Norway’s Next Tech Takeovers

Six Oslo-listed companies that could be snapped up next – and why international buyers are watching closely

Norway might not be the first place that comes to mind when you think of billion-dollar tech acquisitions – but it should be.

From Goldman Sachs taking Kahoot! private in 2024, to Blackstone and Permira’s NOK 141 billion acquisition of Adevinta, Norwegian tech firms continue to draw serious international capital. And it’s not a new trend – just ask Cisco (Tandberg) or Microsoft (FAST Search & Transfer). Whether it’s specialised SaaS, cleantech, or next-gen chip design, Norway consistently produces global-grade tech that scales – and gets scooped up.

In this post, we highlight six companies that we believe are among the most likely M&A targets on the Oslo Stock Exchange today. But first, a quick look at what makes Norwegian tech such a hot acquisition ticket.

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Why Norway Keeps Getting Bought

Several forces make Norwegian tech companies particularly attractive:

• Niche innovation – From maritime tech to AI sensors, Norwegian companies tend to dominate defensible verticals

• Forced internationalisation – The small home market pushes tech firms to scale abroad early, making them ideal bolt-ons

• Private equity firepower – Both Nordic and global PE funds are actively acquiring in Norway’s mid-cap tech space

• Valuation and currency dynamics – A soft krone often makes Norwegian companies look relatively cheap to foreign buyers

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6 Norwegian Tech Companies That Could Be Acquired Next

Here’s our shortlist of six Oslo-listed companies that combine strategic value, global exposure, and acquirable scale

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1. Elliptic Labs (ELABS.OL)