Since Neqst’s inception in 2008, we have invested in a relatively small number of exceptional companies. Or more correctly - we’ve invested in a few exceptional entrepreneurs.
Because when we look at companies, we look at their products or services, their markets, their track record, but perhaps even more so their leaders. We can take minority or majority stakes, but strive to take the lead in developing the company together with the company founders so that we are able to make a long-term difference to the company’s growth. Please read about the companies we are actively invested in below.
Harnessing real-time geospatial information, Carmenta creates software products, services and solutions for mission-critical systems. For more than 35 years, the company has been a trusted partner within the defence, security, traffic management and public safety industries. What all customers have in common is a need for high-performance geospatial technologies that deliver superior situational awareness.
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2009 (Carmenta AB)
SEK 79 million
57%
Torbjörn Lönnqvist
Henrik Scharp (Chair), Wolfgang Kroh
Europe
Gothenburgh, Sweden
Spun out of Carmenta, Carmenta Automotive is fully focused on making vehicles and vehicle fleets more efficient, smarter and safer. The company draws on 35+ years of mission- critical software experience to build solutions with an intelligent, driverless future in mind. Using dynamic and static data, it's powerful cloud-based technology gives connected and automated vehicles constant awareness of their surroundings - far beyond line of sight.
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2009 (Carmenta AB)
SEK 6 million
90%
Miklós Tomcsányi
Wolfgang Kroh (Chair)
Europe
Gothenburgh, Sweden
CatalystOne’s software and services enable companies to lift human resource management to a strategic level. The software functionality enhances human resource decision-making and ensures alignment between individual goals and business goals. Serving the Nordic small and mid-size market, CatalystOne has full focus on delivery and customer service to support these companies’ needs.
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2017
SEK 275 million
50%
Avtar Jasser
Jonas Fredriksson (Chair), Tobias Edvardsson
Scandinavia
Oslo, Norway
CodeScene’s groundbreaking platform utilizes advanced patented algorithms and artificial intelligence to provide developers with actionable insights into their codebases. Unlike regular code analysis tools, CodeScene’s recommendations are personalized according to how each particular software organization works, helping teams to identify technical debt, optimize software architecture, and improve overall code quality.
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2023
EUR 4 million
42%
Hamdija Jusufagic
Henrik Scharp (Chair), Wolfgang Kroh
Global
Malmö, Sweden
Marton is the disruptive real estate broker offering a low fixed-price commission on sales. Operating under the brand names Marton and Hemverket, the company offers an efficient and value-adding sales process facilitated by a proprietary technology platform. Viewings, though? They believe that the homeowner is best suited to that job. In short, you show your home, Marton sells it.
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2016
SEK 15 million
96%
Imre Marton
Jonas Fredriksson (Chair)
Sweden
Gothenburgh, Sweden
Netlight is an international provider of IT and management consulting services for digital leaders across industries. With more than 20 years’ experience, Netlight now has over 2000 consultants in offices throughout Europe. Netlight consultants bring competence, creativity and business sense to the table, working seamlessly with clients to solve seemingly unsolvable problems.
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2021
SEK 2 862 million
11%
Katri Junna and Anders Thall
Erik Fröberg (Chair), Caroline Lindstrand
Europe
Stockholm, Sweden
Redpill Linpro may be the Nordic region’s most vocal proponent of open source technology. Its mission is to provide the support, solutions and services that enable customers across industries to optimize their use of open source products – and offer customers optimal flexibility, control and quality while saving money.
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2013
SEK 725 million
80%
Henrik Gavelli
Jonas Fredriksson (Chair)
Scandinavia
Stockholm, Sweden
Reputation&Trust Analytics, formerly T-Media in its native Finland, is a leading research company helping organizations to understand how their reputations are perceived by a range of stakeholders. Its proprietary research model provides a framework for understanding and evaluating organizations’ reputation and trustworthiness through data, transforming reputation into manageable performance metrics.
