The month of October confirms the prevailing trend in the Spanish technology market during 2025: defensive M&A, with a clear focus on IT services and B2B software, driven by strategic carve-outs, roll-ups, and build-up strategies in fund-backed platforms. There is also evidence of active consolidation in the mid-market, where the main objectives are scale, cross-sell, and entry into new geographies.
Among the most significant transactions are:
The key trend to highlight is that private equity and sponsored corporates are once again leading the pace of the market, seeking sector specialization, recurring contracts, and international exposure. Venture capital maintains its selective activity focused on applied AI, energy, and cybersecurity.
Sellers are streamlining their portfolios to prioritize core businesses (digital marketing in this case), while the buyer accelerates access to qualified talent, an enterprise client portfolio, and a managed services run-rate with lower integration risk than a full merger. The earn-out linked to 2025 EBITDA aligns incentives and reduces information asymmetries. The Lutech–Making Science deal is a clear example of this.
Aareon (controlled by TPG/La Caisse) acquires DEH Online in the administrative GovTech/PropTech segment. Nazca enters Clustag to professionalize the go-to-market and expand the Zentup software. Satlink (Apheon/Artá), for its part, acquires nke Group, integrating marine instrumentation and expanding its high-value oceanographic data suite for sustainable fishing and environmental monitoring.
Movements such as those of Izertis, Sword Group, and Visual Trans seek density of supply, proximity to the customer, and greater delivery capacity in key markets.
Ferrovial’s acquisition of Powernet responds to the sustained growth in demand for AI, edge computing, and data sovereignty. The transaction reinforces an investment thesis characterized by strong entry barriers and recurring revenue.
Samy (Bridgepoint) buys team5pm and NTT Data acquires Bungalow25. Rationale to strengthen their performance content capabilities and integrated customer experience with analytics.
Investments in Squarepoint by Endra Partners and Hodor Invest, or the acquisition of TalentFY’s business, reflect a vertical where the digitalization of people processes delivers measurable ROI.
Escribano invests in Ideaded and Quantix Edge Security raises venture capital for cyber-secure microchips. These moves are evidence of a national strategy toward technological sovereignty and supply‑chain resilience.
The goal is to grow in high-recurring managed services (cloud infrastructure, software development, cyber), adding talent and enterprise-base clients in Spain, while creating commercial synergies with Lutech’s end-to-end solutions portfolio.
Hyperscalers increase complexity, while specialized mid-sized cloud consultancies are key targets for pan-European integrators.
This deal is based on an Iberian build-up in IT services, communications, and document management for SMEs, integrating commercial reach and support contracts.
The goal of this deal is to strengthen the PropTech and GovTech offering for property managers and administrative firms (electronic connection with public administrations), creating stickiness through regulatory compliance.
This acquisition allows the buyer to expand its marine instrumentation and sensor offering and quality data for environmental monitoring and fisheries management solutions.
The deal aims to scale in end-to-end intralogistics RFID solutions (tunnels + Zentup software) toward retail/logistics with a commercial industrialization playbook.
The goal of this transaction is to expand international presence in content and performance marketing (YouTube, social) with layers of data and creativity.
Ferrovial buys Powernet
This acquisition aims to position itself in data center design, operation, and maintenance, aligned with AI and edge megatrends.
Reading for sellers: Sale preparation, especially revenue quality, cohorts, churn, and delivery metrics, remains critical to maximize multiples. If you want to learn more about how to prepare your company to maximize its value in a sale process, check out our new service, where you can take a self-diagnostic test to see how prepared your company is.
VC remains selective but active in projects with validated traction and B2B focus, especially in energy efficiency, anti-fraud, quantum cryptography, conversational AI, and digital health.
By the end of 2025 and early 2026, new carve-outs in digital services and marketing are expected. We will also see an active pipeline in digital infrastructure and edge computing, as well as sustained growth in blue/green tech with multi-year contracts. Finally, targets with data ownership and presence in regulated sectors should maintain higher multiples.
October 2025 shows a mature tech M&A market in Spain, where both funds and sponsored corporates execute clear strategies of specialization, recurring revenue, and international expansion. VC, for its part, continues driving innovation in AI, energy, and cybersecurity, fueling the future pipeline.
For founders and management teams, the key is clear; specialization, recurring revenue, and data now form the fundamental trident to maximize value in an M&A process or a growth round.
At Baker Tilly, as company sale and purchase advisors in the technology sector, we analyze the latest market trends to ensure the greatest success in our clients' transactions. If you want to keep up to date with the latest news on the sale and purchase transactions or investments in companies in the technology sector, subscribe to our newsletter. If, on the other hand, you are looking for advice on this matter, do not hesitate to contact us.
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