What Hawk Infinity AS paid

5 disclosed prices, what it deploys, what it owes and what its capital costs — every figure from a filed account.

Hawk Infinity AS reports in NOK and is one of the 13 buyers on file. It is privately held (stated on the debt page). 5 of its acquisitions disclose enough to price. Those were paid between 0.53x and 7.68x the acquired company’s annual revenue; the median is 2.27x, against a register median of 3.14x. In 2024 it deployed 159.2 EUR m across 14 acquisitions (filed, 11.37 EUR m average cheque). Net debt stood at 2.75x its revenue at 2024, and interest took 18.0% of revenue.

5acquisitions on file with a disclosed price — of 14 made in 2024

2.27xmedian price paid per unit of annual revenue (0.53x–7.68x)

159.2EUR m deployed in 2024 (filed)

18.0%of revenue goes out as interest (2024)

Acquisitions on file, with a price

One row per disclosed observation. Colour of the basis tag shows where the number comes from, as on the prices page. Click a company for its own page.

Acquired company	Revenue, EUR m	Year	Price paid	Basis
Maskinpakking AS (90 per cent)	27.6	2024	0.53x	scaled from a stake
Nordic Flow AS	19.7	2024	0.77x	measured
Digiflow AS (67 per cent)	27.1	2024	2.27x	scaled from a stake
Bedriftshelsen AS	6.6	2024	2.71x	measured
MyKid AS (67 per cent)	2.2	2024	7.68x	scaled from a stake

Price paid per unit of the acquired company’s annual revenue. 2 of the 5 rows are measured — consideration and revenue both stated in the acquisition note; scaled from a stake means price paid for a majority stake, scaled to 100% — a control premium would make the true figure lower. Amounts are converted to euro at the ECB annual reference rate; the multiples are ratios within one currency and are not converted.

What it deploys

A price is only half the picture; the other half is how much Hawk Infinity actually puts to work. In 2024 that was 159.2 EUR m across 14 acquisitions, on a filed basis. The average cheque was 11.37 EUR m.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
159.2	1’851.2	NOK	14	11.37	2024	filed

“Filed” is the number from the buyer’s own cash flow statement. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

Hawk Infinity carried 2’134 NOK m of net debt against 775 NOK m of revenue at 2024 — 2.75x its revenue, interest-bearing borrowings less cash. Interest actually paid in 2024 was 139 NOK m, 18.0% of revenue; unadjusted EBITDA covered it 1.90x over, and net debt stood at 8.04x EBITDA.

Instrument	Lender or venue	Amount		Rate	Matures
Bond 2028 bond	Oslo Stock Exchange	1’350	NOK m	NIBOR + 6.50 per cent	3 October 2028
Bond 2029 bond	Oslo Stock Exchange	1’000	NOK m	NIBOR + 6.50 per cent	15 October 2029
Revolving Credit Facility revolving facility	—	235 committed 145 drawn	NOK m	NIBOR + 4.00 per cent	2028
Deferred consideration term loan	—	20.0	NOK m	10.00 per cent fixed	2026

Every instrument on file for Hawk Infinity, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: minimum liquidity ≥ 50 NOK m — tested continuously. The comparison across buyers is on the debt page.

What this does not support

5 priced deals is a disclosure sample, not Hawk Infinity’s pricing policy. The sample is the deals it disclosed enough about — and there is no reason to assume that is unrelated to what it paid.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report: w2.brreg.no. Retrieval dates and parser versions are kept with the register. Method and limits.

Other acquirers

Banyan Software UK (median 2.36x) · Bending Spoons S.p.A. (median 2.10x) · Constellation Software (deployed 1’429.6 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.