January 2026 confirmed the main trends observed during the last quarter of 2025, consolidating a pattern of growing sophistication in the technology M&A market in SpainThe period has been marked by an intense private equity activity in profitable SaaS platforms, the continuation of buy-and-build strategies in vertical software and fleet management, and more selective venture capital focused on companies with proven traction and international ambition.
The volume and diversity of transactions closed during the month position Spain as one of the most active technology ecosystems in southern Europe. From strategic mid-market deals to significant growth rounds in healthtech, cybersecurity and B2B software, January sets several structural conclusions for the year: continued industrial consolidation, greater sophistication of private equity in assets with cash-flowvisibility, and sustained international interest in Spanish targets from France, Italy, the United States and Finland.
The role of private equity in January, not only through traditional funds, but also through platforms backed by institutional capital executing vertical and horizontal integration strategies. The month saw a concentration of significant transactions in fleet management, enterprise software, B2B productivity and hospitality tech.
Movilia Fleet Management Solutions, backed by Seaya Andrómeda Sustainable Tech Fund I, has completed the acquisition of Movertis and Localizador Sherlog in a move aimed at creating a leading platform for telematics solutions and fleet management software.
Strategic rationale:
This move replicates European models of vertical software consolidation, where private equity builds sector leaders through successive acquisitions, taking advantage of the fragmentation of the Spanish market in telematics solutions and fleet management.
The acquisition of AIG by TeamSystem, an Italian group controlled by Hellman & Friedman, strengthens the international expansion of Italian business software in the Iberian market.
Strategic key points:
This movement is in line with the trend observed during 2025: Major European software platforms are acquiring Spanish companies to accelerate their penetration in Iberia, taking advantage of the cultural proximity and dynamism of the technological business fabric.
The acquisition of Plus 42 by Alerce, backed by Oakley Capitalconfirms the investment thesis in productivity and B2B workflow software, prioritising recurring SaaS models with high gross margins and high customer retention.
The transaction indicates that the Spanish technology mid-market is fully integrated into the pan-European radar of growth funds and buyout transactions, especially in segments where companies demonstrate commercial traction, proven recurrence and international expansion capacity.
The case of Hotelverse, a technology platform for the hospitality sector hospitality, reflects the growing interest in solutions that digitise traditional verticals with low technology penetration.
Probable rationale:
One of the most evident patterns of the month is the continued consolidation in IT consulting and software development, with French acquirers playing a leading role and domestic integration movements.
The purchase of Deiser by the French group Devoteam strengthens the buyer's presence in cloud services and digital transformation in the Spanish market.
Strategic goals:
Spain continues to be a priority market for European integrators seeking to combine geographical proximity, technical talent and a corporate customer base with growing digital transformation needs.
Another significant cross-border transaction was the acquisition of Kairós DS by France's Audensiel, consolidating its presence in the Spanish market through the purchase of a specialised technology boutique.
The transaction confirms three structural trends:
In the domestic sphere, PKF Attest has carried out a consolidation move that strengthens its technological offering through the integration of Hero Forge and Czentric Solutions.
This type of operation represents a different strategy: integration of digital capabilities within a multidisciplinary firm, enabling it to offer integrated consulting, technology and auditing services.
Although the target of the operation is French, the movement in telecommunications infrastructure reflects the dynamism of the sector in markets linked to the Iberian Peninsula and the attractiveness of resilient infrastructure assets.
The acquisition of Towerlink France for approximately €391 million indicates the high level of interest among funds specialising in digital infrastructure in defensive assets in the face of macroeconomic volatility.
Why it is relevant:
Compared to the investment peak of 2021-2022, venture capital in January 2026 has shown greater selectivity, although investments in companies with proven traction and international ambition remain relevant. The month has seen significant rounds of funding in B2B software, healthtech and applied artificial intelligence technologies.
The round led by Riverwood Capital, Seaya Ventures and Kayyak Ventures positions Fracttal as one of the most significant venture capital deals of the month.
Fracttal represents:
The transaction confirms that investors prioritise companies with a presence in multiple markets, proven execution capabilities and sustainable growth prospects.
The Tucuviround with Cathay Innovation and Seaya's participation, reinforces the thesis of investing in artificial intelligence applied to healthcare.
Key factors:
Healthtech continues to be one of the most attractive verticals for European venture capital, especially when it combines AI, clinical validation and international expansion potential.
The MITO AIround with KFund, Kibo Ventures and Lightspeed, confirms interest in applied artificial intelligence and positions Spain as a hub for AI talent.
Market interpretation:
The STAMP, linked to the Barça Innovation Hubrepresents an interesting convergence between fintech, the sports ecosystem and corporate venture capital.
The operation demonstrates:
Repscan has closed a $3.5 million round with participation from Bonsai Partners and Swanlaab Venture Factory, while Taalentfy has raised $1.5 million with support from Axon Partners and CaixaBank.
Both operations confirm:
January confirms that cybersecurity continues to be one of the strongest verticals in the Spanish technology market, combining strategic M&A operations with significant venture capital rounds.
The acquisition of Hispasec by Italian group ReeVo consolidates international presence in managed cybersecurity services.
NetBird has closed a $8.56 million round, while Zepo Intelligence has raised $12.89 million, reflecting investor interest in companies with differentiated technology in threat detection and security management.
Although details have not been disclosed, Build38 's announcement confirms the dynamism of the sector and the interest of strategic buyers in advanced cybersecurity technology.
The combination of strategic M&A and venture capital in cybersecurity indicates:
The month also saw significant corporate transactions aimed at reconfiguring portfolios and optimising strategic assets.
The acquisition of modular drone management technology strengthens Indra 's position in airport digitalisation and advanced air traffic management systems.
The acquisition of data centres in three strategic locations confirms the commitment to critical digital infrastructure in southern Europe.
The move is part of a strategy to specialise in audiovisual content and technology.
These corporate moves reinforce:
The transactions carried out in January 2026 allow us to draw five key conclusions about the evolution of the technology M&A market in Spain.
January 2026 has not only been an active start to the year. It has confirmed that the cycle of technological consolidation in Spain continues with greater maturity, more available capital and growing international ambition. Spain is no longer a peripheral market in Tech M&A, but rather a structurally attractive ecosystem with competitive assets and an increasingly professionalised financial environment.
In this context of increasing specialisation and competition for quality assets, expert advice is crucial for seizing opportunities and successfully managing the acquires and sale of technology companiesprocesses. At Baker Tilly, our Tech M&A team brings sector expertise, strategic analysis and strong execution capabilities in complex transactions, supporting our clients at every stage of the process to maximise value and reduce risk in an increasingly dynamic and sophisticated market
By Paul von Kessel
cloud technology axon
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