CombinedX is a group of specialist companies providing digitalization services, business process automation, and cloud platform solutions to enterprises and organizations. The group operates through fully owned subsidiaries that specialize in specific software ecosystems, including Microsoft business applications, Infor, IFS, and ServiceNow. Key subsidiaries include Netgain, Ninetech, Elvenite, Enqore, Align Consulting, and Nethouse. The company serves customers in the Nordic region, focusing on industries such as manufacturing, energy, and logistics, with clients including Swedish Match Industries, Olvi Group, and Kraftringen Energi. CombinedX was founded in 2016 as Combined Excellence and renamed CombinedX in 2021. The group acquires and integrates specialist firms to build positions in their respective software niches, offering services in data analytics, AI, and business flow optimization.

Summarised from the company's own disclosures, fiscal year ended Dec 2025

Industry Information Technology Services Homepage combinedx.com
Sector Technology IR page combinedx.com/en/investors
Tags
erp consulting, microsoft dynamics, infor, ifs, servicenow, business process automation, data analytics, cloud services, digital transformation, nordic market, Netgain, Ninetech, Elvenite, Enqore, Align Consulting, Nethouse, Absfront, Two, M3CS, ERPkonsult, Microsoft, Swedish Match Industries, Olvi Group, Kraftringen Energi, Viking Lines, Progrits
Press page combinedx.com/en/about-us/news-articles/news

Metrics

Valuation  
Market cap kr 507.056M
P/E 2.09
P/BV 1.06
P/S 0.54
P/OCF 5.11
P/FCF —
Dividend yield —
Turnover / mcap —
Returns  
ROE 8.4%
ROI 7.2%
ROIC 10.9%
Profit margin 4.0%
Growth  
Revenue growing Yes
Profits growing No
Revenue up 3y Yes
Revenue up 5y Yes
Quality  
Profitable Yes
Margin expanding No
Buying back stock No
Diluting (TTM) Yes
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News sentiment (TTM) 43
Quality score 43.8%
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Figure FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020
Revenue 947.7M 929.9M 765.7M 650.5M 560.1M 533.2M
Net profit 0 50.6M 70.9M 35.2M 49.3M 0

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CombinedX (ticker CX), listed in Sweden.