Leonh
Leonh is a Swedish AI platform for Nordic dealmaking that brings M&A sourcing, unlisted market data, IPEV valuation and portfolio reporting into one workspace for private equity funds, advisers, family offices, auditors and lawyers. Access is sold by quotation.
What is Leonh?
Leonh is a Nordic dealmaking platform published by Leonh AB, based at Narvavägen 12 in Stockholm and positioned as the digital Investment Bank under the line Rewriting how deals get done. The name nods to the mathematician Leonhard Euler, and the company explains it through the number e, the rate of continuous growth. The product is an AI ecosystem built on a proprietary database of unlisted Nordic market data, covering the full arc of a transaction: find it, analyse it, price it, then track it.
Four modules share that database. Dealflow handles sourcing: describe what you are looking for in plain language instead of wrestling with filters and industry codes, and the AI works across 3.5 million Nordic companies to return a longlist in minutes. It also holds curated profiles of buyers and investors — private equity, venture capital, industrial acquirers, investment companies and family offices — with the key people to approach, plus an M&A CRM, part of which the site marks as coming soon. Intelect is the research layer: the Nordic region's largest database of unlisted transactions and multiples, with thousands of validated transaction multiples across 65+ sectors, 3,000+ share issues and funding rounds, listed peer comparables, a WACC calculator with sector betas, and quarterly market reports on eleven main sectors. Valuation produces work aligned with the IPEV Valuation Guidelines and usable for IFRS reporting: DCF, LBO, present value analysis, transaction multiples, market comparables, and Black-Scholes for options and warrants, with financial accounts linked to Bolagsverket and a WACC broken out assumption by assumption. Portfolio values holdings against thousands of comparables the AI suggests by sector, size and profile, stores each period as its own version, runs monthly, quarterly or annual cycles, keeps an audit trail and a shareholder register, and exports LP reporting to PowerPoint.
Alongside the software sits LeonhEH, an in-house corporate finance team offering valuation services, investment banking as a service and transaction advisory, with an optional sign-off on valuations. Leonh says more than 300 companies use the platform each month and that over 2,500 valuations were produced with it in 2025. Access is through the browser, on a business licence agreed by quotation.
What it does
- Describe an acquisition target in plain language and build a longlist from 3.5 million Nordic companies in minutes
- Pull validated Nordic transaction multiples (EV/EBITDA, EV/EBIT, revenue) alongside listed peer comparables
- Produce an IPEV-compliant valuation using DCF, LBO, present value analysis, transaction multiples and market comparables
- Calculate a WACC with a sector beta and inspect every assumption behind it
- Value options and warrants with Black-Scholes using market volatility
- Value a portfolio period by period and generate versioned LP reporting with an audit trail
- Export to PowerPoint or share the result page directly with a counterparty
When to use Leonh / When not to
A quick filter to help you decide if Leonh is the right fit.
When to use Leonh
- Private equity and venture capital teams that want one place to run sourcing, valuation and LP reporting across the whole holding period
- M&A advisers and business brokers who have to win mandates and turn longlists and valuation work around quickly
- Family offices and investment companies tracking a Nordic portfolio while watching deal activity in their sectors
- Auditors, accounting consultants and lawyers who need traceable methodology, validated multiples and audit-ready files
- Owners and founders who need an independent valuation for a sale, an option programme, a dispute or an inheritance split
When not to use Leonh
- Teams working outside the Nordics: the underlying database covers Nordic companies and Nordic transactions, and nothing else
- Individuals and small teams that want to sign up and pay online: the licence is granted to business customers, with no free plan and no public registration
- Buyers who want to try before speaking to a salesperson: the only entry point published on the site is a demo booking
- Engineering teams planning to pipe the data into their own stack: there is no API, and the terms forbid using the platform other than through the interfaces provided
- Anyone who needs to load personal data into the tool: the general terms require the customer to warrant that it uploads none
How to use Leonh
A typical end-to-end flow, from setup to results.
