April 2025 has been a particularly active month for transactions in the Spanish technology ecosystem, with a notable boost in acquisitions and financing rounds that reflect the growing maturity of the sector, the appetite of international investors and the acceleration in the use of technologies such as generative AI, IoT or SaaS solutions. Below, we analyze the most relevant transactions and their strategic background.

Key data for the month

• 27 technology transactions recorded.
• 16 were domestic (Spanish buyer).
• 11 were cross-border, representing approximately 41% of the total, reflecting a strong international interest in the Spanish tech ecosystem.

Most relevant acquisitions of technology companies

Affluence acquires Mingothings (Barcelona)

In April, U.S. holding company Affluence Corporation acquired the entirety of Mingothings, a Catalan company specialized in IoT solutions for smart cities, which will be integrated with its subsidiary OneMind Technologies. This strategic transaction not only strengthens Affluence's European presence, but also provides it with access to specialized talent and the burgeoning Spanish smart city ecosystem, driven by public initiatives for urban digitization. The acquisition seeks to expand Affluence's IoT capabilities in Europe, adding value by integrating edge solutions specifically designed for complex urban environments.

Moova acquires Vonzu (Barcelona)

Argentine company Moova acquired Vonzu, a developer of logistics software that unifies retailers and operators on a single cloud platform. This acquisition responds to the growing need to consolidate last-mile solutions in a sector where operational efficiency has become a key competitive advantage. The transaction is part of Moova's strategy to consolidate and expand its technological presence in Europe, providing a modular logistics integration solution that already has a strong customer base in the retail sector.

Lighthouse adquiere The Hotels Network (Barcelona)

The British company Lighthouse continues its global expansion with the acquisition of The Hotels Network, a Spanish company that develops software specialized in optimizing revenue management for hotel chains. This operation comes at a strategic moment for the tourism sector, which is in full recovery after the pandemic, where predictive analytics applied to dynamic pricing has become a fundamental lever for growth. With this acquisition, Lighthouse strengthens its technology stack in revenue optimization, benefiting from The Hotels Network's extensive customer base in European hotels and its advanced artificial intelligence-based recommendation engine.

Acquisitions in the telecommunications and smart connectivity sector

Serenae acquires Eurona's satellite business (Spain, Portugal and Senegal)

In a strategic cross-border move, Serenae has integrated Eurona's satellite assets in three different territories, acquiring both its technical infrastructure and existing customer base. This move significantly strengthens Serenae's ability to provide services in rural areas or areas with limited connectivity, a key element in the mission to bridge the digital divide. The transaction responds to Serenae's strategic objective to broaden its geographic coverage and expand its revenue base, providing immediate value through ready-to-go operational assets and valuable specialized technical know-how.

Zunibal acquires Zong Hong Marine (Taiwan)

From Bilbao, Zunibal, a subsidiary of Nazca Capital, is advancing in its expansion strategy through the acquisition of Taiwan's Zong Hong Marine, a company specialized in satellite communications for fishing fleets. This strategic operation provides Zunibal with access to new Asian markets, generating important logistical and commercial synergies. The purchase responds to the Basque company's objective of international expansion, seeking technological complementarities that strengthen its global position, while incorporating the advanced maritime communication technology and the consolidated local presence that Zong Hong Marine provides in the Asian market.

Arjun Infrastructure increases its stake in Onivia

British fund Arjun Infrastructure has increased its stake in Onivia to 40%, strengthening its position in this wholesale fiber operator in Spain. Although a minority transaction, this move consolidates Arjun's strategy of investing in core digital infrastructure assets, characterized by predictable returns and sustained demand. The transaction reflects the fund's strategic objective to progressively increase its control over critical digital infrastructure assets, providing a stable revenue stream and a platform with high scalability potential in the Spanish market.

Local consolidations to gain scale and efficiency

Beroni acquires Diurnus (Barcelona)

Beroni, a specialized provider of software solutions for the travel industry, has strategically strengthened its presence in Catalonia through the acquisition of Diurnus, a local company operating in the same market segment. This transaction represents a paradigmatic case of geographic consolidation, where the acquirer seeks to increase its regional market share while implementing operational synergies to optimize the combined cost structure. The transaction fulfills Beroni's strategic objective of consolidating its position within the Catalan market, while incorporating as valuable assets Diurnus' installed base of customers and its in-depth knowledge of the specific dynamics of the local market.

