Hungarian WealthTech Dorsum attracts Norwegian private equity investment

By Divya Shah

A Norwegian private equity investor has agreed to acquire a majority stake in Hungarian FinTech company Dorsum in a transaction valuing the Budapest-based firm at between €38 million and €45 million, according to multiple reports.

The reports said that Norwegian investment firm Hawk Infinity is the likely buyer, although neither party has officially confirmed the transaction.

The deal was initially agreed in 2025 but was delayed after the Hungarian government expanded its powers to block foreign acquisitions in sectors considered strategically important. Following Hungary’s April 2026 election, negotiations have resumed, with the necessary government approval potentially already secured.

Founded in 1996, Dorsum is one of Hungary’s best-known FinTech companies and a leading provider of securities trading and wealth management software across Central and Eastern Europe.

The company develops fintech platforms for investment and wealth management firms, supporting portfolio management, trading, compliance, risk management, and operational processes. Its modular solutions help financial institutions streamline workflows and meet regulatory requirements across European financial markets.

Over recent years, Dorsum has transitioned from a customised software development model to a product-led FinTech strategy, investing significantly in technology innovation and international growth. The company now positions itself as a fintech and WealthTech provider focused on scalable solutions.

Its client base includes banks, asset managers, brokers, insurers, pension funds and public-sector institutions in more than 10 countries, making it one of the region’s prominent capital markets technology vendors.

Dorsum’s shareholder group includes entrepreneur Karoly Gerendai, founder and co-owner of the Sziget Festival, alongside private investors, senior management and employees. Existing leadership is expected to remain in place following the acquisition, while some shareholders may retain minority stakes.

Based on the reported valuation range, the transaction implies an EBITDA multiple of approximately 8-9x, broadly aligned with prevailing FinTech and software sector benchmarks.