Buyer landscape
Likely buyers · Cybersecurity in Norway.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 20 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. Axcel SponsorVery High87
20 platform investments in Software & IT · 6 in Norway · 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
2. 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
3. EQT SponsorVery High79
40 platform investments in Software & IT · 12 in Norway · 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
4. 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
5. Apax Partners SponsorVery High77
35 platform investments in Software & IT · 6 in Norway · 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
6. Apax Partners (with NewAlpha) SponsorVery High77
30 platform investments in Software & IT · 4 in Norway · 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
7. Apax Partners and Inova Capital SponsorVery High77
29 platform investments in Software & IT · 4 in Norway · 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
8. Apax Partners and JMI Equity SponsorVery High77
29 platform investments in Software & IT · 4 in Norway · 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
9. Apax Partners SAS SponsorVery High77
29 platform investments in Software & IT · 4 in Norway · 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
10. 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
11. Bregal Milestone SponsorVery High77
16 platform investments in Software & IT · 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
12. Vitruvian Partners SponsorVery High76
22 platform investments in Software & IT · 2 in Norway · 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
13. 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
14. Hg SponsorVery High76
48 platform investments in Software & IT · 3 in Norway · 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
15. 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
16. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76
18 platform investments in Software & IT · 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
17. 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
18. 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
19. Nordic Capital SponsorVery High75
27 platform investments in Software & IT · 16 in Norway · 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
20. 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
21. 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
22. 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
23. 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
24. Permira SponsorVery High74
27 platform investments in Software & IT · 1 in Norway · 17 deals 2024–26
AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B
17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed BioCatch, 2024 · Cybersecurity, Israel
25. 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
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.