Transcription
M&A sector reportNordic software and IT services transaction marketQ4-2021
Letter from the editorsThe high level of M&A activity in the Nordicscontinued in 2021, recording a record highnumber of total transactions within software and ITservices. The level of growth however differed amongstthe Nordic countries.The total number of software transactions in 2021concluded at 247, a growth of 64 deals compared to2020. Denmark experienced the highest growth of theNordic countries, with 30 more deals being recorded in2021 vs 2020, followed by Sweden, Finland and Norwaywith a growth of 17, 14 and 3 transactions, respectively.The Nordic IT services market also delivered highgrowth in deal volume in 2021 with 72 transactionscompared to 55 in 2020. Of the Nordic countries,Sweden experienced the highest growth with 10 dealsmore than in 2020. Denmark and Finland followed, witha growth of 5 transactions, whilst the Norwegian marketslowed down somewhat and recorded a decline of 3deals in 2021 vs 2020.The M&A pricing levels within software has declinedover the last year with a median EV/Sales multiple of 3.2x for the last twelve months as per end of Q4-21,compared to 5x at end of Q4-20. For IT serviceshowever, the pricing level has increased to a medianEV/EBITDA of 11.3x LTM, compared to 9.3x at the end ofQ4-20. 2022 Deloitte ASSaaS multiple valuations experienced another correctionin Q4-21 after the rebound seen in Q3. This was drivenby an increase in interest rates, and the expectation ofrates to increase further in 2022, whilst the forwardestimates remained unchanged. The NTM salesvaluations for the Deloitte Global and Nordic SaaS indexconcluded at 11.6x and 13.3x, this is significantly belowthe multiples seen at year-end 2020 where themultiples concluded at 17x and 16x, respectively.The Nordic IT services shares sustained its strongvaluations at year-end 2021, trading at 15x EV/NTMEBITDA, slightly below end of year 2020 of 15.7x. Theglobal IT services index experienced strong growth invaluation multiples concluding at 13x NTM as of yearend 2021, compared to 11x at year-end 2020.Third levelFourth levelFifth levelLooking at the investor base, we see that internationalbuyers continue to show interest in Nordic softwarecompanies also in 2021, completing 42% of thetransactions, a slight increase of 3% compared to 2020.The IT services market is dominated by Nordic investorsalso in 2021, completing 81% of the transactions.In this quarter’s market trend, we look forward andhighlight the technology trends likely to disruptbusinesses in the next 18 to 24 months, based on theDeloitte Tech Trends 2022 report.The Q4-2021 report reflects transactions involving aNordic target registered by Mergermarket, as well asour transaction experience and insights into keyindustry trends.Nordic SaaS trading multiplesat 13x NTM EV/SalesHighest software deal volumeover the last 5 yearsNordic IT services indextrading at 15x NTM EV/EBITDASpotlight trendDeloitte Tech Trends 2022Kasper Harbitz ErichsenKasper Svold MaagaardCorporate Financekerichsen@deloitte.noCorporate Financekmaagaard@deloitte.dkTrygve Faust-RolsethAndreas BarfodM&A Strategytrolseth@deloitte.noCorporate Financeabarfod@deloitte.no2
TABLE OFCONTENTS01Market trends Deloitte Tech Trends2022 2022 Deloitte AS02Software Public market data M&A activity03IT services Public market data M&A activity04Deloitte Insights Deloitte credentials and advisor ranking Sector team & contact details Suggested further reading
01 Market trends 2022 Deloitte AS4
