Why would it be worth it for Reaktor to go public? Versus selling to PE (private equity) investors?
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Well, it’s entirely up to the owners what they decide to do, but there are rumors and indications pointing towards an IPO. However, I’m sure they are listening to offers from PE (Private Equity) investors as well.
Reaktor Ecosystem Oy owns 20.4% of Witted, and you can find other Reaktor owners on the list of major shareholders anyway. So, indirectly, Reaktor is already on the stock exchange.
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It seems Oura isn’t coming to Helsinki (Hesuli) after all 
Maybe the gravity on growth companies is just too strong here.
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The company already moved its domicile to the United States earlier, so this has been clear at least since then. Finnish ownership or management is also quite scarce.
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New shares worth 20 million euros, plus existing shareholders are selling.
The anchor investors include Ilmarinen, Mariatorp Oy, assets managed by WIP Asset Management Oy, certain funds managed by SP Fund Management Company Ltd, Danske Invest Finnish Equity Fund, and Aktia Fund Management Ltd on behalf of the funds it manages. The anchors have committed to subscribing for shares totaling approximately 45 million euros, assuming that the valuation of the company’s entire share capital before the completion of the IPO and share issue is no more than 190 million euros.
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Reaktor, very interesting. The key questions are: did the 30.6% growth in Q1/2026 come practically entirely from the product business in the defense sector, and will growth continue on this trajectory?
Reaktor has not been a strong growth company in recent years: group revenue fell in 2024 and rose only 0.7% in 2025. Revenue in 2025 was still lower than in 2023. At the same time, the adjusted EBIT margin dropped from 11.4% to 9.0%, and adjusted operating free cash flow weakened from EUR 20.9 million to EUR 10.2 million.
Q1/2026 is, however, clearly different: revenue grew by 30.6%, the EBIT margin rose to 23.3%, and the software product business revenue was EUR 8.6 million. This is the core of the entire case for an investor: is Q1/2026 the beginning of permanent software product-led growth, or a single strong quarter due to defense/security projects?
Reaktor’s medium-term targets are ambitious: 8–12% organic annual growth and a 10–12% adjusted EBIT margin in technology consulting; in software products, the target is EUR 60–90 million in revenue and EUR 30–45 million in adjusted EBIT by 2030.
Reaktor does not disclose, at least in this listing prospectus, whether the EUR 8.6 million software product revenue was SaaS/license-type recurring revenue, project-based delivery revenue, or more one-off revenue recognition.
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Helsinki investors: Yay, more companies hitting the exchange 
.
Helsinki investors: looks at the business sectors and sees they are IT and construction companies.
Helsinki investors: “”.
Apparently, it’s forbidden to list on the Helsinki Stock Exchange unless the company’s line of business is anything other than IT (services) or a construction sector company 
. Or a bank/wealth manager, but it’s been a while since the last one of those.
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Savox is a Finnish company founded in 1982 operating in the critical communications sector, providing communication devices and solutions for global defense, law enforcement, fire and rescue, and industrial markets.
Savox CEO Jerry Kettunen told Kauppalehti that the company aims to go public in the near future.
“We are a critical communications systems company. Our customers include defense sector operators, security sector operators, and certain industrial clients,” Kettunen describes.
Kettunen says that Savox’s growth has now reached a stage where it is the right time for the stock market.
“The growth phase is such that an IPO can support the execution of our strategy: strengthen the balance sheet and provide tools to invest specifically in growth, as well as increase international awareness and credibility.”
The defense sector is naturally driving growth at the moment, and its share rose to 51 percent of Savox’s revenue in 2025.
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Here is Jerry’s interview regarding the IPO plans!
Savox, a provider of communication solutions for demanding conditions such as defense and rescue services, is planning an IPO. CEO Jerry Kettunen comments.
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