Playtomic buys Padel and Paddle (Valladolid)

Madrid-based technology company Playtomic, a leader in management solutions for sports facilities, has completed the strategic acquisition of Padel and Padel as a key component of its expansion plan in the domestic market. This transaction allows Playtomic to significantly expand its network of managed facilities and strengthen its presence in secondary urban markets where it previously had less penetration. The transaction is perfectly aligned with the company's strategic objective of strengthening its national ecosystem in the amateur sports segment, incorporating as main value assets the consolidated base of Padel and Padel's active users and the set of sports facilities already integrated in its technological platform.

Mirai Investments acquires Arteixo Telecom (Galicia)

Mirai, a company under the control of businessman José Antonio Jainaga, has completed the acquisition of 100% of Arteixo Telecom, a specialist in the development and manufacture of advanced industrial electronics. This strategic operation signals a clear reorientation towards a more industrialist approach by Mirai, expected to generate operational and commercial synergies with high value-added sectors such as defense or renewable energies. The transaction responds to Mirai's strategic objective of positioning itself in industrial verticals considered strategic in the current economic context, incorporating as a main differential value the highly specialized and diversified national production capacity that Arteixo Telecom brings to its portfolio of industrial assets.

Vertical software investments and specialization as a growth driver

TaxDown receives EUR 4m from Bonsai Partners

TaxDown, a solution for tax returns, received funding to strengthen its AI and grow in usability, exemplifying how this type of verticalized software gains traction for its focus on the end user and for enabling the digitization of bureaucratic processes. Its strategic objective is focused on scalability and automation via AI, providing as a fundamental value the application of artificial intelligence to massive tax procedures.

Inversiva raises EUR 1.2m for its proptech expansion

The Castellón-based proptech Inversiva obtained support from Angels and Bewater Funds to accelerate its passive investment model in real estate, representing a commitment to platforms that democratize access to traditional assets through digital and automated models. Its strategic objective is focused on scaling the digital platform with predictive models, providing innovation in real estate management with AI as a fundamental value.

SegurosIA and Foliume promote AI applied to the insurance sector

Both startups raised funds to apply AI (generative and analytics, respectively) to the insurance sector. While segurosIA focuses on tools for insurers, Foliume focuses on brokerages, representing two complementary approaches in a sector that has historically lagged behind in digitalization. Its strategic objective is focused on adding value in underwriting and customer relations, offering as a fundamental value adaptive algorithms and SaaS products with easy integration.

Venture Capital: The golden moment for early-stage investments in Spain

Beyond all the transactions, April included numerous seed/pre-seed rounds, highlighting investments such as Acoru (EUR 4m) in cybersecurity with a focus on compliance and unified management, Lessthan3 (EUR 0.46m) in predictive and multicloud DevOps, The Channel Store (EUR 2m) for digital channel monetization, Zazume (EUR 2, 3m) with rental management software, and Momoven in P2P motorcycle rental, confirming the dynamism of the Spanish early-stage, where verticals such as SaaS, proptech and dev tools are attracting special attention, particularly when they bring efficiency or operational scalability, thus signaling a sweet moment for early-stage venture capital investments.

The April 2025 analysis reveals a Spanish technology ecosystem that is maturing by leaps and bounds. Acquisitions during this period reflect three clearly defined strategic vectors: sector specialization (logistics, travel, insurance, tax), two-way international expansion to and from Spain, and local consolidation to maximize scaling efficiency. This panorama of operations evidences the growing investment interest in multiple Spanish technology sectors, from fintech and artificial intelligence to logistics and digital platforms, pointing to extraordinarily promising growth prospects.

The continued backing of venture capital, both national and international, underscores the confidence in Spain's innovative potential, consolidating the upward trend we have been observing since early 2025. As funds with sector-specific theses grow and strategic collaboration with industrial and technology corporations strengthens, a new golden age for technology M&A in Spain is being inaugurated. In the area of Tech M&A de Baker Tilly we continue to specialize in advising on these complex transactions for both buyers and sellers, putting our experience at the service of those who wish to participate in this dynamic market. If you are interested in receiving information about our specialized services in technology mergers and acquisitions, please do not hesitate to contact our team of experts.