Nordlo Targets More M&A Deals in 2025: "We Have Many Active Dialogues Underway"

After a record year of dealmaking in 2024, Swedish IT services group Nordlo is gearing up for an even more aggressive acquisition strategy in 2025. Backed by an investment fund of SEK 1.5 billion from owner FSN Capital Partners, Nordlo is actively exploring acquisition opportunities both in Sweden and abroad.

“It’s a bit of a buyer’s market at the moment, which favours more acquisitions. IT companies are generally not valued as highly as they were a few years ago,” says Fredrik Almén, CEO of Nordlo.

Five Acquisitions in 2024 – More Expected in 2025

In 2024, Nordlo acquired five IT companies:

• EPM Data (Stockholm)
• Knowe (Alingsås)
• N62 IT Solutions (Sundsvall)
• IXX (Skåne-based family business)
• Promotek (Norway)

This brings Nordlo’s total number of acquisitions since its formation in 2018 to 17. According to Almén, the company continuously engages in “a handful of active dialogues” and aims to maintain or exceed last year’s pace of five acquisitions.

“We are meticulous from the beginning with a thorough initial due diligence, which makes our deals more likely to close once negotiations begin,” Almén adds.

The company relies on a proven integration model to streamline the onboarding process of new businesses. This, Almén says, allows Nordlo to manage more integrations than in previous years.

Backed by FSN Capital

In August 2024, FSN Capital Partners allocated SEK 1.5 billion to a dedicated acquisition fund. The fund is earmarked for expansion efforts across both domestic and international markets, supporting Nordlo’s ambition to scale more aggressively.

“Historically, we’ve acquired three to five companies annually. There’s no reason we couldn’t exceed that in 2025,” Almén states.

Building Value Through Local Expertise

Nordlo's strategy places strong emphasis on acquiring companies with high customer and employee satisfaction, and that bring specialized expertise to the group. The focus is not just on scale, but also on strengthening Nordlo’s overall value proposition to clients.

A clear example of post-acquisition growth is Norwegian IT firm Lerøen Datapartner, one of Nordlo’s early acquisitions in 2020. The company quadrupled its revenue within two years of joining Nordlo.

“With Nordlo behind us, we gained breadth of expertise and a brand that helped us reach larger clients. We grew faster and attracted top talent more easily,” says Bjørn André Lerøen, now Business Area Manager for Nordlo Norway.

A more recent case is IXX, the Skåne-based family-run IT firm acquired in June 2024.

“We had a solid, local presence but needed a partner to keep delivering end-to-end solutions at scale. With Nordlo, we’ve retained our identity while gaining resources to grow,” says Mattias Christensson, CEO and co-founder of IXX.

Nordlo’s Acquisition Timeline (2018–2024)

• 2018: Zetup, Office IT-Partner, Dicom (founding merger)
• 2019: Netcomp, IT Total
• 2020: Lerøen Datapartner, Nisec, Appex Operations, Insignis IT
• 2021: Acon AB
• 2022: Interlan, Fana Data
• 2023: Netsense, iSky, SSC Networks
• 2024: N62 IT Solutions, Promotek, IXX, EPM Data, Knowe

With a strong pipeline, robust funding, and a tested integration playbook, Nordlo is positioning itself as one of the Nordic region’s most active IT consolidators. As digital transformation demands continue to evolve, 2025 may prove to be a landmark year for the company’s expansion strategy.

Sources:
– Nordlo Official Website
– FSN Capital Partners
– Company press release, 21 January 2025