The mergers and acquisitions (M&A) market in the technology sector in Spain experienced in 2025 a structural evolution that is redefining the rules of the game in the Enterprise Software segment. Following the valuation adjustments seen in previous years, the market has entered a phase of maturity where the priority is no longer rapid growth, but operational efficiency, revenue recurrence, and scalability.
For investors, funds, and entrepreneurs, this shift in the cycle reinforces a key idea: enterprise software has consolidated itself as one of the most strategic assets in any process of buying or selling technology companies.
In 2025, Private Equity clearly led M&A activity in the technology space. However, the approach has changed significantly compared to previous years.
Large deals are no longer centered around funding rounds, but rather on Buy & Build strategies, where funds acquire companies to integrate them into larger platforms and generate value through synergies.
This trend is driven by three key factors:
For any company considering selling its tech business, this context represents a window of opportunity: buyers are looking for established assets that can be quickly integrated into inorganic growth strategies.
One of the most active segments in M&A in 2025 has been enterprise management software (ERP), especially in the SME market. The acquisition of Golden Soft by TeamSystem, backed by international Private Equity firm Hellman & Friedman, perfectly illustrates this dynamic.
From an M&A advisory perspective, this transaction reflects a clear thesis:
For buyers, this means the key is identifying companies with strong local positioning. For sellers, it means having solid metrics (ARR, churn, LTV) is critical in any technology company valuation process.
Growing concerns around data sovereignty have driven investment in cybersecurity and data management, making them priority areas within tech M&A.
The acquisition of Onum by CrowdStrike is a clear example of how companies specializing in real-time data processing and filtering have become strategic targets. This transaction reflects one of the major trends highlighted in the November 2025 report: digital infrastructure and cybersecurity are priority investment areas.
In this context, tech companies with critical solutions within digital infrastructure can achieve higher multiples, especially if they operate in regulated markets.
Another of the most dynamic segments in 2025 has been compliance and sustainability software. The acquisition of Provigis by Grupo CTAIMA highlights how platforms focused on supplier management, workplace safety, and ESG criteria have become mission-critical solutions for companies.
Why do these types of companies attract so much interest in M&A processes?
For tech company sale processes, these factors significantly increase attractiveness to both financial investors and strategic buyers.
Although Private Equity led in terms of volume, venture capital remained active in 2025, albeit with a much more selective approach. Investors prioritized:
Examples include deals such as:
This dynamism in venture capital shows that capital continues to flow toward projects that demonstrate real traction, proprietary intellectual property, and a recurring business model.
The Enterprise Software market in Spain reached a turning point in 2025: it has shifted from a growth ecosystem to a true consolidation market.
For entrepreneurs, investors, and funds, this translates into a unique opportunity to execute tech acquisition strategies or prepare exit processes under optimal conditions. In this new environment, success will depend on factors such as scale, recurrence, and strategic positioning.
Looking ahead to 2026, current trends are expected to intensify:
For technology companies, this means that preparing for an M&A process is no longer optional. Baker Tilly Tech M&A has strengthened its position as a leading advisor in the buying and selling of technology companies in Spain, particularly in the mid-market segment. Its experience in buy-side and sell-side processes, combined with a strategic market perspective, enables it to maximize value for both sellers and investors.
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