Six major key trends highlighted in the Deloitte Tech Trends 2022 reportMarket trendsData sharing made easyData platforms offer a secure mechanism for buying and selling dataCloud goes verticalTo maintain competitive differentiation, organizations will need to embrace disruption, and stay on top of the latest industry cloud offeringsBlockchain: ready for businessThe full Deloitte TechTrends 2022 report canbe found hereIncumbents and start-ups alike must lead with genuine needs to realize business benefits with blockchainIT, disrupt thyselfCloud-based capabilities can help organizations create the capacity to think bigger by acting smallerCyber AI: A real defenceAI can help enterprises address their chronic shortage of cybersecurity talentThe tech stack goes physicalSmart devices bring new governance challenges 2022 Deloitte ASSource: Deloitte Tech Trends 20225
As the data-sharing trend advances, we expect more organizations to engage in data collaboration totackle common challengesMarket trends Data sharing made easyCloud goes verticalA growing array of privacy preserving technologies canhelp keep shared data safe and secureCloud vendors are automating and abstracting ever-higher orderbusiness processes to create industry optimized platformsDuring the next 18 to 24 months, we expect to see more organizations explore opportunities to create seamless, secure data-sharing capabilitiesendemic one, many organizations are looking for opportunities to become moreThis is due to the combination of data-sharing technologies and FHE (fully homomorphicefficient by offloading business processes to the cloudencryption). Currently the health care and finance sectors are leading the most FHE explorations More than 70% of global data and analytics decision-makers are expanding their ability to We can assume that by 2023, organizations that promote data-sharing will outperformOver the next year we expect to see a growing number of organizations across marketsectors begin exploring ways that industry clouds can help them meet vertical needs use external data, and another 17% plan to do so within the next 12 months As the global economy moves from a pandemic footing to a more future- focusedWithin the next five years we expect that the value of the industry cloud market couldreach 640bn Sharing software and letting someone else run your infrastructure continue to informtheir peers in most business metricsthe Cloud goes vertical trend. However, we have moved to the digitization andThis year’s data trend compromises three major dimensions: opportunity, ease of useavailability of actual industry-specific business processesand privacy Cloud and software vendors now offer solutions of industry-specific, modularbusinesses processes available through APIs that can be accessed easily 2022 Deloitte ASSource: Deloitte Tech Trends 20226
Distributed ledger technologies are changing the nature of doing business and helping companiesreimagine how they manage tangible and digital assetsMarket trends Blockchain: ready for businessIT, disrupt thyselfAs businesses experiment with blockchain, creative use cases arecropping up in multiple industriesManage your infrastructure, systems, tools and software via code, notkeyboardTrendy cryptocurrencies and NFTs captures medias headlines and the public automating processes that remove repetitive workimagination, but they are also making waves in the enterprise Blockchain and DLT platforms are well on their way to driving real productivity- In a recent survey of IT and engineering leaders, 74% of respondents said thatfundamentally changing the nature of doing business across organizational boundariesautomation has helped their workforce work more efficiently and 59% reported costand helping companies reimagine how they make and manage identity, data, brand,reductions up to thirty percentprovenance, professional certifications, copyrights, and other tangible and digital CIOs are disrupting their organizations and are following the cloud vendors by This year, competition has become an important factor in the journey from manual toassetsautomated activities. Today’s competitive marketplace requires a more robust ITShared ledgers could become a foundation of business operations allowing industryposture, which can translate into a competitive advantageleaders to expand their portfolios and creating new value streams, while start-upsdream up new exiting business modelsSource: Deloitte Tech Trends 2022 2022 Deloitte ASKilde: Deloitte analyse, Norsk77
