The Deal
Nordlo announced the acquisition of Nethouse Sverige AB from CombinedX AB for $24 million in June 2026, marking the Nordic IT services company's largest acquisition to date. The transaction represents a significant step in Nordlo's strategy to establish itself as the leading IT security services provider across the Nordic region.
Nethouse operates as a Swedish IT security services provider with established operations serving the local market. The seller, CombinedX AB, had owned the business prior to this strategic exit. Nordlo, the acquirer, has been building its security services portfolio across Nordic markets and identified this acquisition as a key component of its regional expansion strategy.
The deal closed in June 2026, with Nordlo emphasizing that the acquisition significantly strengthens their security services capabilities through Nethouse's proven Swedish market presence and client relationships.
Strategic Logic
This acquisition follows a clear geographic and capability expansion playbook. Nordlo gains immediate access to Nethouse's established Swedish client base and local market expertise, accelerating their timeline to achieve regional leadership in IT security services. Rather than building organically in Sweden, Nordlo can leverage Nethouse's existing relationships and operational infrastructure.
The strategic fit centers on several key factors:
- Geographic expansion: Nethouse provides Nordlo with deeper penetration into the Swedish market, a critical component of Nordic regional dominance
- Security services focus: Both companies operate in IT security services, creating natural synergies in service delivery and client solutions
- Scale acceleration: The acquisition represents Nordlo's largest deal, indicating their commitment to aggressive growth in the security services vertical
For Nordlo, this transaction supports their stated goal of becoming the leading Nordic IT security provider. The deal provides both immediate revenue scale and the operational foundation to compete more effectively against larger regional and international players in the cybersecurity space.
Valuation Context
The $24 million transaction value reflects continued strong appetite for established security services providers in European markets. While the EBITDA multiple remains undisclosed, the deal size suggests Nethouse represented a meaningful revenue contributor worthy of Nordlo's largest acquisition investment to date.
European MSSP transactions have maintained premium valuations throughout 2025 and into 2026, driven by persistent cybersecurity talent shortages and increasing regulatory compliance requirements across EU markets. Swedish IT services companies, in particular, benefit from the country's advanced digital infrastructure and high enterprise technology adoption rates.
The undisclosed multiple structure is common in Nordic M&A transactions, particularly when strategic buyers prioritize market access and capability acquisition over pure financial metrics. Given Nordlo's emphasis on this being their largest deal and the strategic importance to their regional expansion plans, the valuation likely reflected competitive market dynamics for established Swedish security services providers.
What MSP Owners Should Know
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Regional consolidation creates premium exit opportunities: Nordlo's aggressive expansion strategy demonstrates how regional players are willing to pay significant premiums for established market positions. MSPs with strong local or regional market presence should expect continued strategic buyer interest, particularly in high-value verticals like cybersecurity.
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Security services specialization drives valuation: The focus on IT security services rather than general MSP capabilities highlights the premium that specialized security providers command in today's market. MSPs should consider how security services integration or specialization could enhance their strategic value to potential acquirers.
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Strategic buyers prioritize market access over pure financials: Nordlo's willingness to complete their largest acquisition for Swedish market entry shows that strategic fit often trumps traditional valuation metrics. MSPs with unique geographic footprints or client relationships may find strategic buyers willing to pay beyond typical financial multiples.
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Nordic markets remain highly active for IT services M&A: The continued transaction activity in Nordic markets, combined with strong digital adoption rates and regulatory drivers, creates favorable exit conditions for MSPs operating in or considering expansion into these regions. The regulatory environment and enterprise spending patterns support sustainable growth for well-positioned IT services providers.