- Book a demo on the site: it is the only published entry point, and the home page announces a personal 30-minute session
- Pick the track that matches the need — the software and market data, a company valuation, or LeonhEH advisory
- Agree scope and price in the Quotation Leonh issues; under clause 1.2 it prevails over the general terms if the two conflict
- Check the commitment before signing: an initial 12-month term from first use, automatic 12-month renewals, three months' notice to terminate
- Register a user account — accounts are personal, one per user, and cannot be shared
- Log in through the browser at infinity.leonh.se; you supply your own devices, operating systems and internet connection
- Query in plain language, as the published examples show: IT services transactions from the last two years, transactions involving Bravida and Storskogen, deals at an EV/EBITDA of 3.0-4.5x, or Norwegian construction transactions
- Move from longlist to valuation and then to portfolio tracking without leaving the same database
- Export the output to PowerPoint or share the result page directly
- For a commissioned valuation instead, submit the form, expect a first reply within an hour, return the checklist Leonh sends, then receive and be walked through the report — generally within a working week
Pros & Cons
Pros
- A proprietary database on a thinly covered market: Nordic unlisted transactions with validated, justified multiples
- Methodology explicitly aligned with the IPEV Valuation Guidelines and usable for IFRS financial reporting
- Traceability down to the assumption: transparent WACC, audit trail, documented methodology and a stored version for every period
- The AI reads data structured in-house by a dedicated team rather than the open web, and natural-language search removes the filter jungle and industry codes
- All four modules share one database, so post-closing tracking and the next deal live in the same tool
- A senior corporate finance team stands behind the software, with optional sign-off and a track record of 25+ years and SEK 260 billion in cumulative transaction value
- Personal data is processed primarily inside the EU/EEA, with detailed security measures including encryption, two-factor authentication and access logging
Cons
- No public pricing whatsoever: no price page, no range, no starting point — everything runs through a quotation
- No self-service: no free plan, no online registration, entry only through a demo booking
- A long commitment: 12-month initial term, tacit 12-month renewals, and three months' notice to get out
- Coverage stops at the Nordic market, and there is no mobile app and no browser extension
- No API: the general terms forbid using the platform other than through the interfaces provided
- The terms vest in Leonh the intellectual property rights on what the customer creates through the platform (4.1.3), grant an anonymisation right over customer data that outlives the contract (3.7.2), and require the customer to upload no personal data at all (3.7.3)
- Nothing is published on model training from customer data and no opt-out is documented; the sub-processor list is shared on request only; no security certification (SOC 2 or ISO 27001) appears on the site; and the legal documents are PDFs on third-party storage rather than pages of the site
Pricing & Plans
Leonh publishes no prices. No pricing page exists on either sitemap, no amount appears anywhere on the site, and there is therefore no lowest price point that can be quoted. There is no free plan, and no free trial is offered publicly: the privacy documentation refers to trial accounts, but they are not presented as a public offer. The platform is licensed to business customers through a Quotation issued by Leonh which, under clause 1.2 of the general terms, prevails over those terms in the event of conflict. The licence runs for an initial period of 12 months and renews automatically for further 12-month periods, and user accounts are issued one per person and are not transferable. On its company valuation FAQ, Leonh states that the price of a valuation depends on complexity, scope and purpose, and invites prospects to contact it for a quote; it claims to be considerably less expensive than providers of comparable quality. LeonhEH sign-off on valuations and LeonhEH support on the Portfolio module are presented as options rather than as included.
Data, GDPR & hosting
A consolidated view of how Leonh handles your data.
GDPR overview
GDPR implementation is concrete and documented. The PDF labelled privacy policy, effective 2 September 2024, is really two documents: a processing agreement drafted to satisfy Article 28.3 of Regulation (EU) 2016/679, followed by a privacy notice. The customer is controller, Leonh processor. The agreement covers documented instructions, the Article 5 principles, staff confidentiality, assistance with data subject requests and impact assessments, breach notification without undue delay, and a customer audit right including on-site audits on ten working days' notice. Sub-processors must be notified five working days in advance, may be objected to, and are bound by mirror terms; the list is kept current but supplied only on request. Transfers outside the EU/EEA rely on adequacy, standard contractual clauses or other safeguards. Processor liability is capped at SEK 50,000 of direct damage. The Swedish authority IMY is named.
Who owns the data?
The general terms separate three things: Customer Data uploaded by the client, Market Data supplied by Leonh, and Results produced on the platform. Clause 4.1.3 states that all intellectual property in Leonh's Property vests in Leonh immediately, unconditionally and free of charge, including rights created by the customer while using the platform. Clause 4.2.1 has the customer grant Leonh a non-exclusive, royalty-free, transferable and sub-licensable licence over its own property, during and after the contract. Clause 3.7.2 lets Leonh process, manipulate and anonymise Customer Data and Results without compensation. Under 3.7.1 the customer alone answers for the accuracy of what it uploads. For personal data the customer is controller and Leonh processor.
Reuse rights
Leonh's privacy documentation, effective 2 September 2024, lists the purposes for which it processes personal data: creating user accounts, setting up trial accounts, verifying login credentials for security, running customer support, and both acquisition and retention marketing. Legitimate interest is the legal basis relied on for most of these. Data comes either from the person directly or, for acquisition marketing, from public sources such as LinkedIn and prospect websites and from third parties. One transfer to a separate controller is described: when a customer asks for Legal Support, Leonh routes the request to a partner and collects data on that partner's behalf for KYC and conflict-of-interest checks. Processing takes place primarily inside the EU/EEA; beyond it, Leonh relies on an adequacy decision or standard contractual clauses. On the product side, clause 3.7.2 of the general terms, effective 8 April 2026, allows Leonh to process, manipulate and anonymise Customer Data and Results in order to create Anonymised Data, at no cost to it and with no compensation to the customer. Neither document says anything about training AI models. The customer's own reuse is bounded rather than free: clause 3.6.1 forbids using the platform or the Results other than through the interfaces Leonh provides, so redistribution or extraction outside the tool is not something a customer may simply assume.
