What CombinedX does

CombinedX is a publicly listed (Nasdaq First North Premier Growth Market, ticker CX) parent of a family of wholly-owned Nordic IT consulting subsidiaries — Elvenite (the Nordic region's leading Infor M3/CloudSuite ERP specialist), Nethouse (cybersecurity), Ninetech (digital transformation), Enqore (formed from the 2025 merger of Two and Absfront), Netgain (managed infrastructure), and Align Consulting (Sweden and Norway). Together the group employs roughly 600 specialists delivering consulting, implementation, and managed services across ERP, CRM, IoT & AI, data analytics (Qlik), automation (UiPath), managed infrastructure (SolarWinds, One Identity), identity management, application lifecycle, and digital workplace — spanning platforms from Infor and IFS to AWS, Microsoft, ServiceNow, and Optimizely. The group's core technology proposition is the family-of-companies model itself: each subsidiary holds deep, niche 'Leading Brand' expertise while the listed parent provides capital, governance, and cross-sell access, recently formalized under Vision 2028.

Revenue is generated through project-based and retainer consulting contracts priced per engagement. The group targets both enterprise and mid-market clients across six verticals — retail/e-commerce, manufacturing, services, healthcare, food & beverage, and public sector (authorities and municipalities) — across Sweden, Norway, Finland, and a nearshore delivery hub in Romania. FY2025 net turnover reached 947.7 MSEK with a record Q4 of 273.7 MSEK; pro-forma revenue including full-year effects of Align Consulting and ERPkonsult crossed ~1,008 MSEK, achieving the long-standing 'miljardmålet' (billion SEK target). Adjusted EBITA margin improved to 9.5% (from 8.7% in 2024), still tracking toward a stated 12% target. Growth has been driven by an active M&A roll-up (Attentec 2022, Align Consulting 2024, ERPkonsult 2025) layered onto organic specialist delivery and supported by the Combined Xcelerate graduate trainee program.

Name

CombinedX

Legal name

CombinedX AB (publ)

Website

https://combinedx.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

CombinedX is a Stockholm-headquartered, Nasdaq First North-listed parent of wholly-owned Nordic IT consulting subsidiaries (Elvenite, Nethouse, Ninetech, Enqore, Netgain, Align Consulting) delivering ERP, cybersecurity, IoT/AI, managed infrastructure, and digital transformation services to enterprise and mid-market clients across Sweden, Norway, Finland, and Romania.

Ownership category

akta.pro rank

Product category

IT Consulting and Digital Transformation Services

NAICS

Computer Systems Design and Related Services (54151), Computer Systems Design Services (541512), Other Computer Related Services (541519)

SIC

Services-Computer Integrated Systems Design (7373), Services-Management Consulting Services (8742)

akta.pro primary industry

Enterprise Application UX, Portals & Low-Code Extensions (BPAEAGAM)

akta.pro secondary industries

Digital Workplace & Collaboration Integration (BPAEAAAM), Network, Infrastructure & Data Center Integration (BPAEAAAK), Customer Experience (CX) & Digital Experience (BPAHAEAC)

Keywords

• IT consulting services
• ERP implementation consulting
• Managed infrastructure services
• Cybersecurity consulting
• Digital transformation services

Headquarters

HQ city

Karlstad

HQ country

Sweden

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. IT Consulting and Professional Services: CombinedX generates revenue primarily through professional services delivered by its wholly-owned specialist subsidiaries. Services span digital transformation, ERP implementation, cybersecurity, IoT, data analytics, application development, and managed infrastructure. Revenue is project-based and recurring in nature, driven by long-term client relationships and multi-year ERP maintenance contracts. The group reported net turnover of 947.7 MSEK for FY 2025 with a 9.5% adjusted EBITA margin.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

CombinedX is a family of knowledge enterprises that delivers IT consulting and digital transformation services through wholly-owned specialist subsidiaries, including Elvenite (Infor M3 ERP), Nethouse (cybersecurity), Ninetech, Enqore, Netgain (managed infrastructure), and Align Consulting. Service offerings cover digital business development, service design, ERP implementation, data analytics, automation, application lifecycle management, managed infrastructure and security, IoT and AI, CRM, and change management for enterprise and mid-market clients across the Nordic region.

