Norwegian investor reportedly seeking majority stake in Hungarian fintech Dorsum

bne IntelliNews. (2026, September 2). Norwegian investor targets majority stake in Hungarian fintech Dorsum. https://www.intellinews.com/norwegian-investor-targets-majority-stake-in-hungarian-fintech-dorsum-465172/

• This has not been independently confirmed. It appears to be a report from just one indirect source being picked up more broadly in the media.

• A Norwegian private equity investor has agreed to acquire a majority stake in Hungarian fintech Dorsum in a deal that could value the Budapest-based company at HUF15-18bn (€38mn-45mn), according to Portfolio.hu.

• Portfolio.hu, citing industry sources, identified Hawk Infinity as the likely buyer, although this has not been independently confirmed.

• The transaction was reportedly agreed last year but was derailed after the Orban government expanded its veto powers over foreign acquisitions in strategic sectors, and the parties are understood to have revived it following the April 2026 election with the required ministry approval potentially already granted.

• Founded in 1996 and headquartered in Budapest, Dorsum builds modular front- to back-office software for investment operations and wealth management in highly regulated EU markets and is described as a market leader in securities and wealth-management software in Hungary and the wider region.

• The company serves banks, asset managers, brokers, insurers, pension funds and national treasuries across more than 10 countries, having shifted from largely customized software development toward scalable fintech and wealthtech products.

• Shareholders include businessman Karoly Gerendai, founder and co-owner of Sziget, alongside other private investors, management and key employees, with existing management expected to remain in place and some current shareholders potentially retaining minority stakes.

• Dorsum generated HUF9.2bn in revenue in 2025 with EBITDA of around HUF1.9bn and an average of 254 employees, implying an EBITDA multiple of roughly 8-9 times at the reported valuation range.

Knote: This has not been confirmed so we are just passing it along. If true, it would be a nice Services-to-Software success story.