A stable-stakes weapon against future AI-driven cybercrimesMarket trends Cyber AI: A real defenseThe Tech Stack goes physicalAI-driven security tools will likely be the best defenseagainst AI-driven security threatsSmart devices require new and different IT skill sets tomanage, monitor, and maintainCyberattacks increase in both volume, sophistication and are getting more difficult to detectHistorically the physical tech stack has primarily consisted of employee access points anddata centre infrastructure The cost of cybercrime is expected to grow from 6tn in 2021 to 10.5tn by 2025 Technology is now becoming a value driver and the linchpin of the enterprise The global market for cyber-AI technology and tools are expected to grow by 19bn from A new generation of physical assets is being embedded with advanced technologies to2021 to 2025 During the early stages of the pandemic in 2020, when the remote workers increased, theenable business-critical functions Organizations likely will need to consider how to manage and maintain a new generationpercentage of attacks on home-base workers increased 12% to 60%of connected devices, wireless networks and edge computing to ensure the highestAI can be used for accelerated threat detection, as a force multiplier, enable a morestandards of business continuity.proactive security posture and evolve the role of human security analysts The most significant areas will be; devices and data management, wireless networkingand edge computingSource: Deloitte Tech Trends 2022 2022 Deloitte AS8
Field notes from the future: Quantum research goes commercial in the next decadeMarket trendsQuantum computers will outperformtoday’s supercomputersExponential intelligence with the next generation of AItechnologies that understand human emotion andintentSmart contact lenses and implantedbrain chips will replace VR and ARA digital assistant with exponential intelligence willreduce friction wherever possibleQuantum communication is a solution that is based onquantum mechanics to create tamper-proof communicationnetworksQuantum sensing devices will replaceconventional sensors in someapplicationsAmbient technologies will continuously monitor ourenvironments working to automate and streamline our workand personal livesSource: Deloitte Tech Trends 2022 2022 Deloitte AS9
02 Software 2022 Deloitte AS10
02Software13xThe Nordic SaaS index traded at approx. 13x next twelvemonth revenues as at quarter-end Q4, approx. 5x salesabove the 5-year average12xThe global SaaS index traded at approx. 12x next twelveThirdlevelmonth revenues at the end of Q4,approx.2x sales abovethe 5-year averageFourth levelFifth level8xThe Nordic SaaS Index has outperformed the broadermarket over the last 5 years and has returned 800% overthat period3xNordic software transactions concluded at a medianEV/Sales multiple of 3.2x for the last twelve months 2022 Deloitte ASAnother strong quarter for transaction volume in the Nordic softwareM&A market in the fourth quarter of 2021Listed software company valuations took another hit towards theend of 2021, from the previous record high levels seen going in tothe yearNordic transaction multiples have decreased somewhat, andavailable transaction data showcase a median EV/Sales multiple lasttwelve months of 3.2x SalesIn the Nordics, strategic buyers continued to be highly acquisitiveand were involved in 39% of software transactions, while PE-backedcompanies and financial investors accounted for 36% and 25%respectively11
