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03/2025100%LBO

Fortnox acquired by EQT Partners

SWEDEN Software / ERP, HR & Finance EV SEK 50–100bn

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 [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the TMT (Tech, Media, Telecom) sector (14.8x in 2025).

-> 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

SEK 50–100bn

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (SEK)

Year
Rev
EBITDA
EBIT
2025
SEK 1–10bn
SEK 1–10bn
[members only]
2024
SEK 1–10bn
SEK 1–10bn
[members only]

Other operations with EQT Partners

Other operations with EQT Partners
DateAcquirerTargetCountrySector
10/2026EQT PARTNERSQIAGENGERMANYDiagnostic Equipment
10/2026EQT PARTNERSCLEANAWAYAUSTRALIACollection & Recycling
09/2026EQT PARTNERSMCGILL AND PARTNERSUNITED KINGDOMStrategy & Management
07/2026EQT PARTNERSORIKANAUSTRALIAIoT & Connected Objects
07/2026EQT PARTNERSCOPIA POWERUNITED STATESSolar / PV
06/2026EQT PARTNERSINTERTEKUNITED KINGDOMTIC (Testing, Inspection, Certification)
03/2026EQT PARTNERSKELDA HOLDINGSUNITED KINGDOMWater
07/2025EQT PARTNERSADEVINTA SPAINSPAINE-commerce & Marketplaces
04/2024EQT PARTNERSUNIVERSIDAD EUROPEASPAINEducation Providers
04/2024EQT PARTNERSOCEA GROUPFRANCEMaintenance

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REFERENCES

Valuation range: EV SEK 50–100bn

Revenue range: SEK 1–10bn

EBITDA range: SEK 1–10bn

EV/Revenue range: Above 6x

EV/EBITDA range: Above 20x

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

FAQ

What transaction does this page cover?

This page covers EQT Partners’s acquisition of 100% of Fortnox, a Swedish company specialised in ERP, HR & Finance, in 2025, structured as a leveraged buyout (LBO).

How was the acquisition of Fortnox by EQT Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the SEK 50–100bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the Above 6x range. Exact figures are available to members.

What were Fortnox’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Fortnox generated annual revenue estimated in the SEK 1–10bn range and EBITDA in the SEK 1–10bn bracket (FY 2025). Detailed financial figures are available to members.

How does the valuation of Fortnox compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the TMT (Tech, Media, Telecom) sector (14.8x in 2025).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.