Logistics Software M&A in Spain: 2025 Review

Spanish Tech Sector Hits Turning Point in 2025, Driven by Logistics Software and Transport Technology M&A

The Spanish technology sector experienced a decisive turning point in 2025, particularly in the Logistics Software and Transport Technology verticals. After years of accelerated digitalization in response to changes in global supply chains, 2025 has been established as the year of “strategic maturation.” While previous years prioritized financing any startup promising last-mile efficiency, this year has been defined by high-value M&A deals, consolidation strategies led by private equity (buy-and-build), and strategic cross-border transactions.

Spain is thus reinforcing its position as a European hub for logistics innovation, and M&A activity in the country demonstrates how specialized professional advisory, such as that provided by Baker Tilly, has become critical for the success of these complex transactions. This analysis highlights the most relevant deals of 2025, their strategic drivers, and the role of Baker Tilly as a leading advisor in the TMT (Technology, Media & Telecommunications) sector.

Macroeconomic Outlook: Consolidation and Buy-and-Build

Throughout 2025, Spain’s tech M&A market shifted from a speculative growth approach toward sustainable value creation. Investors prioritized integrated ecosystems, market-leading companies, and platforms with international scaling potential.

One of the clearest trends was the entry of international private equity funds into the Spanish mid-market. Logistics software companies (SaaS, TMS, and fleet management) became strategic targets for consolidating the sector through the integration of innovative startups with established local players. This Buy-and-Build strategy allows the creation of regional champions capable of competing at a pan-European scale while generating sustainable returns for investors.

Baker Tilly: Leaders in Tech M&A Advisory

In 2025, Baker Tilly positioned itself as the most active advisor in the TMT sector, connecting local founders with international investors and facilitating complex M&A, private equity, and venture capital transactions.

Baker Tilly’s expertise enables entrepreneurs and funds to:

Optimize deal timing.
Maximize value creation in mergers and acquisitions.
Execute Buy-and-Build strategies and cross-border expansion.
Manage minority stakes and hybrid financing rounds.

This comprehensive approach has consolidated Baker Tilly’s reputation as a benchmark advisor for tech company transactions in Spain.

Key M&A and Private Equity Transactions in 2025

2025 was marked by strategic transactions shaping the Spanish logistics software landscape. High-value deals combined corporate acquisitions, financing, and international expansion.

Alerce and Localizalia: Consolidation via Buy-and-Build
In December 2025, Alerce, a leader in TMS and fleet management, acquired Localizalia with the backing of Oakley Capital.

Strategy: Integrate Localizalia’s technology into Alerce’s suite to provide full visibility across the supply chain.
Value: Higher operating margins and retention of strategic clients. This transaction exemplifies buy-and-build, combining local expertise with technological innovation.

Moova acquires Vonzu: Reverse Cross-Border Expansion
In April, the Argentine logistics group Moova acquired Spanish startup Vonzu, specialized in last-mile SaaS orchestration.

Strategy: Incorporate advanced Spanish technology for replication in Latin America.
Value: Vonzu’s modular architecture facilitated integration into global operations, strengthening Moova’s position as an international digital logistics player.

Uber and Auro Travel: Strategic Investment in Data and Software
In February, Uber acquired a 30% stake in Auro Travel for €180 million.

Strategy: Secure access to fleet management software and VTC license data, reinforcing Uber’s presence in Spain.
Context: This move reflects the super-app trend, where integrating infrastructure and software becomes a key competitive advantage.

BusUp: Acquisition and Financing for Corporate Mobility
BusUp stood out in 2025 with the acquisition of Iomob (Estonia) and a €2.84 million funding round led by True Global Ventures.

Objective: Transform its shared bus service into a Mobility-as-a-Service (MaaS) platform, integrating trains, scooters, and buses into a single ecosystem.
Impact: Positions BusUp as a reference for corporate mobility and sustainability solutions (ESG criteria).

Venture Capital Driving Logistics Innovation

While M&A led the headlines, the venture capital ecosystem continued to fuel innovation in logistics and SaaS software. In 2025, investments focused on supply chain digitalization and last-mile/micro-fulfillment solutions:

Cloudtainer (€0.22M): IoT container monitoring, critical amid shipping volatility.
Tennders (€0.10M): Road transport transparency through digital platforms.
Stowlog (€1.0M): Warehouse and inventory management software, helping SMEs digitalize operations.
Ubyko (€0.45M): Micro-fulfillment and urban dark store technology.
Normo: Smart lockers combining access control and OOH delivery.

These investments reflect a robust, specialized ecosystem targeting vertical niches, crucial for developing highly competitive logistics solutions.

Strategic Drivers of Logistics Software M&A

Several dynamics converged in 2025 to create an active and strategic market:

Amazon Effect and SME survival: Spanish SMEs need logistics software to stay competitive, increasing SaaS demand and making companies like Vonzu and Stowlog attractive targets.
ESG and decarbonization: Transport and corporate mobility efficiency is highly valued by private equity, driving investments in software that optimizes routes and reduces emissions.
Verticalization of niches: Demand for specialized logistics software rather than generic ERPs. Example: Kaazar Capital invests in BigBuy, combining e-commerce and specialized logistics.

Spain as a Global Logistics Hub

Spain has consolidated as a strategic platform for logistics software, thanks to its geographic location and tech ecosystem. The presence of international buyers such as Uber (USA), Moova (Argentina), and Kaazar Capital (UK) confirms that the sector is no longer local but exportable.

Additionally, local investors like Sodena and specialized funds (Eoniq Fund) support a multi-level ecosystem, enabling startups to grow from seed rounds to strategic exits backed by private equity, all within Spain.

Lessons from 2025 and Outlook for 2026

2025 has shown that Spanish logistics software has moved past the “hype” phase into a period of real value creation and consolidation.

Key takeaways from 2025:

Private Equity as a driver: Alerce/Localizalia sets the Buy-and-Build model to follow.
Cross-border as the norm: Over 50% of major deals involved international players.
Excellence in advisory: Complex deals require financial and strategic expertise; Baker Tilly emerged as a leading reference.

Looking ahead to 2026, the integration of artificial intelligence and predictive analytics in logistics platforms acquired in 2025 will be key. Companies now have scale and data to implement autonomous routing and last-mile optimization solutions, consolidating Spain as a European hub for logistics software and tech M&A.

By Diego Gutiérrez