the serial acquirer Market Observatory · 2026-Q3

Deals › Hawk Infinity AS › Nordic Flow AS

Hawk Infinity acquired Nordic Flow AS 2024

19.7 EUR m of annual revenue, bought in 2024. What was paid, per unit of that revenue — and where the figure comes from.

In 2024, Hawk Infinity AS acquired Nordic Flow AS — a company with 19.7 EUR m of annual revenue — and paid 0.77x that revenue. The basis is measured. The revenue was reported in NOK and is converted to euro at the ECB annual reference rate; the multiple itself is not converted. Guess first if you like; the answer and its source follow.

Guess firstSame rules as the game on the front page: log scale, 100 points for the exact figure.
Annual revenue
19.7 EUR m
Acquired
2024
Buyer’s deals that year
14
Sector
not disclosed
3.00x
0.50x15x
BuyerAcquired companyRevenue, EUR mYearPrice paidBasis
Hawk Infinity ASNordic Flow AS19.720240.77xmeasured
Basis — measured: consideration and revenue both stated in the acquisition note — nothing computed but the division. Revenue converted from NOK to euro at the ECB annual reference rate; the multiple is a ratio within one currency and is not converted.

Where this price sits

Among the 28 single-company prices in the register, 0.77x sits at the 4th percentile — below the register median of 3.14x. Hawk Infinity’s own 5 disclosed prices run from 0.53x–7.68x with a median of 2.27x; this one is below its median. The buyer made 14 acquisitions that year, of which this is one of the 5 with a usable price.

What this does not support

Source

Read from the buyer’s filed account: https://w2.brreg.no/kunngjoering/. Nothing is modelled or estimated — method and limits.

Related

All of Hawk Infinity’s acquisitions on file · Maskinpakking AS (2024, 0.53x) · Digiflow AS (2024, 2.27x) · Bending Spoons · Brightcove (1.08x) · every deal on file

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.

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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.