The data center commissioning industry in the Nordics focuses on ensuring that datacenter facilities meet engineering standards and operational readiness. Companies from various sectors work in this field, including construction corporations, IT service providers, and hardware manufacturers, offering services such as project management, energy efficiency solutions, and infrastructure design. With the climate crisis at the forefront, there's an increasing push toward sustainable practices that optimize energy use and reduce environmental impacts. This industry is poised for substantial growth, fueled by rising demand for cloud services, edge computing, and the need for robust cybersecurity measures.

In 2024, a diverse set of investors actively engaged in the Nordic data center market included private equity firms, venture capitalists, and corporate players. These investors represent a mix of established companies and emerging firms, with operations primarily concentrated in Sweden and Finland. The entities vary significantly in size, from small teams to thousands of employees, and have a history that spans several decades. In total, these investors executed numerous deals, demonstrating strong interest and strategic positioning within the rapidly growing data center commissioning sector.

Top 18 Data Center Commissioning 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 Infrastructure has made significant strides in the data center sector, highlighted by its acquisition of EdgeConneX in November 2020, which focuses on providing data center solutions. Additionally, EQT's acquisition of Zayo in March 2020 for $14.3 billion underscores its strategic interest in communications infrastructure, which is closely tied to data center operations. These transactions reflect EQT's commitment to investing in the evolving landscape of data centers and related technologies.

2. 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 diverse investment strategies aimed at achieving sustainable returns. In 2023, CapMan made a significant move in the data center sector by acquiring fuZion A/S, a Danish colocation firm that operates four data centers and is expanding its presence in Copenhagen. This acquisition highlights CapMan's commitment to investing in the data center industry, alongside its other investment activities. Additionally, CapMan has been involved in various transactions across different sectors, demonstrating its broad investment expertise and ability to drive value creation for its clients.

3. 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 specializing in networking technology and digital transformation. With over 10,000 employees, Nokia offers a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions, primarily targeting businesses and organizations across various industries. Notably, Nokia has made several strategic acquisitions to bolster its capabilities in areas relevant to data centers. For instance, the acquisition of DeepField aimed to enhance network and service automation through real-time analytics, which is crucial for optimizing data center operations. Additionally, the acquisition of Elenion Technologies focused on improving optical connectivity for 5G, cloud, and enterprise networking, further emphasizing Nokia's commitment to advancing technologies that support data center infrastructure. These transactions highlight Nokia's potential relevance in the data center commissioning space, as they align with the industry's growing demand for advanced networking and cloud solutions.

4. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is an investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in private equity investments and provides consulting services to businesses across various sectors, including technology and consumer products. Altor focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notable transactions include the acquisition of NorthStar Battery, a manufacturer of high-performance batteries, which could be relevant for energy solutions in data centers, and Nordic Climate Group, a leading services and solutions company in the cooling and heating industry, which is critical for data center operations. These investments reflect Altor's commitment to sectors that intersect with the data center industry, particularly in energy efficiency and technology.

5. 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 fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden has been involved in several transactions relevant to the data center commissioning context, including their investment in Flexenclosure, a developer of intelligent power management systems and pre-fabricated data centers for the telecom industry. This investment highlights their engagement in the data center sector, as Flexenclosure aims to develop 'green' ICT solutions for markets in Asia and Africa. Additionally, Industrifonden has invested in ZeroPoint Technologies, which, while primarily focused on climate tech, indicates a broader interest in innovative technologies that could intersect with data center operations.

6. 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 2023, SEB was involved in significant transactions relevant to the data center sector, including a debt financing round for Delska (DEAC, Data Logistics Center), which focuses on data logistics and infrastructure. Additionally, SEB participated in a €120M senior debt financing for metrofibre, a company enhancing telecommunication infrastructure, which is crucial for data center operations. These transactions highlight SEB's active role in financing projects that support the data center commissioning industry.

7. 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 that include cloud transformation, data management, and cybersecurity solutions. Founded in 1994, Proact has established itself as a significant player in the IT services sector, catering to various industries such as healthcare, legal, and insurance. The company has made several strategic acquisitions to bolster its presence in the data center commissioning space. Notable transactions include the acquisition of Teamix GmbH, which strengthened Proact's capabilities in data center architecture, and Cetus Solutions, a cloud and workspace specialist that enhances their service offerings. Additionally, Proact's acquisition of ahd GmbH & Co. KG and sepago GmbH further illustrates their commitment to expanding managed cloud services and public cloud transformation, reinforcing their position as a leading independent data center and cloud services provider in Europe.

