Nethouse

April 2026

BUYER

Nordlo Group, backed by private equity house FSN Capital, is a Nordic IT services group with operations across Sweden and Norway and revenues of approximately SEK 2.5 billion. The group is a leading provider of cloud and infrastructure services, IT operations, and digital workplace solutions, with a clear focus on managed services and cloud-based delivery within infrastructure and cybersecurity. Nordlo primarily serves small and medium-sized enterprises as well as public sector organisations and has established itself as an active consolidator in the fragmented Nordic IT services market.

TARGET

Nethouse, founded in 1988 and, prior to the transaction, part of publicly listed CombinedX, is a leading Swedish IT services provider focused on infrastructure, cloud, and managed services, serving enterprise clients across both the private and public sectors. The company supports clients in the design, implementation, and operation of modern, business-critical IT environments, with deep expertise within cloud transformation and secure IT operations. Nethouse operates from four offices across Sweden, and reported revenues of approximately SEK 250 million in 2025.

SELLER

CombinedX

TRANSACTION

A structured auction process

ADVISOR

HDR Partners acted as exclusive financial advisor to the shareholders of Nethouse.