Platform dependency
The group's offerings are built around third-party ecosystems such as Microsoft, Infor, ServiceNow, Qlik, and others.
- Scope
- Technology partnerships and certification requirements
- Materiality
- high
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.
| % | |
|---|---|
| ERP and business systems consulting | 35% Implementation and support for enterprise resource planning and related business systems. |
| Automation and workflow platforms | 20% Process automation and workflow digitization built around ServiceNow and similar platforms. |
| CRM and customer experience solutions | 15% Integrated CRM, sales process, and customer journey solutions for commercial teams. |
| Data, BI, and analytics | 15% Decision support, reporting, and analytics services using BI and data platforms. |
| Infrastructure and security services | 10% Secure IT infrastructure, identity, and operational support services. |
| IFS Cloud specialist services | 5% Consulting and implementation services focused on the IFS Cloud platform. |
CombinedX sells mainly to organizations that need specialized digital transformation expertise rather than broad...
- Trade and manufacturing companiesprimary
Buy ERP, BI, and decision-support solutions such as Microsoft Business Central, Power BI, Qlik, and Infor M3 to improve operations.
- Enterprise IT and operations teamsprimary
Buy ServiceNow automation, secure infrastructure, and platform expertise to streamline internal workflows.
- Sales and marketing organizationssecondary
Buy Microsoft CRM and customer journey solutions to digitize sales and marketing processes.
- Industrial and project-based businessessecondary
Buy IFS Cloud-related consulting for operational and asset-intensive business processes.
- Public and private organizationssecondary
Buy specialist consulting for broader digital transformation and data-driven process improvement.
CombinedX is headquartered in Karlstad, Sweden, and its specialist companies primarily compete in the Swedish national...
- •Headquartered in Karlstad, Sweden
- •Primary market is Sweden's national IT consulting market
- •Works with customers across Europe and globally
- •Additional employee presence in the Nordics, especially Oslo
- •Geographic spread supports follow-the-customer delivery
CombinedX focuses on building a group of specialized, market-oriented consulting brands rather than a broad generalist...
01
Deepen specialist nichesmedium-term
Specialization supports pricing power, customer trust, and differentiated expertise.
02
Increase collaboration across related unitsshort-term
Shared knowledge and coordinated selling can improve utilization and expand account coverage.
03
Add-on acquisitionsmedium-term
Acquisitions can strengthen niche positions and broaden capabilities within existing brands.
04
Expand customer value through data, cloud, and AIlong-term
These technologies are central to the group's consulting offer and customer transformation projects.
CombinedX depends on third-party software platforms, specialist talent, and customer relationships, so changes in...
Customer concentration
The ten largest customers represented about 28% of net sales in 2024, increasing renewal and pricing sensitivity.
- Scope
- Large accounts and framework agreements
- Materiality
- high
Project execution risk
Consulting projects can lose margin if scope, timing, or staffing assumptions prove wrong.
- Scope
- Fixed-scope or complex implementation work
- Materiality
- high
Competitive pressure
The company competes with larger consultancies and lower-cost alternatives for specialist work.
- Scope
- Swedish IT consulting market
- Materiality
- high
Macroeconomic and geopolitical demand risk
Weaker business confidence or regional instability can delay digital investment decisions.
- Scope
- Sweden, Norway, Finland, and Europe
- Materiality
- medium
Goodwill impairment
Could create non-cash write-downs if acquired businesses underperform
Acquisition accounting
Affects balance sheet composition and future expense recognition
IFRS 16
IFRS 16 leases
Changes reported leverage and operating expense presentation
Trade receivables and credit risk
Bad debt provisions can affect earnings and cash conversion
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: 11/08/2026