On Monday, private equity firm EQT and Fortnox's largest shareholder, First Kraft, announced a public tender offer for Fortnox, a Swedish company offering cloud-based financial management and payroll software.

Admicom's share price, and thus its valuation, has rebounded significantly from its lows in the fall of 2023, when concerns about the impact of a weak construction cycle on the company were at their highest. Since then, the company has demonstrated its ability to grow organically also in this market while delivering good earnings and cash flow.

We reviewed the valuation levels of the technology companies we monitor using earnings- and sales-based multiples for 2023 and 2024. The group of companies is very diverse and includes companies in different development stages and varying growth and profitability profiles.

Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry.

Nordic public markets host a broad selection of SaaS companies. In this article, we will give you an overview of 26 listed SaaS companies from Finnish and Danish markets, their respective software categories as well as their maturity stage. This article aims to serve as a starting point for finding interesting companies in the Nordic SaaS sector and help guide you toward content on these companies.

Q2 was good on average for Finnish SaaS companies, although there were individual signs of souring in the operating environment.