Data retention & training
Hosting summary
Leonh names no hosting country and no cloud provider. Its privacy documentation, effective 2 September 2024, states only that the processor handles personal data primarily within the EU/EEA. Where processing happens outside that area, it relies on a European Commission adequacy decision, standard contractual clauses or other appropriate safeguards. Processing agreements are said to be in place with every sub-processor, and the list of them is kept up to date and made available to the customer on request rather than published. The security measures listed are an information security policy, physical security of the premises, encryption, access lists, access logging, secured networks, regular security reviews, two-factor authentication and a password manager. No security certification — neither SOC 2 nor ISO 27001 — appears on the site. One distinction is worth keeping straight: the public IP of the marketing site geolocates to Amsterdam on Amazon infrastructure, but that describes the Framer-built website, not the Leonh Infinity platform where customer data lives. Nothing published lets you infer where the platform itself sits, beyond the EU/EEA statement.
Things to keep in mind
Risks and trade-offs to weigh before adopting Leonh.
- Intellectual property runs one way: clause 4.1.3 vests in Leonh, immediately and free of charge, the rights in what you create through the platform, and clause 4.2.1 hands Leonh a royalty-free, transferable and sub-licensable licence over your own property, during and after the contract
- Clause 3.7.2 lets Leonh process, manipulate and anonymise your data and your results, without compensation and without an end date tied to the contract term
- Clause 3.7.3 makes you warrant that you upload no personal data at all, which rules out some workflows and puts the compliance burden squarely on your side
- Model training is addressed nowhere in the published documents and no opt-out mechanism is described, while the sub-processor list is supplied only on request — three unknowns to settle in writing before signing
- Commercial lock-in is real: a 12-month term renewing tacitly, terminable only on three months' notice before the anniversary. Budget the exit as carefully as the entry
- Disputes go to arbitration in Stockholm, conducted in Swedish unless otherwise agreed, and the processor's liability under the data processing agreement is capped at SEK 50,000 of direct damage
- Over-reliance is the human risk: a multiple the AI suggested and a WACC the tool assembled still need professional judgement, and an audit trail records what you did, not whether it was right. The paper trail is fragile too — the legal documents are PDFs on third-party storage rather than pages of the site, and the English footer reads 2024 while the Swedish one reads 2026
Setup & Integrations
Technical difficulty
Technically, close to zero. Leonh is a web application: you log in through a browser at infinity.leonh.se, with nothing to install, no API to wire up, no connector to configure and no extension. Accounts are personal, one per user, and the customer supplies its own devices, operating systems and internet connection. The real effort is commercial and methodological rather than technical — a demo, a quotation, then account creation — and getting value out depends on financial competence, not IT skills. Natural-language search removes filters and industry codes, and training sessions and events are presented as included.
Deployment
Integrations
Behind Leonh
Social
Resources
All the official URLs gathered for verification and reference.
Frequently asked questions
Who publishes Leonh?
What does the platform cover?
What data does Leonh run on?
Which valuation methodology does Leonh use?
How much does Leonh cost?
Is there a free plan or a free trial?
Is there an API or a mobile app?
Where is personal data processed, and is a data processing agreement available?
Is customer data used to train AI models?
Is there human support behind the software?
Should you pick Leonh?
Leonh is a vertical tool and makes no apology for it: Nordic investment banking on unlisted assets, not a general-purpose assistant. Its value sits as much in the proprietary database as in the AI that reads it — validated transaction multiples, share issues and comparables on a market that broad financial data vendors cover thinly. The insistence on traceability matches the audience it targets: IPEV alignment, a WACC you can inspect line by line, an audit trail, a stored version for each reporting period. Auditors, limited partners and advisers all have to show their work, and the product is built to let them.
The counterpart is total pricing opacity. No amount appears anywhere; the price is set in a quotation, the initial term runs twelve months and renews tacitly, and there is no self-service door of any kind. You will talk to a salesperson before you see the product.
Three things deserve a careful reading before signing. First, the intellectual property regime: the general terms, effective 8 April 2026, vest in Leonh the rights on what you create through the platform and grant it an anonymisation right over your data that outlives the contract. Second, what happens to customer data beyond anonymisation — model training is named nowhere, and no opt-out is documented. Third, the sub-processor list is shared on request rather than published, and no security certification appears on the site.
If your team genuinely works the Nordic market and needs valuation work that will survive an audit, Leonh is worth the demo, and the human corporate finance bench behind it is a real differentiator. If your deals are elsewhere, the database that makes it interesting simply does not cover you.
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