The Nordic SaaS index traded at 13.3x NTM sales at the end of Q4-2021, while the Global SaaS indextraded at 11.6x NTM salesFeb-2021: Multiples approx. 156% and138% over the post-Covid correctionlevels for the Global and Nordic indicesrespectively18xDec 2018: Trade war US & Chinaleading to overall marketcorrection, including SaaS valuations16x14x12xMean Global 10.210xMean Nordics 8.08x6xSaaS multiple valuations for both Nordicand Global stocks have reboundedsomewhat from December lows, but isstill trading lower than early 2021 recordhigh multiples, as sentiment shifts withincreasing interest rates, from growth tovalue4x2x0x12-201606-2017EV/Sales NTM (Global) median 2022 Deloitte AS12-201706-2018EV/Sales NTM (Nordic) 021Note: LTM multiplies applied in the rare case that NTMmultiplies are not availableSource: S&P Capital IQ12
Nordic and global SaaS indices outperforming Nasdaq and MSCI Nordic the last five years; performancein-line with broader indices in 2021Deloitte SaaS indices vs Nasdaq Composite and MSCI Nordic - L6MDeloitte SaaS indices vs Nasdaq Composite and MSCI Nordic– L12M115155110140107105100100110951179995Over the last five years, the Global andNordic SaaS indices has out-performedboth the MSCI Nordic and Nasdaqindex9480Third rth levelFifth levelDeloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L5YDeloitte SaaS indices vs Nasdaq Composite and MSCI Nordic – L3Y775875793775675634575The SaaS indices accelerated the outperformance during Covid-19,however, both indices have performedmore inline with the broader market 2Deloitte Nordic SaaS index 2022 Deloitte ASDeloitte Global SaaS indexNasdaq 612012510290Key take awaysThe overall strong performance of theSaaS indices underlines the continuedstrong demand for softwarecompaniesMSCI NordicSource: S&P Capital IQ13
Another strong quarter for M&A within software across the NordicsM&A Transaction volumeThe deal volume across the Nordic countries increased in 2021719211113014418324770# 724184152646Q312889512Third th 1062Q41617Q1Q22021FinlandDeal volume slowed down in Norway inQ4-21 after a record quarter in Q4-20and experiencing similar activitycompared to Q3-21The highest M&A volume registered in a4th quarter over the period, with growthof 22% compared to the Q3-21The strong M&A market continued in Q421 in Denmark, completing 6 more dealscompared to Q4-20Deal volume slowed down somewhat inFinland in Q4-21 compared to the previous3 quarters in 2021 ,completing 7 deals, onpar with the activity seen in Q4-20PE-backed companies and strategicbuyers accounted for 50% and 30% ofthe deals in Q4-21 respectively, whilstfinancial investors accounted for 20%Strategic investors accounted for 54% ofthe deals in Q4-21, with PE-backedcompanies and financial sponsorsaccounting for 32% and 14% respectivelyStrategic and PE-backed investorsaccounted for 35% of the deals each,whilst financial buyers completed 30%respectivelyFinancial sponsors accounted for 57% ofthe deals, with PE-backed companies andstrategic investors accounting for 29%and 14% respectivelyNordic companies completed a total of 8deals, whilst international buyerscompleted 2 deals in Q4-21Swedish software companies attractedsignificant interest from Nordic investors,completing 16 of the deals in Q4-21.Other international investors completed6 dealsDanish software companies attractedsignificant interest from Nordic investors,completing 11 of the deals Q4-21. Otherinternational investors completed 6 dealsFinnish software companies continue toattract interest from internationalinvestors and other Nordic investors ,accounting for 57% and 43% respectively 2022 Deloitte ASSource: Mergermarket, Deloitte analysis14
Significant deal activity across the Nordics from both financial and strategic investors in Q4-21Selected Nordic software transactions others Existing ManagementIndicia Danmark A/S 2022 Deloitte ASSource: Mergermarket, Deloitte estimates15
