Technology M&A 2023

1. Market Trends

1.1 Technology M&A Market

Deal Activity Reached Record Levels in 2021

2021 was a record-breaking year in the Finnish technology M&A market, which saw record revenues reported by many law firms specialising in M&A, banking and finance and capital markets. Similarly, Nasdaq Helsinki broke the record for IPOs, with a total of nine listings in the main market and 23 listings in the First North Growth Market in 2021.

Impact of COVID-19 and the War in Ukraine

At the beginning of the COVID-19 pandemic, there was a steep decline in M&A activity and also some decline in investments in general (especially in 2020). However, the pace quickly picked up in 2021 and reached record-breaking levels. The EUR2.8 billion acquisition of food and delivery services provider Wolt Enterprises by DoorDash was the year's landmark case in Finnish technology M&A.