Product overview

CombinedX is a family of knowledge enterprises—a group of specialist consulting companies—rather than a single unified product company. The group operates through six wholly-owned subsidiary companies: Elvenite (Nordic region's leading Infor M3 specialist), Nethouse (cybersecurity services), Ninetech (digital transformation), Enqore (formed from merger of Two and Absfront), Netgain (managed infrastructure services), and Align Consulting (Sweden and Norway operations). Together they offer digitalization consulting services including digital business development, service design, business systems/ERP implementations (Infor M3, IFS Cloud, Jeeves), data analytics, automation/RPA, application development, managed infrastructure/security, IoT & AI consulting, CRM, and change management. CombinedX also operates a trainee program called Combined Xcelerate for recent graduates. The group has approximately 600 specialists across Sweden, Norway, Finland, and Romania, and was listed on Nasdaq First North Premier Growth Market in March 2022.

Differentiator

Problem solved

Functional benefit

Brands

• Combined Xcelerate: Trainee program for recent graduates in tech, business systems, AI, and business consulting, combining hands-on client work with targeted training over six months.

Products and services

• Digital Business Development and Transformation Consulting Consulting services helping Nordic companies and organizations develop and transform their digital business capabilities, delivered through CombinedX's wholly-owned specialist subsidiaries.
• Service Design and Customer Experience Consulting Service design and customer experience consulting engagements aimed at improving how Nordic enterprises design and deliver services to their customers.
• Business Systems and ERP Implementation Services Enterprise resource planning and business process optimization consulting, including implementations of Infor CloudSuite/M3, IFS Cloud, and Jeeves ERP systems for Nordic enterprise and mid-market clients.
• Data Analysis and Decision Support Services Data analytics and business intelligence consulting services, including Qlik implementations, to help Nordic organizations make data-driven decisions.
• Automation and Robotization Services Automation and robotic process automation consulting services, including UiPath implementations, delivered by CombinedX's specialist subsidiaries.
• Application Development and Lifecycle Management Services Custom application development and application lifecycle management consulting services for Nordic enterprise clients.
• Digital Workplace and Identity Management Services Digital workplace transformation and identity management consulting services for Nordic organizations.
• Managed Infrastructure Services and Security Managed IT infrastructure and cybersecurity services, including SolarWinds and One Identity implementations, delivered primarily through Netgain and Nethouse subsidiaries.
• IoT and AI Consulting Services Internet of Things (IoT) and AI consulting services, expanded through the February 2022 acquisition of Attentec's operations in Sweden and Norway.
• CRM Consulting and Implementation Services Customer Relationship Management (CRM) consulting and implementation services for Nordic clients across service-sector and B2B businesses.
• Change and Process Management Consulting Management, change leadership, and process management consulting services delivered alongside digital transformation engagements.

