What were the most interesting Nordic M&A deals from this summer
Summer is almost over (by Nordic standards) and in the past couple of months we have had some interesting M&A transactions that took place, including big American companies such as Cisco, Facebook and Garmin getting involved in some local acquisitions.
Given the uncertain economic environment, we expact that the M&A market will be more efervescent and interesting for the buyers looking for good deals.
Let's see what happened this summer - we have made a list with 13 M&A deals from the private market which were announced in the past couple of months.
Mapillary is a Malmö, Sweden-based company providing digital mapping services for self-driving vehicles.
The company had raised about $25 million in capital investment from backers including Atomico, Sequoia, PlayFair, and LDV Capital as well as BMW and Samsung through its Catalyst Fund. In 2018, when it last raised money, it was valued at about $40 million - also in 2018 it was losing almost as much at a turnover lower than $2M.
Modcam, also based in Malmö, was founded in in 2013 by Bogdan Tudosoiu, Jan Erik Solem, Tord Wingren and Karl-Anders Johansson and has developed a solution that enables cameras to become smarter. It is a 10-people company, which in 2018 (last financial statements) had about a half a million $$ in revenues and losing twice as much.
Earlier in 2020 when it last increased capital in the books the company was valued at about $5 million - Modcam roughly raised $8 million in outside funding, mostly from private investors from Sweden, including Soläng Invest and Spintop Ventures, as well as from the German Robert Bosch Venture Capital.
Firstbeat Analytics, headquartered in Jyväskylä, Finland, is the consumer analytics side of Firstbeat Technologies, which was commercialized as a white label app for consumer devices tracking specific health data.
Garmin was already a client, as it incorporated Firstbeat's tech into its own product - after the deal, Firstbeat Technologies will keep operating its Wellness and Professional Sports businesses. Firstbeat Technologies did not raise venture funding and in 2019 it was a profitable company, with EUR 16.9M in sales and almost 2 million in profits.
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