Nordic software transactions in 2021 concluded at a median EV/Sales multiple of 3.2xTransaction multiples6.2x4.5x3.3x3.4xMed. EV/Sales: tryEnterprise value652 0135742047932369395106941 0%100%100%Revenue (LFY)2060022143143888164282950081EBITDA (LFY)n.an.an.an.an.a3817n.a210n.a10EBITDA-margin (LFY)n.an.an.an.an.a10 %21 %n.a7%33 %n.a12 %20 %n.an.an.an.a1%n.an.an.an.an.an.aEBIT-margin (LFY)Acquirer 2022 Deloitte ASSource: Mergermarket, Deloitte estimates16
03 IT services 2022 Deloitte AS17
03IT services15x13xThe Nordic IT services index traded at 15x next twelvemonth EBITDA at the end of Q4, 5x above the 5-year averageThirdlevelThe Global IT services index tradedat 13xnext twelvemonth EBITDA at the end of Q4, 3x abovethe 5-yearFourthlevelaverageFifth level11xNordic IT services transactions concluded at a medianEV/EBITDA multiple of 11.2x LTM6A total of 6 transactions have been completed within theNordic IT services space in Q4-2021 2022 Deloitte ASThe Nordic IT services M&A market continues to perform strongly,trading at above-average historical multiples and with a high M&Adeal activityBoth the Global and the Nordic IT services indices are trading abovethe 5-year average NTM EBITDA after a sustained period of strongperformance from the Covid-19 dip in March 2020M&A activity within the Nordic IT services industry slowed down inQ4-21 after record highs in Q2-21. However, total deal volume in2021 is 31% higher compared to 2020In the Nordics, strategic buyers were the most acquisitive accountingfor 50% of the IT services transactions, while financial investors andPE-backed companies accounted for 33% and 17% each18
For Q4-2021, the Nordic IT Services index ended at 15x next twelve month EBITDA, while the Global ITServices index ended at 13x next twelve-month EBITDA18xDec 2018: Trade war between US &China leading to overall market fall,including IT Services valuations.Strongest decline observed in theGlobal IT service index16x14xMarch-2021: Multiples are up approx.107% and 66% last twelve months for theNordic and Global indices respectively,following strong sector performancepost-Covid downturn in March-202012x Mean Nordics 10.310x8xMean Global 10.26x4xNordic IT services stocks with continuedstrong valuations in Q4, now trading at 15x NTM EBITDA, approx. 2x aboveglobal peers2x0x12-201606-2017EV/EBITDA NTM (Global) median 2022 Deloitte AS12-201706-2018EV/EBITDA NTM (Nordic) 021Note: LTM multiplies applied in the rare case that NTMmultiplies are not availableSource: S&P Capital IQ19
Strong performance last 6 months; the Nordic IT services index outperforming the global IT servicesindex and the Nasdaq over the last five yearsDeloitte IT services indices vs Nasdaq Composite and MSCI Nordic - L6MDeloitte IT services indices vs Nasdaq Composite and MSCI Nordic– L12M120Key take 100120115Over the last five years the Nordicand Global IT services index have outperformed the Nasdaq1171059595Third ourth levelFifth levelDeloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L5YDeloitte IT services indices vs Nasdaq Composite and MSCI Nordic – L3Y325375341275255325295279275175Deloitte Nordic IT services index 2022 Deloitte ASDeloitte Global IT services indexNasdaq 03-201722512-2021272The IT services indices haveoutperformed the broader Nasdaqindex both L12M, following strong ITsector performanceThe overall strong performance ofthe IT Service indices underlines thecontinued strong demand for ITservices companiesMSCI NordicSource: S&P Capital IQ20
