HELSINKI and OSLO, Norway, Oct. 17, 2024 /PRNewswire/ — The 2024 Translink Corporate Finance Megatrends Report reveals that global IT spending reached $4.7 trillion in 2023, a 4.3% increase from 2022. Finland and Norway have emerged as dynamic hubs for IT development, innovation, and investment within this thriving global technology sector.
Finland’s thriving tech ecosystem
Ruben Moring, Partner at Translink Corporate Finance Finland, says, “Finland’s tech scene represents a thriving ecosystem that fosters early-stage innovation across various sectors. The country excels in gaming, artificial intelligence, databases, analytics, and cleantech. Advancements in industrial AI, IoT construction tech, healthcare, and sustainable technologies are propelling Finland’s startup scene forward.”
Norway’s robust startup environment
Norway has developed a strong startup ecosystem with approximately 70 000 new companies created annually. Nora Håberg, Partner at Translink Corporate Finance Norway, says, “We’re driving innovation in renewables and cleantech while fostering an environment of trust, cooperation, and flat hierarchies. This creates unique opportunities for investors interested in the green transition.”
Government support fuels innovation
Both countries have implemented robust government initiatives to support technological innovation and digitalisation. “The Finnish government’s support for AI development has led to success stories like Silo AI, acquired by AMD in an all-cash transaction for $665 million,” explains Moring.
Håberg adds, “Norway’s Innovation Norway provided 7.1 billion NOK (€617 million) in financial support in 2023 through subsidies, loans, and guarantees.”
Sustainability is a core Nordic focus
Sustainability is ingrained in Finland and Norway’s tech sectors. The Nordic countries offer some of Europe’s cheapest and cleanest energy, attracting investments like Microsoft and Google data centres.”
In Norway, hydropower accounted for 89.2% of the electricity production in 2023, drawing foreign investment like Google’s 600 million EUR investment in a green data centre in Skien.
The Nordic talent pool is driving innovation
Finland and Norway boast highly educated workforces. Finland attracts international talent with its vibrant startup scene and high quality of life. In Norway, 48.1% of the adult population had tertiary education in 2022, above the OECD average.
Nordic M&A investment opportunities
Translink observes numerous mid-market opportunities in the region. In Norway, about 60% of announced M&A transactions in 2023 were cross-border.
Håberg concludes, “Finland and Norway’s tech ecosystems are continually evolving, with emerging innovation clusters and an increasing focus on deep tech. Translink Corporate Finance offers expertise to help mid-market investors navigate the new investment opportunities in the Nordic region.
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