What Nordtech Group does

Nordtech Group is a Stockholm-based technology holding company that acquires and accelerates small and medium-sized Nordic vertical B2B SaaS companies. Founded in 2021 by Nils Bergman and Pål Hodann, the group operates a decentralized "active ownership" model, acquiring profitable niche SaaS businesses with recurring revenues, established market positions, and turnover of SEK 15–100 million. Nordtech acquires at a pace of 4–5 companies per year and has completed 23 acquisitions since inception (19 platform acquisitions and four add-on acquisitions), organized into three segments: Business Platforms, Operational Solutions, and Public Infrastructure. The portfolio includes 19+ independent software brands such as Optiplan, Mitt Skolval, Travel Clearing, Infomentor, Informa, Thea, Benchmarking, Akribi, Idus, Reqtest, and Minso, each operating autonomously under shared group capabilities in pricing, sales, marketing, technology, AI, and security. Over 60% of portfolio companies already have AI-driven functionality in production, deployed pragmatically to enhance customer value and productivity. Customers include Nordic leading enterprises, the public sector, and blue-chip accounts served through mission-critical B2B software in resilient niche verticals.\n\nThe group earns revenue primarily through SaaS subscriptions and recurring contracts across its portfolio. For the LTM period ended 31 March 2026, Nordtech reported net sales of SEK 639 million, of which 87% was recurring, with an adjusted EBITA of SEK 182 million (29% margin) and cash conversion of 104%. Net sales grew at a 37% CAGR from SEK 315M in 2023, while adjusted EBITA grew at a 50% CAGR over the same period, and organic adjusted EBITA averaged 24% growth between 2023 and 2025. The company is headquartered at Norrlandsgatan 10, Stockholm, operates across Sweden, Finland, Norway, and Denmark, and employs 251–500 people.\n\nNordtech listed on Nasdaq Stockholm on 10 June 2026 under ticker NTECH, raising approximately SEK 400 million in gross proceeds primarily to reduce financial leverage. The IPO was directed at the general public in Sweden and Finland and at institutional investors in Sweden and abroad, with cornerstone investors (Tredje AP-fonden, SEB Asset Management, Swedbank Robur, Protean Funds Scandinavia, and Kramerica Industries) committing SEK 480 million and over 15,000 new shareholders joining. Pre-IPO, the founders and a syndicate of strategic Swedish investors (including Caspar Callerström, Karl-Johan Persson, Österbahr Ventures, and Yanno Capital) had contributed approximately SEK 1 billion in funding since 2021.

Name

Nordtech Group

Legal name

Stockholm Nordtech Group AB

Website

https://nordtechgroup.com

Company type

Public

Founded year

2021

Operating status

Ipo

Headcount range

251–500 employees

Short description

Nordtech Group is a Stockholm-based holding company that acquires and accelerates Nordic vertical B2B SaaS companies with SEK 15–100M turnover. Founded in 2021, it owns 19+ niche software brands across Business Platforms, Operational Solutions, and Public Infrastructure, listed on Nasdaq Stockholm (NTECH).

Ownership category

akta.pro rank

Product category

Vertical B2B SaaS Software

NAICS

Offices of Other Holding Companies (551112), Software Publishers (513210), Management of Companies and Enterprises (55111)

SIC

Services-Computer Programming Services (7371), Services-Management Consulting Services (8742)

akta.pro primary industry

Corporate Innovation & Technology Scouting Units (with investment mandate) (FSANAHAI)

akta.pro secondary industry

Software/Application Support (SaaS, Enterprise Apps) (BPAAACAC)

Keywords

• Vertical B2B SaaS
• Niche software acquisitions
• SaaS holding company
• Recurring revenue software
• Nordic software companies

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. SaaS subscription and recurring revenue: Nordtech operates through portfolio companies providing B2B SaaS solutions with high recurring revenue. For the twelve-month period ended 31 March 2026, recurring revenue accounted for 87 percent of total net sales of SEK 639 million, indicating a subscription/SaaS recurring revenue model across the portfolio.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Nordtech Group is a technology holding company that acquires and accelerates small and medium-sized niche vertical B2B SaaS companies across the Nordics. Through its portfolio of approximately 19 platform companies organized into three segments (Business Platforms, Operational Solutions, and Public Infrastructure), Nordtech provides mission-critical software with high recurring revenue (87% of SEK 639 million in LTM net sales to March 2026). The group operates as a home for founder-led SaaS businesses, combining active ownership with decentralized autonomy, and has deployed AI-driven functionality in production across more than 60% of its companies.