8. Hexatronic Group

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

Hexatronic Group, founded in 1993 and based in Gothenburg, Sweden, is a corporate investor specializing in telecommunications and technology solutions, particularly in fiber optic and wireless infrastructure. The company has made significant strides in the data center sector through strategic acquisitions. Notably, in October 2023, Hexatronic acquired USNet, a U.S.-based company that specializes in installation and project management services for data centers, enhancing their service offerings in the U.S. market. Additionally, their acquisition of KNET and Rochester Cable further diversifies their portfolio, although these companies focus more on microduct solutions and electro-optical cables. Their acquisition of ATG Technology Group in New Zealand and The Light Brigade in the U.S. also reflects their commitment to expanding their reach and capabilities in fiber optics, which are crucial for data center operations. Overall, Hexatronic Group's focus on end-to-end solutions and their recent transactions position them as a relevant player in the data center commissioning industry.

9. Telia

• Website: teliacompany.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1853
• Headcount: 10001+
• LinkedIn: teliacompany

Telia Company AB is a telecommunications company based in Solna, Stockholm, Sweden, founded in 1853. It operates in the Nordic and Baltic regions, providing a range of services including IoT connectivity, smart city solutions, and telephony services. Telia serves both businesses and public sector organizations, focusing on innovative solutions to enhance connectivity and operational efficiency. Notably, Telia has made significant acquisitions that bolster its position in the cloud and ICT sectors, such as the acquisition of Nebula Top Oy, a Finnish cloud service provider, for EUR 165 million, aimed at strengthening its offerings for SMEs. Additionally, the acquisition of Inmics Oy, another Finnish ICT company, for EUR 75 million, further enhances its capabilities in the technology space. Telia Ventures also participated in a Series B funding round for Aporeto, a cloud security firm, indicating its interest in the security aspects of cloud services, which are integral to data center operations.

10. Segulah Advisor

• Website: segulah.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 11-50
• LinkedIn:

Segulah Advisor is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm focuses on providing strategic investment services across various sectors, aiming to enhance financial performance for its clients. Notably, Segulah Advisor acquired Conapto, a Swedish business that operates in the data center sector, in 2018. This acquisition highlights their engagement in the data center industry. Additionally, they have made several other acquisitions, including Francks Kylindustri and IT-Total, which, while not directly related to data centers, demonstrate their active investment strategy in diverse sectors. Their experience in managing and growing businesses positions them as a potential player in the data center commissioning market.

11. Inventure

• Website: inventure.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has participated in funding rounds for UpCloud, a Helsinki-based cloud server provider, which raised €18 million in 2020 and €4 million in 2016, indicating a strong interest in the cloud computing sector. This involvement highlights Inventure's commitment to supporting companies that are integral to the data center ecosystem, particularly in cloud services. Additionally, Inventure has invested in other tech companies like Merus Power Dynamics and Haltian, showcasing their broader focus on technology innovation.

12. 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, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions that enhance its capabilities in the data center commissioning context. For instance, the acquisition of Direktronik AB in 2007, a family-owned importer and reseller of hardware for data and network communication, positions Lagercrantz to support data center infrastructure. Additionally, the acquisition of Oy Esari in 2020, a leading provider of equipment shelters and technical buildings, further strengthens their portfolio in the technical infrastructure necessary for data centers. These transactions reflect Lagercrantz's commitment to expanding its influence in technology sectors that are integral to data center operations.

13. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. In 2023, Creandum led a $15 million investment in CAST AI, a cloud-native automation and cost management startup, which raised a total of $20 million in that round. This investment highlights Creandum's engagement in the cloud and data center space, aligning with the interests of data center commissioning. Additionally, they participated in multiple funding rounds for CAST AI, including a Series B round in November 2023, further demonstrating their commitment to this sector. Creandum's business model focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed.

14. Swegon Group

• Website: swegon.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1961
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: swegon-ab

Swegon Group, based in Gothenburg, Sweden, is a corporate investor specializing in indoor climate solutions. Founded in 1961, the company offers a range of products including air handling units, air purifiers, and climate management systems, catering to various sectors that require efficient HVAC solutions. In recent years, Swegon has made several strategic acquisitions to strengthen its market position. Notably, they acquired Dalair Ltd, a British manufacturer of bespoke air handling units, and HC Groep, a Dutch indoor climate technology firm, both of which enhance Swegon's offerings relevant to data center commissioning. These acquisitions reflect Swegon's commitment to expanding its capabilities in providing essential climate control solutions, which are crucial for the optimal operation of data centers.

