Looking for a Shorter Overview?
AI Summary
Key Moments
Acquisition of Netgain
NTT DATA Business Solutions acquires Netgain from CombinedX for SEK 107 million in cash.Integration with The Cloud People
Netgain will be integrated with The Cloud People to create Sweden's largest pure ServiceNow operation.Netgain's business profile
Netgain has approximately 60 employees, a turnover of SEK 97 million and delivers ServiceNow services.CombinedX's capital release
CombinedX expects to release approximately SEK 100 million to be added to excess liquidity to be shared with shareholders.NTT DATA Business Solutions is acquiring Swedish ServiceNow specialist Netgain from CombinedX. The purchase price is SEK 107 million and the operations will be merged with The Cloud People.
CombinedX has entered into an agreement to sell its wholly owned subsidiary Netgain to NTT DATA Business Solutions.
The purchase price amounts to SEK 107 million in cash on a debt-free and cash-free basis. In addition, the agreement includes a conditional additional purchase price based on Netgain's performance in 2026. 
The deal is conditional on the Inspectorate for Strategic Products, ISP, approving the investment or filing a notification without action. The transaction is expected to be completed within five weeks.
Forming a major Swedish ServiceNow player
After the deal, Netgain will collaborate closely with The Cloud People, who NTT DATA Business Solutions acquired in 2025.
NTT DATA describes the combination as Sweden's largest pure ServiceNow operation. The statement is the company's own market assessment and has not been verified by independent market data.
The Cloud People is headquartered in Oslo and has more than 400 specialists in nine markets. The company works with consulting, implementation, managed services and AI-based automation on The ServiceNow platform.
Once the transaction is completed, the Swedish operation will use the name Netgain – an NTT DATA company.
Netgain has approximately 60 employees.
Netgain was founded in 2008 and has been part of CombinedX since 2013. The company offers consulting, implementation, management and automation based on ServiceNow.
During the 2025 financial year, Netgain had:
- Approximately 60 employees.
- A turnover of 97 million SEK.
- An adjusted EBITDA result of SEK 9 million, excluding management fee.
- More than 160 ServiceNow certifications according to the buyer.
Customers include medium-sized and large companies as well as public sector organizations.
CombinedX releases additional capital
If the sale is carried out, the CombinedX with approximately SEK 100 million, equivalent to approximately SEK 5 per share, being added to the excess liquidity that the board believes should be distributed to shareholders in 2026.
The board's assessment of excess liquidity is thus increased from SEK 220 to 320 million.
The deal also shows how the Nordic consulting market continues to consolidate around larger platform ecosystems. For NTT DATA The acquisition means more Swedish delivery capacity within ServiceNow, while Netgain gains access to The Cloud People's Nordic organization and NTT DATA's international resources.
Swedish 
Danish 
Norwegian 
Finnish 
English 
German 
Dutch 