DIGISEG acquired by HAWK INFINITY SOFTWARE
Context
HAWK Infinity, a Norwegian investment company focusing on software companies in Scandinavia, has successfully acquired Digiseg, a Danish AdTech provider. The transaction is structured as a buyout where the existing management team and founders will retain their roles and continue to drive the operational business forward in a new strategic partnership with the sponsor. Clearwater acted as the exclusive sell-side financial adviser to the owners of the acquired entity. This transaction represents a highly strategic platform investment for HAWK Infinity, which operates with a long-term investment horizon. For the acquirer, securing a remarkably lean and highly scalable business with a proven post-cookie technology provides a significant competitive edge. The sponsor's deep industry expertise and available dry powder will serve to further support the company's existing growth trajectory, enabling accelerated market penetration and product development. The partnership allows the management team to leverage the acquirer's structural support and strategic sparring capabilities to navigate the next phase of expansion. This operation serves as a strong market signal regarding the ongoing sector consolidation within the digital advertising and AdTech verticals.
By taking control of Digiseg, Hawk Infinity Software continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Baze Technology in 2025.
DIGISEG, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
Digiseg is a Denmark-based technology company specializing in privacy-centric digital advertising solutions. Operating primarily in the AdTech space, the company has developed a highly scalable software platform designed to map digital advertising to household characteristics without relying on traditional cookies or tracking mechanisms. This robust technological infrastructure enables advertisers to target audiences and measure campaign performance across all devices, media types, and operating systems in a post-cookie landscape. From a market positioning perspective, the firm has established itself as a pioneer and market-leading platform in cookie-free targeting. The business model is predicated on providing high-fidelity data solutions that drive measurable ROI for a blue-chip client base, having supported over 10 billion ad impressions globally for prominent brands such as IKEA, Nike, and Vodafone.
Ent. Value
DKK 25–50M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (DKK)
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Other operations with HAWK INFINITY SOFTWARE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2025 | HAWK INFINITY SOFTWARE | NORDIC BIM GROUP | FINLAND | Consulting & Integration |
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| 02/2025 | HAWK INFINITY SOFTWARE | ROQC DATA MANAGEMENT | Norway | Industry-Specific Software |
REFERENCES
Revenue range: DKK 25–50M
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: digiseg
Acquirer: hawk infinity software