Deal volume within IT services in the Nordics increased with 31% from 2020 to 2021M&A Transaction volumeIT services deal volume across the Nordic countries# 172018Fourth levelNorwaySwedenDenmarkFifth Q2Q36123Q42021FinlandM&A deal volume involving Norwegiantargets in 2021 slowed down with 3 lessdeals from the record year in 2020Deal volume slowed down in Sweden inQ4-21 after a record quarter in Q2 andexperienced less activity compared toQ4-20Deal activity slowed down in Denmark inQ4-21 compared to Q4-20 with one lessdealThe number of transactions involvingFinnish IT services companies increasedin Q4, with one more deal compared toQ4-20Strategic companies accounted for 50% ofthe transactions in 2021, whilst PE-backedcompanies and financial sponsorscompleted 29% and 21% respectivelyFinancial sponsors accounted for 67% ofthe deals in Q3-21, whilst strategicinvestors completed 33%PE-backed companies and strategicinvestors accounted 50 % each of thetransactions in Q4Strategic investors accounted for all ofthe transactions in Q4Majority of transactions made by Nordicand international investors, completing10 and 4 deals each in 2021Swedish buyers completed all of thethree deals in Q4-21Nordic and international investorscompleted 50% each of the deals in thefourth quarterFinnish investors completed one deal inQ4 2022 Deloitte ASSource: Mergermarket, Deloitte analysis21
Limited transaction activity in the Nordic IT services market in Q4-21Selected Nordic IT services transactions 2022 Deloitte ASSource: Mergermarket, Deloitte estimates22
Nordic IT services transactions in 2021 concluded at a median EV/EBITDA multiple of 11.2xTransaction multiples20.2x14.2x12.0x9.7xMed. EV/EBITDA: 11.2x10.4x6.7xNOKmCybercomIntressenter ABTargetCountryEnterprise value712 6921082 100%100%100%100%Revenue (LFY)362 0311181 6526878EBITDA (LFY)513492481016EBITDA-margin (LFY)14 %7%8%15 %15 %20 %EBIT-margin (LFY)14 %n.a5%7%15 %n.aAcquirer 2022 Deloitte ASSource: Mergermarket, Deloitte estimates23
04 Deloitte Insights 2022 Deloitte AS24
Deloitte CF is the most active M&A advisor within the software and IT services sector in the Nordics2021 league table and Nordic Deloitte Software and IT services deal statisticsTop 10 Nordic advisers – Based on deal count1Deloitte Nordic Software and IT services deal statistics12998EUR 800min total deal valueEUR 70maverage deal valueDeal types by volume858%of deals are cross-borderSub-sector activity by deal volume7Buy-side33%7IT services33%66Sell-side67%Software67%6MergerMarket Nordic M&A financial adviser ranking – Computer software and computer services 2022 Deloitte ASNote: 1) Number of deals in 2021, excluding audit firms due to no available information. Deloitte figures include only M&A Corporate Finance advisory25
Deloitte CF is the most active M&A advisor within the software and IT services sector in the NordicsNordic Deloitte Software and IT services transactions in 2021Deloitte Nordic software and IT services transactions 2021in the acquisition ofin the sale toJanuary 2021Emineo provides Oracledatabase servicesLuxion provides advancedlightning technologyin the sale toin the acquisition ofin the acquisition ofEncode offers a marketingmanagement platformTrackunit offers SaaS-basedtelematics solutionsCloud Teams offers ITconsulting servicesin the acquisition ofin the sale ofin the sale toin the sale toItadel offers IT consultingservicesIncl. GoodOnes toDecember 2021DACE is a provider of an onlinedating platform 2022 Deloitte ASFront Systems offers a retailcommerce platformLendMe offers loan brokeringservicesin the sale toin the sale toin the sale toResight offers SaaS solutions togrid and energy companiesGlobeteam offers IT consultingservicesRIG offers scheduling softwarefor rig management26
Deloitte professionals covering TMT in NorwayContact detailsCorporate Finance AdvisoryCarsten V. HaukåsM&A Transaction ServicesSheil MaldeAre SkjøyM&A and Business TransformationJoachim GullaksenCorporate FinanceM&A StrategyTransaction ServicesPost Merger Integration 47 91 555 035 47 959 20 982 47 907 26 899 47 905 34 kedinLinkedinKasper Harbitz ErichsenJan Henry S. FosseNikolai MaldanOle RødlandCorporate FinanceM&A StrategyTransaction ServicesTechnology Due Diligence 47 906 50 679 47 412 74 524 47 952 68 729 47 938 89 nkedinLinkedinAndreas BarfodTrygve Faust-RolsethCorporate FinanceM&A Strategy 47 901 02 027 47 924 34 437M&A TaxM&A LegalMari WetlesenAudun FrølandM&A Legal Servicesabarfod@deloitte.notrolseth@deloitte.noM&A TaxLinkedinLinkedin 47 913 48 997 47 909 65 inLinkedinPlease visit us at: 2022 Deloitte ASM&A StrategyDeloitte Corporate FinanceDeloitte Corporate FinanceDeloitte NorwayDronning Eufemias Gate 140191 Oslo, Norway27
