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Buyer landscape

Likely buyers · Cybersecurity in Sweden.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 75 verified exits: 31% to sponsors, 53% to corporates and platforms, 16% via IPO. Route shift since 2020: sponsors 21% (was 21%), corporates and platforms 75% (was 73%), IPO 3% (was 6%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 16 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.

Financial buyers · 25

Tier 1 · Very High · score 70+

1. EQT SponsorVery High84

40 platform investments in Software & IT · 53 in Sweden · 51 deals 2024–26

AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B

53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed ReliaQuest, 2025 · Cybersecurity, US

2. Axcel SponsorVery High83

20 platform investments in Software & IT · 15 in Sweden · 14 deals 2024–26

Axcel VII · 2023 vintage · deploying · check €26-194M

15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed BullWall, 2022 · Cybersecurity, Denmark

3. Bregal Milestone SponsorVery High80

16 platform investments in Software & IT · 2 in Sweden · 7 deals 2024–26

AUM €1.3B · Bregal Milestone Fund III · 2026 vintage · deploying · check €18-137M

2 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.

Backed TitanHQ, 2025 · Cybersecurity, Ireland

4. Sophora Unternehmerkapital SponsorVery High80

5 platform investments in Software & IT · 5 deals 2024–26

Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M

Accelerating: 4 deals in the last 2 years vs 0.8/yr before.

Backed Argos Security, 2025 · Cybersecurity, Germany

5. Deutsche Beteiligungs SponsorVery High78

13 platform investments in Software & IT · 10 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

6. Nordic Capital SponsorVery High77

27 platform investments in Software & IT · 74 in Sweden · 14 deals 2024–26

AUM €39.0B · Nordic Capital Fund XI · 2023 vintage · deploying · check €180M-1.4B

15 platform investments since the 2023 vintage · mid-deployment vs its usual 22 per fund.

Backed Conscia, 2019 · Cybersecurity, Denmark

7. Hg SponsorVery High77

48 platform investments in Software & IT · 1 in Sweden · 22 deals 2024–26

AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M

24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed A-LIGN, 2025 · Cybersecurity, US

8. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High77

15 platform investments in Software & IT · 19 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Bought Bridewell from Growth Capital Partners, 2025 · Cybersecurity, UK

9. Monterro SponsorVery High77

14 platform investments in Software & IT · 18 in Sweden · 4 deals 2024–26

AUM €3.1B · Monterro 4 · 2022 vintage · partially deployed · check €14-105M

4 platform investments since the 2022 vintage · mid-deployment vs its usual 5 per fund.

Backed Specops Software, 2019 · Cybersecurity, Sweden

10. Deutsche Beteiligungs AG SponsorVery High76

12 platform investments in Software & IT · 9 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

11. Oakley Capital SponsorVery High76

15 platform investments in Software & IT · 20 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Assured Data Protection, 2024 · Cybersecurity, UK

12. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76

18 platform investments in Software & IT · 1 in Sweden · 15 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

13. VækstPartner Kapital SponsorVery High76

15 platform investments in Software & IT · 6 deals 2024–26

VPK Fond III · 2023 vintage · deploying · check €1-8M

9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Subit, 2026 · Software, Denmark

14. Priveq SponsorVery High76

5 platform investments in Software & IT · 20 in Sweden · 7 deals 2024–26

Priveq Investment VII · 2024 vintage · deploying · check €5-39M

7 platform investments since the 2024 vintage · largely deployed vs its usual 6 per fund.

Backed Verisec, 2022 · Cybersecurity, Sweden

15. Queka Real Partners SponsorVery High76

8 platform investments in Software & IT · 8 deals 2024–26

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Bought Datos101 from Faraday Venture Capital, 2025 · Cybersecurity, Spain

16. Vitruvian Partners SponsorVery High75

22 platform investments in Software & IT · 14 in Sweden · 19 deals 2024–26

AUM €18.0B · Vitruvian Investment Partnership V · 2023 vintage · deploying · check €146M-1.1B

20 platform investments since the 2023 vintage · mid-deployment vs its usual 20 per fund.

Backed Cato Networks, 2025 · Cybersecurity, Israel

17. Via Equity SponsorVery High75

27 platform investments in Software & IT · 4 in Sweden · 8 deals 2024–26

AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M

9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Robopack Group, 2026 · Software, Denmark

18. Swanlaab Venture Factory SponsorVery High75

12 platform investments in Software & IT · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Nymiz, 2024 · Cybersecurity, Spain

19. GRO Capital SponsorVery High75

22 platform investments in Software & IT · 6 in Sweden · 5 deals 2024–26

AUM €1.2B · GRO Generation I · 2024 vintage · deploying · check €3-23M

5 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.

Bought Curity from Fairpoint Capital, 2023 · Cybersecurity, Sweden

20. Maguar Capital SponsorVery High75

5 platform investments in Software & IT · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

21. Maguar Capital Partners SponsorVery High75

4 platform investments in Software & IT · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

22. Isai Gestion SponsorVery High74

61 platform investments in Software & IT · 30 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed datadome, 2023 · Cybersecurity, France

23. Apax Partners SponsorVery High74

35 platform investments in Software & IT · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Bought Vitaprotech from Eurazeo, 2022 · Cybersecurity, France

24. Bpifrance Investissement SponsorVery High74

5 platform investments in Software & IT · 35 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 30 deals in the last 2 years vs 4.5/yr before.

Backed Sekoia.io, 2025 · Cybersecurity, France

25. Apax Partners (with NewAlpha) SponsorVery High74

30 platform investments in Software & IT · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Vitaprotech, 2022 · Cybersecurity, France

Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.