On Monday, private equity firm EQT and Fortnox's largest shareholder, First Kraft, announced a public tender offer for Fortnox, a Swedish company offering cloud-based financial management and payroll software.

Talenom's Q3 result was better than we predicted, as Finland’s excellent profitability covered the lousiness of Sweden. In Sweden, the ‘backstop’ is leaking and the situation is worrying, but the greatest pain may already be over. In the updated strategy, the company focuses its operations on accounting services and software to be separated, while smaller by-products are given to partners.