The technology M&A market in Spain maintains a clear dynamic: greater consolidation, more sophisticated execution and a firm commitment to digital infrastructure and artificial intelligence as strategic levers.
From the perspective of M&A advisors specialising in the technology sectorthis month confirms three major investment theses that are redefining the purchase and selling of technology companies:
At Baker Tilly Tech M&A observe that the Spanish market is no longer perceived as peripheral: international interest is recurrent and transactions show pan-European and even global ambition.
February consolidates a pattern that we already anticipated in our January analysis: the market is being driven less by speculative growth and more by strategic execution and real value creation.
At the macro level, we detect:
For strategic and financial buyers, the focus is on companies with recurring revenues, a high level of lock-in, real technological differentiation, and international expansion capacity. In the case of sellers, the market rewards revenue quality, scalability, and operational autonomy beyond the founder.
Maguar Capital's entry into GlobalSuite Solutions (Madrid) exemplifies the prevailing thesis in the sale of technology companies vertical software technology companies.
The appeal is obvious:
From an M&A advisory perspective, this type of asset combines recurring revenue with significant potential for geographical expansion into new markets and a future agenda of complementary acquisitions.
Private capital does not just buy growth: it buys professionalisation, pricing, commercial expansion and operational optimisation. This integration provides GlobalSuite Solutions with a configurable, cross-functional platform for managing information security, business continuity, risk management, compliance, auditing, data protection and third-party risk. In an environment where compliance is becoming an operational requirement, these solutions are becoming part of the customer's infrastructure.
The acquisition of Mysphera by Mediance (controlled by ABE Capital Partners) reinforces the thesis of digitising critical operations in healthcare.
Mysphera provides IoT technology applied to hospital environments, where implementation is complex. The aim of this transaction is to build a platform with the capacity to scale up in hospitals and healthcare networks, combining product with operational deployment (integrations, support, metrics and consultative sales).
In the sale and purchase of technology companies in the healthtech sector, value lies in deep integration into operational flows, where exit barriers are high and there is significant capacity for scaling up in hospital networks.
The acquisition of Aitire by B2Group, backed by Queka Real Partners and financed by Alteralia Debt Fund III, follows a classic platform pattern:
The combination of acquisition and financing usually anticipates an additional consolidation strategy. For the advisors involved in the sale and purchase of technology companies, these types of moves indicate active platform building with a view to future exit.
Although the transaction is taking place in the United Kingdom, Telefónica Infra's involvement makes it highly relevant to the Spanish ecosystem. Telefónica Infra's participation in the Netomnia transaction (wholesale fibre in the United Kingdom) confirms that digital infrastructure is a structural investment thesis.
The purpose of this operation is to scale coverage and monetise connectivity as a stable asset, in line with the thesis of digital infrastructure as the basis for cloud, artificial intelligence and low latency. For institutional investors and infrastructure funds, this network and wholesale capacity translate into predictability and visibility of revenue.
Submer's acquisition of Radian Arc responds to a clear trend: bringing computing closer to the end user.
It is no longer just about traditional data centres, but about enabling a computing infrastructure for artificial intelligence that can be integrated into telecommunications networks and geared towards advanced digital services.
In acquisitions of technology companies linked to AI infrastructure, the differential value lies in:
The acquisition of a 10 MW data centre in Sant Fruitós de Bages demonstrates that energy capacity is now a strategic asset.
Demand driven by artificial intelligence and business loads increases the value of available electrical power, strategic location and start-up time. In technology M&A, physical assets are regaining relevance within the digital ecosystem.
Amadeus' acquisition of SkyLink illustrates the direct integration of AI into complex flows such as corporate travel, booking automation and integration with existing systems. For strategic buyers, the goal is not only to incorporate AI talent, but also to accelerate time-to-market and protect their competitive position against new digital entrants.
The transaction provides Amadeus with native artificial intelligence technology applied to a complex flow, where user experience and compliance are as important as price.
The acquisition of 60% of Trenes.com for €11.7 million and 45.02% of SqaaS for €0.45 million reflects a dual strategy: securing a transactional asset (ticket sales) while incorporating artificial intelligence capabilities to optimise search, recommendation and shopping experience.
It is a recurring pattern: demand engine + optimisation layer is repeated across various verticals.
The IT services market continues to show intense activity in the sale of specialised technology companies.
The acquisition of Lanmedia strengthens the group's presence in northern Spain and complements its technology consulting offering. Operations such as this respond to a regional scale approach, with talent and client portfolio carrying more weight than narrative.
This transaction strengthens the manufacturing industry, maintaining operational autonomy to preserve human capital value.
Esta operación hace que la empresa adquiriente se especialice en el ecosistema ERP. Comprar una empresa especialista en su campo permite capturar una demanda recurrente (proyectos, mantenimiento, evoluciones) y aumentar capacidad de entrega.
For InCentea, the transaction brings sector verticalisation (fishing and food), as Dragomar focuses on the implementation and support of enterprise resource planning.
In all the cases mentioned, the aim is similar: to gain size and increase delivery capacity while consolidating sector niches, without forgetting future integrations.
Jungle's acquisition of Prodigioso Volcán reflects a growing trend: groups that combine creativity, technology and cultural transformation. The line between technology consultancies and creative groups is becoming increasingly blurred. Consolidation allows them to compete with large international firms and offer comprehensive solutions.
Aunque febrero está dominado por private equity y adquisiciones estratégicas, el capital riesgo sigue alimentando el pipeline futuro de operaciones corporativas.
Sectores destacados: salud digital (Biorce), tecnología industrial (Optimitive, Mettis AI), software científico (Pharmacelera), agrotech (Grodi) y HR Tech y nóminas (ValerIA).
This pattern reinforces the idea that venture capital fuels the future flow of corporate transactions: companies with validated products that can become acquisition targets when they demonstrate traction and retention. Among the most notable rounds of the month are:
February 2026 accelerates three major trends for technology M&A in Spain:
1. Private equity leads the way in value creation
Acquire capabilities, professionalise sales, optimise prices and execute selective consolidation. Platforms continue to be the primary vehicle for generating returns.
2. Digital infrastructure as a strategic asset
Data centres, wholesale fibre and distributed computing are consolidating their position as pillars of the digital ecosystem, driven by structural demand for artificial intelligence.
3. Artificial intelligence is integrated into products and operations
Operations are no longer just looking for talent in AI, but for real automation integrated into critical processes.
The Spanish technology market is showing greater maturity, consolidation and international ambition. At Baker Tilly Tech M&A as advisors specialising in the purchase and sale of technology companies, we continue to support founders, investors and corporations in M&A processes where strategic execution and the creation of sustainable value make all the difference.
By Diego Gutiérrez
cloud technology axon
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