CombinedX
CombinedX is a Swedish group of specialist IT consultancies organized as a family of independent niche companies. The group helps businesses and public organizations use data, cloud platforms, AI, and domain-specific software to automate processes and improve digital operations across Sweden and selected Nordic markets.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueImplementation and support for enterprise resource planning and related business systems.
Process automation and workflow digitization built around ServiceNow and similar platforms.
Integrated CRM, sales process, and customer journey solutions for commercial teams.
Decision support, reporting, and analytics services using BI and data platforms.
Secure IT infrastructure, identity, and operational support services.
Consulting and implementation services focused on the IFS Cloud platform.
Customers
CombinedX sells mainly to organizations that need specialized digital transformation expertise rather than broad generalist consulting. Its customers include companies in trade, manufacturing, and other sectors that use ERP, CRM, automation, BI, and infrastructure platforms to run core operations. The group also serves organizations that want to modernize customer interaction, production, and administration through data-driven process automation.
Buy ERP, BI, and decision-support solutions such as Microsoft Business Central, Power BI, Qlik, and Infor M3 to improve operations.
Buy ServiceNow automation, secure infrastructure, and platform expertise to streamline internal workflows.
Buy Microsoft CRM and customer journey solutions to digitize sales and marketing processes.
Buy IFS Cloud-related consulting for operational and asset-intensive business processes.
Buy specialist consulting for broader digital transformation and data-driven process improvement.
Strategy
CombinedX focuses on building a group of specialized, market-oriented consulting brands rather than a broad generalist firm. Its strategy emphasizes deep niche expertise, collaboration between related specialist companies, and selective add-on acquisitions to strengthen existing platforms. The group also keeps open the option of alternative growth paths for individual specialist companies, including separate listing possibilities.
Specialization supports pricing power, customer trust, and differentiated expertise.
Shared knowledge and coordinated selling can improve utilization and expand account coverage.
Acquisitions can strengthen niche positions and broaden capabilities within existing brands.
These technologies are central to the group's consulting offer and customer transformation projects.
Geography
CombinedX is headquartered in Karlstad, Sweden, and its specialist companies primarily compete in the Swedish national market. The group also follows customers across the Nordics and into Europe and other international markets, which creates some exposure to cross-border delivery and currency effects. Employee concentration has historically been strongest in Karlstad and other Swedish locations, with additional presence in the Nordics.
Risks
CombinedX depends on third-party software platforms, specialist talent, and customer relationships, so changes in technology, partner ecosystems, or demand can affect delivery and pricing. The business is also exposed to project execution risk, customer concentration, and competitive pressure from larger consulting firms and alternative delivery models. Because the group operates across Sweden and parts of the Nordics, macroeconomic weakness and currency exposure can also influence demand and reported results.
- Platform dependencyImpact: HighLikelihood: Medium
The group's offerings are built around third-party ecosystems such as Microsoft, Infor, ServiceNow, Qlik, and others.
Exposure: Technology partnerships and certification requirements
- Customer concentrationImpact: HighLikelihood: Medium
The ten largest customers represented about 28% of net sales in 2024, increasing renewal and pricing sensitivity.
Exposure: Large accounts and framework agreements
- Project execution riskImpact: MediumLikelihood: Medium
Consulting projects can lose margin if scope, timing, or staffing assumptions prove wrong.
Exposure: Fixed-scope or complex implementation work
- Competitive pressureImpact: MediumLikelihood: Medium
The company competes with larger consultancies and lower-cost alternatives for specialist work.
Exposure: Swedish IT consulting market
- Macroeconomic and geopolitical demand riskImpact: MediumLikelihood: Medium
Weaker business confidence or regional instability can delay digital investment decisions.
Exposure
Accounting
Judgemental itemsThe group carries goodwill from acquisitions and tests it annually or when indicators arise.
Impact: Could create non-cash write-downs if acquired businesses underperform
Business combinations create identifiable intangibles such as brands and customer relationships.
Impact: Affects balance sheet composition and future expense recognition
Office and facility leases are capitalized as right-of-use assets and lease liabilities.
Impact: Changes reported leverage and operating expense presentation
Consulting businesses often have significant receivables from customers and framework agreements.
Impact: Bad debt provisions can affect earnings and cash conversion
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Last updated: 24/09/2026