Deloitte professionals covering TMT in DenmarkContact detailsCorporate Finance AdvisoryKasper Svold MaagaardTore Stürmer HeydenPreben Krab LarsenCorporate FinanceCorporate FinanceCorporate Finance 45 30 93 54 54 45 30 93 00 33 45 22 32 82 @deloitte.dkLinkedinLinkedinLinkedinDennis Brix ReichhardtSebastian Kvist GuldbergGabriela Christina NørlingerFrederik Holm AndersenCorporate FinanceCorporate FinanceCorporate FinanceCorporate Finance 45 60 65 21 31 45 40 33 61 37 45 30 59 05 90 45 50 48 64 inkedinLinkedinLinkedinOther Deloitte professionals covering TMT in DenmarkThomas StrandTransaction ServicesPlease visit us at: 2022 Deloitte ASAdam NorskerM&A StrategyDeloitte Corporate FinanceMikkel BoePost Merger IntegrationDeloitte Corporate FinanceMichael Hoe KnudsenM&A TaxDeloitte DenmarkUlrik LaustsenM&A Legal ServicesWeidekampsgade 62300 Copenhagen S, Denmark28
Deloitte professionals covering TMT in SwedenContact detailsCorporate Finance AdvisoryDavid JärnlandM&A StrategyM&A Transaction ServicesHouda LemriniMarcus EkehovM&A and Business TransformationDebbie WrenchCorporate FinanceM&A StrategyTransaction ServicesPost Merger Integration 46 70 080 28 49 46 70 080 34 09 46 70 080 33 12 46 70 080 29 nkedinLinkedinThomas RauschningNils LindstrandTom PernoddJonas MalmlundCorporate FinanceM&A StrategyTransaction ServicesConsulting 46 70 080 29 81 46 70 080 29 70 46 73 397 10 60 46 73 397 13 kedinLinkedinLinkedinEnes LjucaM&A TaxValuation & ModellingCorporate Financeeljuca@deloitte.seM&A TaxValuation & ModellingLinkedin 46 70 080 29 59 46 73 397 21 nkedinLinkedinPlease visit us at: 2022 Deloitte ASMats LindqvistJohan Rasmussen 46 70 080 32 39Deloitte Corporate FinanceDeloitte Corporate FinanceDeloitte SwedenRehnsgatan 11113 79 Stockholm, Sweden29
Deloitte professionals covering TMT in FinlandContact detailsCorporate Finance AdvisoryHenrik WickströmM&A Transaction ServicesOther Deloitte professionals covering TMT in FinlandMarko PöllänenTapio KoivumäkiCorporate FinanceTransaction ServicesPost Merger IntegrationM&A Tax 358 40 539 1087 358 40 730 7053 358 40 357 6138 358 40 836 oitte.fiLinkedinLinkedinLinkedinLinkedinJoni PitkärantaNiko AnnolaJukka-Petteri SuorttiTuomo SaariCorporate FinanceTransaction ServicesConsultingConsulting 358 50 342 3283 358 40 571 0472 358 50 563 6436 358 40 505 eloitte.fiLinkedinLinkedinLinkedinLinkedinMatti SaarimaaSanteri KarvinenMikko LahtinenNikolas SjöbergCorporate FinanceTransaction Services & AnalyticsAuditM&A Legal 358 40 549 4631 358 40 044 4519 358 50 599 4278 358 44 750 deloitte.fiLinkedinLinkedinLinkedinPlease visit us at: 2022 Deloitte ASTomi KarsioDeloitte Financial AdvisoryDeloitte Corporate FinanceDeloitte FinlandSalmisaarenaukio 2,00180 Helsinki, Finland30
Further insights into market trends can be found in other Deloitte publicationsSuggested further readingDeloitte Tech Trends 2022Deloitte’s Tech Trends 2022 report outlines trends likely to disrupt businesses in the next 18 to 24 months includingnew opportunities in automation, blockchain, data sharing, and other areas. The report shows that pioneeringorganizations are challenging orthodoxies, working smarter and shifting focus to drive innovation both internally andacross their tech ecosystemDownload the report 2022 Deloitte AS31
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”).DTTL (also referred to as “Deloitte
The Nordic IT services shares sustained its strong valuations at year-end 2021, trading at 15x EV/NTM EBITDA, slightly below end of year 2020 of 15.7x. The global IT services index experienced strong growth in valuation multiples concluding at 13x NTM as of year end 2021, compared to 11x at year-end 2020.
