At what enterprise value was FORTNOX acquired in 2025?

During the acquisition of FORTNOX by EQT PARTNERS in 2025, the transaction's Enterprise Value is estimated to be in the range of 3b - 100b SEK.

What was the EV/EBITDA of FORTNOX when it was acquired by EQT PARTNERS?

The estimated EV/EBITDA multiple for FORTNOX is in the range of Above 20x.

When was FORTNOX acquired by EQT PARTNERS?

FORTNOX was acquired by EQT PARTNERS in 2025.

What was the revenue of FORTNOX at the time of the deal?

The revenue of FORTNOX at the time of the deal is estimated to be in the range of 1b - 3b SEK.

What was the EBITDA of FORTNOX during the acquisition?

FORTNOX's EBITDA is estimated to be in the range of 1b - 3b SEK.

How is the data for the FORTNOX acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FORTNOX deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.inderes.dk/en/analyst-comments/eqt-has-made-a-takeover-bid-for-fortnox

← DATABASE

Home Database TMT (Tech, Media, Telecom)FORTNOX

03/2025

FORTNOX acquired by EQT PARTNERS

SWEDEN Software / ERP, HR & Finance EV 3b - 100b SEK

Context

EQT and First Kraft jointly announced a voluntary public tender offer for all outstanding shares in Fortnox at SEK 90 per share, implying a total equity value of approximately SEK 54.9 billion. The offer represents an extremely high valuation in absolute terms, reflecting Fortnox's exceptional combination of sustained revenue growth exceeding 20% per annum, a ~54% EBITDA margin, and its dominant market position in Swedish SME financial software. First Kraft, as Fortnox's largest existing shareholder, participates as a co-bidder rather than a seller, reinforcing its long-term conviction in the business.

FORTNOX, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the TMT (Tech, Media, Telecom) sector (15.3x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Fortnox is a leading Swedish provider of cloud-based financial management and payroll software, serving small and medium-sized businesses across Sweden and the Nordic region. The company offers a comprehensive suite of SaaS solutions encompassing accounting, invoicing, payroll, HR, and business administration, delivered through a highly scalable cloud platform. Fortnox has established itself as the dominant player in the Swedish SME financial software market, benefiting from strong network effects, high customer retention, and a deeply embedded position in its clients' day-to-day business operations.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (SEK)

Year

Rev

EBITDA

EBIT

2025

2024

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REFERENCES

Valuation range: EV 3b - 100b SEK

Revenue range: 1b - 3b SEK

EBITDA range: 1b - 3b SEK

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FORTNOX by EQT PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: eqt partners