market. Additionally, the acquisition of Inmics Oy in 2017 for EUR 75 million highlights their commitment to enhancing product offerings in the Finnish SME segment. These strategic acquisitions reflect Telia's active role in the telecommunications sector, particularly in enhancing their service capabilities and infrastructure.


10. SEB Kort

  • Website: seb.se
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1855
  • Headcount: 501-1000
  • Number of deals in 2024: 1
  • LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution offering a wide range of banking and financial services, including personal and corporate loans, investment management, and insurance products. SEB Kort has been active in the venture capital space, particularly in the telecommunications sector. Notable transactions include a SEK 15M investment in SenionLab AB, which specializes in IPS software, aimed at enhancing their market position and technical capabilities. Additionally, SEB Kort has made several investments in Nomad Digital, a company focused on providing connectivity solutions, raising significant amounts in multiple funding rounds. These investments highlight SEB Kort's engagement in the telecommunications equipment industry, despite their broader financial services focus.


11. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing for projects across the Nordic and Baltic regions, offering a range of loan products to both private and public sector customers. NIB aims to enhance productivity and environmental benefits through its financing solutions. Notably, NIB has been actively involved in the telecommunications sector, providing substantial debt financing to major companies such as Nokia and Ericsson. In 2024, NIB facilitated a $270 million debt raise for Nokia and a $109 million debt raise for Ericsson, among other transactions. These activities highlight NIB's role as a significant investor in the telecommunication equipment industry, aligning with its mission to support sustainable and productive projects.


12. 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 an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to a range of investment strategies aimed at achieving sustainable returns. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in several transactions relevant to the telecommunications sector, including a Series B investment in 42Networks, which raised over $2.2 million in 2006, and a private equity round for Polystar in 2000. These transactions highlight CapMan's engagement with companies that operate within the telecommunication equipment industry, showcasing their capability and interest in this sector.


13. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Among its notable transactions, Investinor participated in the funding of Ping Communication, which raised $3.56 million in 2010, indicating an interest in communication technologies. While their other investments, such as Energy Micro and OCAS AS, do not directly relate to telecommunication equipment, they reflect a broader technology investment strategy that could encompass telecommunications in the future.


14. Hexatronic Group

  • Website: hexatronicgroup.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • LinkedIn: hexatronic

Hexatronic Group is a telecommunications and technology solutions provider based in Gothenburg, Sweden, specializing in fiber optic and wireless infrastructure. Founded in 1993, the company offers a comprehensive range of products and services, including fiber solutions, wireless systems, and data center services, primarily catering to businesses and organizations in the telecommunications sector. In recent years, Hexatronic has actively expanded its market presence through strategic acquisitions. Notable transactions include the acquisition of 82% of homeway GmbH, enhancing its offerings in the German FTTH market, and the acquisition of ATG Technology Group in New Zealand to bolster its fiber industry presence. Additionally, Hexatronic acquired The Light Brigade, a U.S.-based fiber-optic training provider, to complement its product offerings and enhance its reach in the U.S. market. These acquisitions reflect Hexatronic's focus on providing end-to-end solutions and customer support, further solidifying its role in the telecommunications equipment industry.


15. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been actively involved in financing telecommunication infrastructure projects, such as providing senior debt financing to metrofibre, a company focused on developing fiber networks in Germany. They also participated in the funding of CityFibre, a U.K.-based network operator that is expanding its fiber build to millions of homes. Additionally, SEB was involved in a debt transaction with Hexatronic Group, which is engaged in the telecommunication equipment sector. These transactions highlight SEB's commitment to supporting the growth of telecommunication infrastructure.


16. HMS Networks

  • Website: hms-networks.com
  • Type: Corporate
  • Headquarters: Halmstad, Halland, Sweden
  • Founded year: 1988
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: hmsnetworks

HMS Networks AB is a corporate investor based in Halmstad, Sweden, specializing in Industrial Information and Communication Technology. Founded in 1988, the company has grown to employ between 1001 and 5000 people and has made significant strides in the telecommunication equipment sector. HMS Networks provides a variety of products and services, including industrial communication solutions, remote access technologies, and wireless infrastructure products, catering to diverse industries that require reliable connectivity for operational efficiency. Notable transactions include the acquisition of IXXAT Automation in 2013, which enhanced their presence in the Central European automation market, and the acquisition of Beck IPC GmbH in 2018, a company specializing in embedded communications and IIoT solutions. In 2024, HMS Networks acquired PEAK-System Technik GmbH for EUR 69 million, further solidifying their position in Industrial Information and Communication Technology. These strategic acquisitions demonstrate HMS Networks' commitment to expanding its capabilities in the telecommunication equipment industry, making it a significant player in this field.


17. 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, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notable transactions include their investment in Onomondo, an IoT player that raised $21 million to accelerate growth in Europe, highlighting Verdane's engagement in the telecommunications sector. Additionally, they have invested in Netadmin Systems, which operates in the telecommunications management space, and Linjebesiktning AB, further showcasing their interest in companies that may contribute to the telecommunications equipment industry.



Telecommunication Equipment Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
EricssonStockholm, Stockholm, Sweden10001+18763
NokiaEspoo, Uusimaa, Finland10001+18653
TelenorFornebu, Akershus, Norway10001+18552
LINK MobilityOslo, Oslo, Norway501-100020003
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
TeliaSolna, Stockholm, Sweden10001+18530
SEB KortSolna, Stockholm, Sweden501-100018551
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
CapManHelsinki, Uusimaa, Finland51-20019894
InvestinorTrondheim, Trøndelag, Norway11-5020084
Hexatronic GroupGothenburg, Västra Götaland, Sweden501-100019930
SebStockholm, Stockholm, Sweden10001+185613
HMS NetworksHalmstad, Halland, Sweden1001-500019881
VerdaneOslo, Oslo, Norway51-20019857


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