Product overview

Nordtech Group operates as a home for small and medium-sized SaaS companies in the Nordic region, acquiring and nurturing niche software businesses since 2021. The company does not offer a unified single product but rather owns a diversified portfolio of approximately 19 independent B2B software companies through a platform-plus-acquired-brands model. The portfolio includes Travel Clearing, Infomentor, Informa, Thea, Benchmarking, Akribi, Idus, Reqtuest, Minso, and Optiplan (which acquired Mitt Skolval). These companies are organized into three business segments: Business Platforms, Operational Solutions, and Public Infrastructure. Each portfolio company provides mission-critical B2B software with leading market positions, recurring revenue, and strong cash flow generation in resilient niche vertical markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Travel Clearing Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Infomentor Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Informa Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Thea Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Benchmarking Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Akribi Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Idus Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Reqtest Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Minso Niche B2B software company within Nordtech's portfolio, providing specialized solutions in its respective vertical market.
• Optiplan Leading provider of digital services for school transportation, school choice, and student travel in Sweden. Generates approximately SEK 38 million in annual revenue and serves municipalities and public-sector organizations to improve quality and operational efficiency.
• Mitt Skolval Leading Swedish provider of digital solutions for school choice and school placement processes. Generates approximately SEK 12 million in revenue and serves around 50 municipalities.

Quantifiable outcome

• 24% average organic adjusted EBITA growth between 2023 and 2025 for companies owned before 31 December 2023
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• White & Case (legal advisor to Nordtech)minorOthers · 1 January 2021White & Case acted as legal advisor to Nordtech and NTG in connection with the IPO.
• Cederquist (legal advisor to Joint Global Coordinators)minorOthers · 1 January 2021Cederquist acted as legal advisor to the Joint Global Coordinators (DNB Carnegie and Nordea) in connection with the IPO.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Vitec Software Group: Swedish public company on Nasdaq Stockholm that acquires and develops vertical niche software businesses across the Nordics. Closest direct comparable to Nordtech given similar buy-and-build SaaS strategy, Nordic focus, and decentralized ownership model.
• Addnode Group: Swedish Nasdaq Stockholm-listed company that acquires and operates niche digital software companies serving public sector and design/engineering verticals in the Nordics. Highly comparable M&A-led vertical SaaS strategy.
• Sdiptech: Swedish public company acquiring and developing niche technology businesses in infrastructure and industrial niches. Comparable decentralized, niche-acquisition model focused on resilient recurring-revenue verticals.
• Lime Technologies: Swedish/Nordic B2B SaaS company providing CRM and sales software to SMBs and enterprises. Comparable Nordic SaaS operator with vertical focus and recurring revenue model.
• Volati AB: Swedish public company that acquires and develops well-managed smaller companies, including niche SaaS and digital services businesses across the Nordics. Comparable decentralized buy-and-build model.
• Fortnox: Swedish cloud-based B2B SaaS provider for accounting, payroll, and ERP targeting SMBs in the Nordics. Comparable Nordic vertical SaaS business model with mission-critical positioning.

Broad incumbents

• Constellation Software: Canadian public company and global leader in acquiring vertical market software businesses, widely viewed as the benchmark for the roll-up SaaS strategy Nordtech executes at a Nordic-focused scale.
• Roper Technologies: US public company that acquires and operates vertical software and engineered products businesses globally. Represents the mature, large-cap comparable for Nordtech's vertical software roll-up model.
• Hg (Hg Capital): European private equity firm focused on software and services investments in the UK, Nordics, and DACH. Comparable strategic interest in the Nordic vertical SaaS opportunity, though operating as a PE sponsor rather than a perpetual public vehicle.
• Thoma Bravo: US private equity firm focused exclusively on software and technology investments with a roll-up playbook across vertical SaaS. Comparable thesis on acquiring mission-critical vertical software at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nordtech-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nordtech Group