This news had slipped by, so I’m posting it here now. CombinedX has been making acquisitions in May.
12.5.2025 CombinedX: Acquiring a high-performing Norwegian/Swedish IFS specialist
Redeye views the deal positively.
"The deal values Align at 1.3x sales and 5.2x EBITA in 2024, excluding earn-out and 1.9x sales and 7.7x EBITA, including earn-out.
We believe 5.2x EBITA is attractive for an IT consulting firm with 20% organic growth and 25% EBITA margins. The median EV/EBIT for 2025e for listed Nordic IT consulting firms is 10.0x. While those companies are significantly bigger than Align, none have 20% organic growth and 25% EBITA margins."
Link to the full Redeye update.
https://www.redeye.se/research/1107251/combinedx-acquiring-a-high-performing-norwegian-ifs-partner
Redeye’s forecasts below
