he consortium, comprising Indar Kartera (Kutxabank’s investment vehicle), Fundación BBK, the Basque Government—through Finkatuz (the investment vehicle of the Basque Institute of Finance)—and Teknei (technology partner), has formalized the acquisition of Ayesa Digital—one of the leading groups in digital services and advanced technological solutions—from A&M Capital Europe and the Manzanares family. The total value of the transaction amounts to €480 million. The closing of the deal is expected in the coming months, once approval is obtained from the relevant authorities. In parallel, the possible inclusion of new partners in the consortium is being considered, such as Vital Fundazioa, which is currently analyzing its potential participation.
The transaction marks the return to the Basque Country of the decision-making center of the former Ibermática, which was lost in 2013. It represents Euskadi’s commitment to one of the largest technology players in a strategic, high-growth sector such as advanced digital solutions and initiates a new growth cycle to consolidate it as one of the main providers of digital services in Europe. The new group is being established with the goal of driving the digitalization of companies and institutions, developing capabilities in strategic areas such as artificial intelligence, cybersecurity, cloud, and quantum computing—a sector that prioritizes innovation and the creation of highly skilled, knowledge-intensive jobs.
The project will ensure continuity of employment and open new opportunities for technology professionals in Euskadi. With more than 2,000 employees in the Basque Country and a consolidated national and international network, the group will focus on attracting highly qualified talent, promoting digital skills training, and creating jobs linked to innovation and development. Additionally, it will strengthen the technology value chain and generate synergies with SMEs and startups within the Basque ecosystem, aiming to reinforce the regional industrial fabric and generate a positive economic impact.
Its capabilities allow it to support large organizations throughout the digital transformation process, and its client portfolio includes the main companies of the IBEX 35, as well as major public and private entities.
The Basque consortium will maintain confidence in the current management team—one of the main assets identified during the negotiations—and supports its continuity. José Luis Manzanares, current CEO of Ayesa Digital, will remain in the position until the transition is completed. The shareholder stability provided by the Basque consortium will help make Ayesa Digital an autonomous business by 2026, allowing it to continue developing its growth plan for both its portfolio and technological capabilities.
The Basque Minister of Finance, Noël d’Anjou, stated that “this acquisition, which strengthens the roots and growth of a leading company in its sector, is another example of what the Basque Financial Alliance can achieve by joining our forces.” Meanwhile, the Minister of Industry, Mikel Jauregi, noted that “advanced digital solutions are a HAZI sector in the Industry Plan – Euskadi 2030, and also align with the ‘better industry’ strategic axis. Our industry needs technology partners with advanced knowledge to accompany them in digital transformation and make them more competitive.”
José Iturriaga, General Director of Indar Kartera, explained that “the new technology group is set to play a decisive role in industry transformation and the development of the new economy. The Ayesa Digital team has created a work and collaboration ecosystem based on client proximity—a differential value that is essential to preserve. Our support seeks to generate new opportunities for talent, strengthen capabilities, and leverage the scale achieved, while maintaining our commitment to our regions and the main technology hubs in which it operates.”
For his part, Joseba Lekube, CEO of Teknei, stated that “digital transformation will open opportunities for collaboration, and at Teknei we want to contribute our knowledge of the digital and technology industry to an exciting project for all those who are part of Ayesa Digital.”
Among the main players in the sector and at the level of major international operators
The digital business of Ayesa acquired by the Basque consortium also includes the former Ibermática. Ayesa Digital has established itself as one of the main technology service providers in Spain—ranking among the top five players in the sector—and is on par with major international groups.
Its leadership is based on a growth trajectory that integrates emblematic companies such as Ibermática, as well as recent acquisitions such as M2C, Proxya, and Emergya—the latter specialized in cloud solutions and artificial intelligence and recognized as Google’s main partner in Spain. This combination of capabilities, innovation, and scale positions the new group as a strategic player to lead digital transformation in Europe.
Since 2022, Ayesa Digital has tripled its revenue, which now exceeds €569 million, and generates an EBITDA of nearly €50 million. In addition to operations in the Basque Country, the company has a presence across almost the entire national market and maintains permanent offices in the United Kingdom, the United States, Mexico, Colombia, Peru, and Chile.
JB Capital and Cuatrecasas acted as financial and legal advisors to the Basque consortium, while Deloitte and Barrilero participated in the due diligence process. Meanwhile, A&M Capital Europe and Ayesa relied on Houlihan Lokey as financial advisor, Pérez-Llorca and Weil, Gotshal & Manges as legal advisors, and Alvarez & Marsal as operational advisor for the corporate separation.
About the consortium partners
Indar Kartera, headquartered in Donostia/San Sebastián, is Kutxabank’s investment vehicle, supporting the long-term development of leading companies in its ecosystem with a consolidated business model or engaged in growth and expansion projects. Its investments are made under market-based criteria, investing in companies that are attractive both financially and strategically. Through Indar Kartera, Kutxabank fulfills its objective of reinforcing its role as a driver of the economic and industrial fabric and a generator of employment, promoting and financing strategic business initiatives.
The BBK banking foundation is a private, non-profit organization whose purpose is to promote and support social, cultural, and economic development in Bizkaia and the Basque Country. It has an increasingly diversified portfolio of stakes in companies across various sectors, notably holding 57% of Banco Kutxabank, and allocates its resources to social and cultural projects, as well as promoting the regional economy through these investments.
Finkatuz is a public company wholly owned by the Basque Institute of Finance (IVF) and fully financed by the Basque Government. Its objective is to acquire long-term strategic financial stakes in companies based in the Basque Country.
Teknei is a leading technology company based in the Basque Country, specializing in consulting, software development, and IT, AI, and BPO solutions. With estimated revenues of €300 million in 2026, it has a presence in several Spanish cities, as well as in Mexico and the United States. Thanks to its strong track record in banking, insurance, and public administration sectors, Teknei has positioned itself as a benchmark in innovation and in developing solutions to drive its clients’ digital transformation. Its offerings include Business Automation, Digital Identity, Artificial Intelligence, and data management and exploitation projects, as well as infrastructure deployment and application modernization
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