# CombinedX > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/combinedx). ## Overview 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. ## Products & services • Infor M3 and related AI/BI services • ServiceNow-based automation • Microsoft Business Central, Power BI and Qlik solutions • Microsoft CRM and customer journey solutions • Secure IT infrastructure services • IFS Cloud services - **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. - Infor M3 and related AI/BI services - ServiceNow-based automation - Microsoft Business Central, Power BI and Qlik solutions - Microsoft CRM and customer journey solutions - Secure IT infrastructure services - IFS Cloud services ## 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. - **Trade and manufacturing companies** (primary) — 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 teams** (primary) — Buy ServiceNow automation, secure infrastructure, and platform expertise to streamline internal workflows. - **Sales and marketing organizations** (secondary) — Buy Microsoft CRM and customer journey solutions to digitize sales and marketing processes. - **Industrial and project-based businesses** (secondary) — Buy IFS Cloud-related consulting for operational and asset-intensive business processes. - **Public and private organizations** (secondary) — Buy specialist consulting for broader digital transformation and data-driven process improvement. - Mid-sized and large Swedish organizations seeking niche digital expertise - Trade and manufacturing companies using ERP and BI tools - Enterprises automating workflows with ServiceNow - Sales and marketing teams adopting Microsoft CRM - Organizations needing secure infrastructure and identity services ## 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. - **Sweden** (100%) — Reports indicate all specialist companies compete primarily in the Swedish national market. - 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 ## 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. - **Deepen specialist niches** (medium-term) — Specialization supports pricing power, customer trust, and differentiated expertise. - **Increase collaboration across related units** (short-term) — Shared knowledge and coordinated selling can improve utilization and expand account coverage. - **Add-on acquisitions** (medium-term) — Acquisitions can strengthen niche positions and broaden capabilities within existing brands. - **Expand customer value through data, cloud, and AI** (long-term) — These technologies are central to the group's consulting offer and customer transformation projects. - Build niche specialist brands with clear domain expertise - Use collaboration between related companies to create cross-sell - Pursue add-on acquisitions to deepen existing specialist platforms - Focus on data, cloud, and AI as core enabling technologies - Maintain flexibility for different growth paths by specialist company ## 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 dependency** [high] — The group's offerings are built around third-party ecosystems such as Microsoft, Infor, ServiceNow, Qlik, and others. - **Customer concentration** [high] — The ten largest customers represented about 28% of net sales in 2024, increasing renewal and pricing sensitivity. - **Project execution risk** [medium] — Consulting projects can lose margin if scope, timing, or staffing assumptions prove wrong. - **Competitive pressure** [medium] — The company competes with larger consultancies and lower-cost alternatives for specialist work. - **Macroeconomic and geopolitical demand risk** [medium] — Weaker business confidence or regional instability can delay digital investment decisions. - Dependence on Microsoft, Infor, ServiceNow and other platforms - Specialist talent risk if skills are hard to recruit or retain - Customer concentration and contract renewal risk - Project losses and delivery overruns can hurt profitability - Competition from larger and lower-priced consulting firms - Macro weakness can reduce IT spending and consulting demand ## Accounting The most important accounting judgments for CombinedX are goodwill impairment testing, acquisition accounting, and lease accounting under IFRS 16. As a consulting group, revenue is also sensitive to project timing and service delivery patterns, while receivables and credit risk matter because the business invoices many customers on short cycles. Acquisitions can add identifiable intangibles and goodwill that affect future amortization and impairment sensitivity. - **Goodwill impairment** — Could create non-cash write-downs if acquired businesses underperform - **Acquisition accounting** — Affects balance sheet composition and future expense recognition - **IFRS 16 leases** — Changes reported leverage and operating expense presentation - **Trade receivables and credit risk** — Bad debt provisions can affect earnings and cash conversion - Goodwill impairment testing is important after acquisitions - Acquisition accounting creates brand and customer relationship intangibles - IFRS 16 adds lease liabilities and right-of-use assets - Receivables and credit losses matter in a project-based consulting model - Revenue timing can vary with project delivery and staffing utilization --- *Last updated: 2026-08-11T04:04:51.675099+00:00*