Quantifiable outcome

• Net turnover of 947.7 MSEK for FY 2025, with record quarterly revenue of 273.7 MSEK in Q4 2025
• +3 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• SnellmanminorImplementation/ SI/ Consulting Partner · 14 October 2025Elvenite AB served as the implementation partner for Snellman's deployment of Infor CloudSuite, replacing the food company's previous business system. The migration was aimed at enhancing operational efficiency, data accessibility, and supporting future growth across all business areas.
• ERPkonsult (Norway)coreStrategic or Co-development Partner · 1 October 2025Elvenite AB, a CombinedX subsidiary and Nordic region's leading Infor M3 specialist, acquired ERPkonsult in Norway. The deal expands Elvenite's Norwegian market presence, customer network, and project capacity, including AI & Data Intelligence services. ERPkonsult was absorbed into Elvenite as a complementary add-on acquisition.
• AttenteccoreStrategic or Co-development Partner · 1 February 2022CombinedX acquired Attentec's operations in Sweden and Norway (Linköping, Stockholm, Oslo) on February 1, 2022, expanding its IoT consulting services. Attentec, founded in 2005, was to operate as part of the CombinedX group. Deal structure involved a combination of cash payment and share issuance. Subsequent consolidation (Attentec appears to have been merged into Enqore or another subsidiary) was referenced in the Q4 2025 report discussing the formation of Enqore from the combination of Two and Absfront.
• Attentec ABcoreStrategic or Co-development Partner · 1 February 2022CombinedX AB acquired Attentec AB, a Swedish and Norwegian IoT solutions provider, through a combination of cash payment and share issuance. The acquisition aimed to strengthen CombinedX's position in digitalization and expand its presence in Norway. Attentec was later integrated into the CombinedX group structure.
• BeebyteminorStrategic or Co-development PartnerBeebyte is a specialist in web hosting, recognized as one of the most highly recommended web hosting companies in Sweden. CombinedX owns 33% of Beebyte as an associated company. Beebyte delivers high customer satisfaction at competitive prices with services including domain names, virtual servers, and containers.
• Max21minorStrategic or Co-development PartnerMax21 is a consulting company specializing in SAP with a focus on logistics, founded in 2021. The company established an office at World Trade Center Stockholm in 2022 and serves customers such as Vattenfall and Scania. CombinedX owns 30% of Max21 as an associated company.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Knowit AB: Nordic IT and digital consulting firm with comparable size (~6,000 employees across Sweden, Norway, Finland, Denmark, Germany). Directly competes with CombinedX for enterprise digital transformation, ERP, and managed services engagements in the Nordics.
• B3 Consulting Group AB: Swedish-listed IT consulting group with a multi-subsidiary model delivering digital transformation, business systems, and tech consulting. Closely comparable in business model (family of specialist firms), scale (~700+ consultants), and Nordic focus.
• Trifork Holdings: Nordic/Danish-headquartered IT consultancy specializing in digital transformation, enterprise software, and emerging technology. Comparable in vertical focus (financial services, public sector, healthcare) and pan-Nordic delivery model.
• Netlight Consulting AB: Premium Nordic IT and management consultancy with offices across the Nordics and Northern Europe. Comparable in target enterprise client base and digital transformation/digital strategy offerings; differentiates on a higher-margin strategy-led model.
• Cegal Group AS: Norwegian-listed technology consultancy with strong energy-sector vertical, providing cloud, ERP, security, and managed services to Nordic enterprise clients. Comparable in Nordic geographic mix and ERP/managed services focus.

Broad incumbents

• TietoEVRY: Largest Nordic IT services and software company with deep ERP, cloud, and managed services capabilities. Overlaps with CombinedX across Infor/ERP-adjacent work, data/analytics, and managed infrastructure but at much greater scale and breadth.
• Atea ASA: Leading Nordic IT infrastructure and managed services provider. Directly comparable to CombinedX subsidiary Netgain in managed infrastructure and cybersecurity distribution, and broader in hardware/software reselling.
• Accenture Nordics: Global strategy and technology services giant with major Nordic delivery centers. Competes with CombinedX for large digital transformation, ERP, and managed services deals in the region, but at vastly greater scale and breadth.
• Sopra Steria (Nordics): European IT services group with Nordic operations delivering digital transformation, ERP, and managed services. Comparable offering set to CombinedX at much larger scale, with overlap particularly in Swedish/Norwegian public sector engagements.

Emerging players

• Sectra AB: Swedish-listed IT company with cybersecurity and secure communications operations that overlap with Nethouse's cybersecurity practice. Comparable in Nordic enterprise/government cybersecurity positioning but focused on niche regulated verticals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/combinedx

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors2 records

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

M&A1 record

Investments

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

Frequently asked questions about CombinedX