Natlink has acquired Heartrunner, an international growth company that has developed leading B2G SaaS solutions for emergency response management in cases of sudden cardiac arrest and other time-critical emergencies.
Heartrunner was initially founded as a research project at Karolinska Institutet with a clear ambition to increase survival rates from sudden cardiac arrest by connecting emergency dispatch centers, defibrillators and volunteer responders in a digital ecosystem. The Company’s solutions today covers more than 14 million people in Sweden and Denmark, where volunteer responders help strengthen safety and preparedness in their local communities.
With its clear societal mission, Heartrunner has continued to broaden its impact through ongoing innovation. The platform is now also used by fire and rescue services to rapidly mobilise volunteers in the event of fires, while specially trained responders are activated during acute overdose situations. Since inception, the Company has demonstrated exceptionally high customer loyalty with zero churn, and the platform is continuously developed in close collaboration with customers and users.
In recent years, Heartrunner has significantly expanded its reach, invested in a new technical platform and launched new concepts. The user base has grown to around 250,000, while the Company has broadened its market presence and introduced new verticals within its SaaS offering.
“When we acquired Heartrunner, our ambition was to build on a strong research-based idea and scale the platform to enable further growth and positive societal impact. I’m incredibly proud of what the Heartrunner team has achieved, strengthening both the Company’s growth and its ability to create real societal value through innovation and commitment. With Natlink, Heartrunner now gains additional capabilities to continue its important mission, reach more communities, increase safety and help save more lives when every second counts.”
Frida Lewné, CEO Heartrunner
Merge led a successful process that generated exceptional interest from both Nordic and international investors
The combination of societal impact, scalable technology, a strong recurring revenue model with high margins and proven customer retention generated significant global investor interest. Merge was entrusted to lead the process and identify the partner best positioned to support Heartrunner’s continued expansion and long-term vision.
“Working with Merge has been both rewarding and genuinely enjoyable. They brought an energy and professionalism that made us feel confident throughout the entire process. The team worked tirelessly and with full transparency at every stage, and they managed to run an exceptionally efficient process that attracted strong interest from both Nordic and international investors. Merge not only developed a deep understanding of our business but also presented it in a way that truly reflected our vision and potential. We are incredibly grateful for their efforts and could not have wished for a better partner on this journey.”
Frida Lewné, CEO Heartrunner
A future with strengthened capacity to save lives
Across the world, communities face the same critical challenge: emergency response is often delayed in cases of sudden cardiac arrest and other acute incidents. Heartrunner has demonstrated that data-driven software and technology connecting existing public infrastructure with volunteer responders can make a decisive difference when every second counts. With Natlink and Verdane as new owners, the Company now has strengthened capabilities to expand both nationally and internationally, giving more people a better chance of surviving when an emergency occurs.
At Merge, we are grateful for the trust placed in us to support Heartrunner throughout this process and to contribute to a partnership that strengthens societal impact. Niche software companies with strong recurring revenues and proven scalability continue to attract significant investor interest and represent one of Merge’s core sectors. If you’d like to learn more about how we can help your company find the right investor, feel free to reach out.
Press coverage
Natlink press release – Natlink acquires Heartrunner to expand emergency response capabilities – 2025-12-19
“The acquisition will combine Natlink’s strengths in geopositioning and long expertise in developing scalable reliable real time systems operating in poor network areas with Heartrunner’s proven emergency-response workflows.”
NKP | M&A Insights – Natlink acquires emergency response SaaS Heartrunner – Merge as advisor – 2025-12-17
“Verdane-backed Natlink, a Sweden-based hunting and outdoor tech firm, has acquired Heartrunner, a growth company with a B2G SaaS platform for response management and incident coordination in time-critical emergencies, such as cardiac arrest.
[…]
Merge Group acted as the sell-side M&A advisor in connection with the deal.”
Säkerhetsvärlden – Natlink köper Heartrunner för stärkt larmkedja – 2026-01-12
“[…] teknikbolaget Natlink köper larmplattformen Heartrunner, som har direktkoppling till nordiska larmcentraler och når 14 miljoner invånare. Affären ska lägga grunden för nya samhällsviktiga tjänster inom räddningssamordning, trygghet och insatsledning.”
Mannheimer Swartling (legal advisor sellside) press release – Natlink acquires Heartrunner – 2026-01-07
“Natlink, a portfolio company of Verdane, has acquired Heartrunner, an international growth company that has developed a leading B2G SaaS platform for response management and incident coordination in sudden cardiac arrest and other time-critical emergencies.”
Delphi (legal advisor buyside) press release – Natlink (Verdane) acquires Heartrunner – 2025-12-23
“Heartrunner is a Swedish med-tech innovation company, dedicated to fellow humanity, research, and technology and believes every human can engage and make a difference. Founded by scientists, run by passion for life.”
