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CombinedX

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Specialist companies providing digital transformation solutions

Karlstads kommun, SwedenFounded 2013Marketing
Valuation $47M Market cap · 2022
Revenue $115M Latest reported FY
EBITDA $8.0M Latest reported FY

About CombinedX

CombinedX AB is a group of specialist companies focused on the digital transformation market. Founded in 2018 by Jörgen Qwist and with its headquarters in Karlstad, Sweden, the company operates as a family of knowledge-based businesses that assist other companies and organizations in leveraging the opportunities of digitalization. The business model is centered on acquiring and developing profitable, niche IT and digitalization consulting firms.

Each company within the CombinedX family retains its own identity and specialization while benefiting from the collective strength and network of the group. This structure allows them to offer a wide range of services covering areas such as digital business development, data analytics, process automation, and managed IT services. The group serves a diverse client base, primarily in the Nordic region, ranging from industrial companies to the public sector.

CombinedX's growth strategy involves both organic expansion within its subsidiaries and strategic acquisitions of new companies that complement its existing portfolio. The company is publicly traded on the Nasdaq First North Premier Growth Market, and its financial model relies on the profitability and cash flow of its individual companies to drive overall group value.

Source: Dealroom company data

At a glance

Status
Listed
Founded
2013
Headquarters
Karlstads kommun, Sweden
Listing
IPO 2022
Employees
500
Open positions
None listed
Dealroom signal
57.5/100
Industry
Marketing
Sector
Marketing
Investment activity
3 companies, latest Feb 2024
Capital deployed
—
Preferred round
ACQUISITION

Funding history

4 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
POST IPO EQUITY✓Other financing Oct 2025 $569K — Edastra ↗
POST IPO DEBT✓Debt Feb 2024 $1.8M — Undisclosed ↗
Showing the latest 2 of 4 recorded eventsBook a demo for the full funding history →

Financials

Revenue, earnings and profit over time

Revenue, earnings and other financial measures where available. Years marked “E” are estimates.

YearRevenueGrowthEBITDAMarginProfitMarginR&D
2026 $115M 0% $8M 7% $6.2M 5.4% $0
2025 $115M +1.3% $8M 7% $6.2M 5.4% $0
2024 $113M +21.8% $8M 7.1% $6.2M 5.5% $0
2023 $93M +44.4% $8M 8.6% $0
2022 $64M +6.9% $8M 12.4%
2021 $60M +3% $9.5M 15.8%
2020 $58M — $6.6M 11.3%
Company filings, research estimates and Dealroom dataBook a demo for the full financial model →

Growth signals

CombinedX website traffic

Latest recorded traffic for CombinedX is 2.5K monthly website visits, up 25% over the last three months. CombinedX's team declined 12.7% over the past year.

Latest monthly visits2.5K 3-month web change+25% 1-year team growth-12.7%
Summary metrics are public; monthly history is available with a demoCompare with peers →

Investors

2 investors on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Series B and later2 investors entered at this stage

  • Edastra
  • UNIONEN
Team profiled 6 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 3 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
1 countries with
team presence
🇸🇪 Sweden100%
1 country shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about CombinedX on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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