What Hawk Infinity does

Hawk Infinity is a Norway-based private equity firm that acquires and holds founder-led software businesses on a permanent basis. Its primary operating subsidiary, formerly Hawk Infinity Software AS (HIS) and now Snowball Software Group AS, aggregates B2B SaaS companies across the Nordic, Baltic, and Central/Eastern European markets. The firm's stated model combines disciplined capital allocation with a founder-friendly ownership philosophy, offering founders an exit from operational and reporting burdens while retaining autonomy over their businesses and avoiding traditional PE committee-driven decision-making.

The company is owned by its founders and positions itself as the 'long-term home' for portfolio companies rather than a fund-cycle buyer. Its investment thesis targets profitable software businesses generating solid cash flow, using surplus cash flow from acquired companies to fund additional acquisitions of profitable businesses. The firm claims ~40% annual returns to shareholders over many years with approximately 90% EBITDA cash conversion on a pro-forma LTM EBITDA of about NOK 1.1bn. As of late 2025/early 2026, the portfolio comprised 11+ acquired brands spanning tax/SME software (E-File), cookie compliance (ExamCookie), SEO/digital marketing (FatJoe), educational technology (Clastify), music licensing (Catfarm Music Group), and a Nordic/Baltic software services cluster (Satvision, Synega, EM Systemer, RoboLabs, WhiteBit, UCS Baltic).

Hawk Infinity is owned by founders and led by CEO Marianne Michelsen, CIO Johan B. Michelsen, and founder/partner Joakim Karlsen. The firm operates from five offices in Norway (Oslo as headquarters, Bergen, Kristiansand), Sweden (Uppsala), and Lithuania (Vilnius) to support local growth and integration across its portfolio. Following the January 2026 divestiture of Motiontech AS back to the parent, the operating subsidiary has shifted strategic emphasis toward organic development and de-leveraging, while continuing to originate founder-friendly software acquisitions.

Name

Hawk Infinity

Legal name

Hawk Infinity AS

Website

https://hawk.no

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Hawk Infinity is a Norway-based private equity firm founded by founders that acquires and permanently holds founder-led software businesses across the Nordic, Baltic, and Central/Eastern European markets. Its portfolio spans 11+ B2B SaaS companies with combined pro-forma LTM EBITDA of approximately NOK 1.1bn.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

All Other Financial Investment Activities (52399), Miscellaneous Financial Investment Activities (523999)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

akta.pro secondary industry

Buy-Side M&A Advisory (FSAEAGAB)

Keywords

• Private equity acquisitions
• Software business acquisitions
• Founder-led businesses
• Buy-and-hold investing
• Compounding returns strategy

Headquarters

HQ city

Bygdøy

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Software Business Acquisitions: Hawk Infinity acquires and owns software businesses, generating revenue through cash flow from acquired companies. The model involves acquiring founder-led businesses with solid cash flows and using surplus cash flow to acquire more profitable businesses, creating a compounding returns effect.

Core offering

Hawk Infinity is a Norwegian private equity firm that acquires and permanently holds founder-led businesses, with a current portfolio concentrated in B2B software and SaaS companies across the Nordic, Baltic, and Central/Eastern European regions. The firm provides founders with a long-term home, fast decisions without committees, and ongoing support, using surplus cash flow from portfolio companies to fund further profitable acquisitions.

Product overview

Hawk Infinity operates as a private equity firm that acquires and holds founder-led software businesses long-term, offering a platform of aggregated B2B SaaS companies rather than a single unified product. The portfolio includes Hawk Infinity Software AS (HIS) as the primary operating entity, which has acquired multiple SaaS brands across Nordic, Baltic, and Central/Eastern European regions: ExamCookie ApS, Get Ideal Holdings (FatJoe), Clastify Sp. z o.o., Catfarm Music Group AB, Satvision Software AS, Synega AS, EM Systemer AS, RoboLabs UAB, WhiteBit UAB, UCS Baltic, and E-File. Following the restructuring (sale of Motiontech AS stake) and name change to Snowball Software Group AS, the company plans to shift focus to organic development and de-leveraging.

Differentiator

Problem solved

Functional benefit

Products and services

• Founder-led Business Acquisition & Permanent Ownership

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• IK Investment Partners: Pan-Nordic private equity firm with a long track record of mid-market buyouts across the Nordics and Baltics, competing for the founder-led software assets Hawk targets.
• Norvestor: Nordic mid-market private equity firm with deep experience in founder-led businesses and software; directly competes for the same seller pool Hawk Infinity cultivates.
• Summa Equity: Nordic PE firm investing in mission-critical and tech-enabled businesses in the Nordics; overlaps with Hawk's founder-led, profitable-software investment universe.
• Constellation Software: The archetypal perpetual acquirer of vertical-market software businesses globally; while much larger and Canadian, it shares Hawk's 'buy and hold forever' philosophy and software roll-up model.
• EQT Partners: Large Nordic-headquartered global PE firm with significant software and tech investing activity; competes for larger founder-led software assets in the same geographies.
• Altor Equity Partners: Nordic-focused private equity firm investing in mid-market businesses; competes with Hawk for the same regional software and services targets but operates a traditional fund-based model.

Direct peers

• Volati AB: Swedish industrial and software holding company that acquires and develops profitable niche businesses with a long-term ownership horizon, closely mirroring Hawk's compounding acquisition model.
• Addnode Group: Acquires and operates IT and software businesses across the Nordics, following a decentralized acquisition-driven growth strategy very similar to Hawk Infinity's portfolio construction.
• Vitec Software Group: Swedish serial acquirer of vertical software businesses that buys and holds niche B2B SaaS companies long-term across the Nordics—the closest business-model analogue to Hawk Infinity's perpetual-acquirer approach.
• Lifco AB: Sweden-based serial acquirer run with a decentralized, long-term hold model; widely cited as a benchmark for perpetual-acquirer PE-style returns and a direct strategic analogue to Hawk Infinity.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments1 record

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

Frequently asked questions about Hawk Infinity