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2023
EUR 4 million
43%
Harri Leinikka
Henrik Scharp (Chair), Per Lindtorp
Europe
Helsinki, Finland
Reversec AB is redefining offensive cybersecurity. Born from WithSecure’s world-class consulting team, the carve out brings decades of research to uncover vulnerabilities before attackers do. The approach mirrors the mindset of real adversaries—testing, probing, and innovating to expose hidden risks and transform them into clear, actionable strategies. At Reversec, cybersecurity isn’t a box to tick—it’s a competitive advantage.
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2024
not available (carve out)
60%
Scott Reininga
Per Lindtorp, Oskar Bonnevier Fröberg
Global
Stockholm, Sweden
Sinch (previously CLX) brings businesses and people closer with tools enabling personal engagement. Its cloud communications platform lets businesses reach every mobile phone on the planet, in seconds or less, through mobile messaging, voice and video. Sinch is a trusted software provider to mobile operators and its platform powers business-critical communications for many of the world’s largest companies.
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2011
SEK 28 712 million
9%
Laurinda Pang
Erik Fröberg (Chair)
Global
Stockholm, Sweden
Should the designer of a system also test the system to see if it works? System Verification was founded on the belief that the answer to that question is a resounding no. Now focused on testing, training and all forms of quality assurance, System Verification provides consulting services to a wide array of Sweden’s largest companies across industries.
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2008
SEK 285 million
45%
Erik Björhäll
Jonas Fredriksson
Europe
Malmö, Sweden
Unibap Space Solutions AB is a Swedish innovator in edge computing for space missions, offering integrated hardware, software, and services that enable satellites to process data directly in orbit and enabling real-time decisions. Unibap’s solutions for Earth observation, monitoring, high-speed communication, and autonomous satellite functions make every space mission more intelligent and sustainable.
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2024
SEK 90 million (net)
23%
Johan Åman
Henrik Scharp, Oskar Bonnevier Fröberg
Global
Uppsala, Sweden
Varnish Software offers software products and services that optimize web content delivery. Building upon the open source caching technology Varnish Cache, these products and services provide the most demanding customers with unparalleled reliability, speed and functionality in accessing any web content or streamed data. Slow sites? Never again.
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2013
SEK 249 million
93%
Fredrik Borg
Tobias Edvardsson (Chair), Erik Fröberg, Henrik Scharp
Global
Stockholm, Sweden
XLENT is a Swedish-Norwegian IT and management consulting group operating under the brand names XLENT and Differ. The company’s history is rooted in its strong local relationships with customers. With 18 regional offices and over 500 employees, XLENT ensures its Nordic customers enjoy the benefits of a large strategy and technology partner combined with the attention of a local supplier.
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2009
SEK 779 million
60%
Anders Franzén
Erik Fröberg (Chair), Jonas Fredriksson, Tobias Edvardsson
Scandinavia
Stockholm, Sweden
Please read about the companies we have now divested below.
At its inception, Digital Route provided data mediation solutions for telecom operators. During the company’s time with Neqst it evolved into a world-class provider of data management technology, enabling digital transformations for customers across industries. In 2024, Gro Capital, a Danish based private equity firm specializing in B2B software, offered to acquire 100% of Digital Route and we accepted.
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2008
2024
Stockholm, Sweden
Global
96%
High Definition Resources was built up as a Nordic-based media company offering comprehensive production and streaming services. Neqst invested in 2012 and worked extensively with the company to improve financial stability and refine strategic positioning whilst broadening scope and increasing geographical coverage through M&A. Together with management, we sold the company to NEP Group in 2019.
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2012
2019
Stockholm, Sweden
Nordic
66%
Keeparo (previously KSMG) is a full-service partner to companies aiming to find the right talent in a dynamic job market. With focus on social media channels, Keeparo helps companies to brand themselves as attractive employers and reach qualified applicants, using both services and digital solutions. In 2024, 100% of the shares were sold to Duunitori, a leading recruitment marketplace in the Nordics.
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2018
2024
Stockholm, Sweden
Europe
47%