15. Munters

• Website: munters.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1955
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: munters

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for various industrial and agricultural applications. Founded in 1955, the company has a workforce of 1001-5000 employees and has been expanding its portfolio to include solutions for the data center market. In 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, marking a significant step in its strategy to enhance its offerings in the European data center market. In 2024, Munters announced the acquisition of Geoclima, an Italian chiller manufacturer, further solidifying its commitment to developing energy-efficient cooling solutions for data centers. These acquisitions reflect Munters' focus on enhancing its product portfolio to meet the specific needs of the data center industry, making it a relevant player in the data center commissioning space.

16. Beijer Ref

• Website: beijerref.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1866
• Headcount: 5001-10000
• Number of deals in 2024: 6
• LinkedIn: beijerref

Beijer Ref AB, founded in 1866 and based in Stockholm, Sweden, is a corporate wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company provides a wide range of products, including refrigeration systems, air conditioning solutions, and heat pumps, primarily serving installers and businesses in the food retail and commercial sectors. With a strong focus on environmentally friendly technologies, Beijer Ref operates through a vast network of subsidiaries and branches across multiple regions. In recent years, Beijer Ref has made several strategic acquisitions to enhance its market presence and capabilities. Notably, they acquired GIA Group, a leading air conditioning company in Spain, in August 2024, which is expected to positively impact their results. Additionally, their acquisition of Easy Air Conditioning in October 2022 aimed to strengthen their presence in the UK market. These transactions reflect Beijer Ref's commitment to expanding its HVAC solutions, which are critical for data center operations, making them a relevant investor in the data center commissioning context.

17. Iver Sverige

• Website: iver.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2019
• Headcount: 1001-5000
• LinkedIn: iver-sverige

Iver Sverige is a corporate investor based in Stockholm, Sweden, founded in 2019. The company specializes in IT consulting, offering cloud-based IT services, cybersecurity, and digital transformation solutions across various sectors, including public services, healthcare, and banking. Iver has made several strategic acquisitions to bolster its position in the IT services market. Notably, they acquired City Network, a Swedish cloud provider, for approximately SEK 300 million, aiming to create a new European cloud alternative for enterprises. This acquisition enhances Iver's capabilities in cloud services, which are integral to data center operations. Additionally, Iver's acquisition of ELITS and Britt further strengthens their IT infrastructure and workplace services, aligning with the needs of data center commissioning.

18. Vattenfall

• Website: group.vattenfall.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1909
• Headcount: 10001+
• LinkedIn: vattenfall

Vattenfall is a corporate investor based in Solna, Stockholm, Sweden, founded in 1909. As a leading energy company, Vattenfall specializes in the production and retail of electricity and heat, focusing on sustainable energy solutions aimed at reducing dependency on fossil fuels. The company is committed to achieving fossil freedom by 2040 and actively engages in innovative energy technologies and partnerships. Notably, Vattenfall has made significant strides in the data center sector by acquiring The Node Pole, a major data center development in northern Sweden, which aims to position Sweden as a prime location for industries requiring stable and sustainable energy. This acquisition reflects Vattenfall's strategy to enhance data center infrastructure and support the growing demand for energy in this sector. Additionally, Vattenfall has expanded its renewable energy portfolio through various acquisitions, including solar and hydro projects, further solidifying its role as a key player in providing energy solutions for data centers.

Data Center Commissioning Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
Proact IT Group AB	Solna, Stockholm, Sweden	1001-5000	1994	0
Hexatronic Group	Gothenburg, Västra Götaland, Sweden	501-1000	1993	0
Telia	Solna, Stockholm, Sweden	10001+	1853	0
Segulah Advisor	Stockholm, Stockholm, Sweden	11-50	1994	0
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Swegon Group	Gothenburg, Västra Götaland, Sweden	1001-5000	1961	3
Munters	Stockholm, Stockholm, Sweden	1001-5000	1955	4
Beijer Ref	Stockholm, Stockholm, Sweden	5001-10000	1866	6
Iver Sverige	Stockholm, Stockholm, Sweden	1001-5000	2019	0
Vattenfall	Solna, Stockholm, Sweden	10001+	1909	0

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