September 2025 was an active month for technology transactions in Spain, marked by consolidation in telecommunications and digital media, the advancement of buy-and-build strategies in software and IT services, and selective growth operations with private equity. Although most of the amounts were not disclosed, the trend is clear: buyers prioritise defensible customer bases, geographical expansion and niche leadership over revenue scale. Notable milestones include:
- Consolidation in telecommunications: three domestic transactions (Vodafone Spain agrees to acquire Finetwork; Parlem buys BlauFibra; Vera acquires Megatel) reflecting the rationalisation of the fibre market and virtual operators, seeking economies of scale and improved ARPU.
- Reposicionamiento en medios y publicidad: Atresmedia agrees to purchase Clear Channel Spain for approximately €115 million, betting on digitizable foreign inventory; in addition, Merca2 acquires Editorial Maluma and Cultural Capital Group buys Wegow, reinforcing niche audience strategies.
- Software and IT services in buy-and-build: fund-backed platforms accelerate their internationalisation (Zunibal, controlled by Nazca, acquires Echoview in Australia; Plain Concepts, owned by ABE Capital, buys Ardanis in Ireland). Also noteworthy are corporate acquisitions focused on capabilities and channels (Nunsys–Dayfisa; Act Digital–PSS; Leviahub–GSi Software; Shop Circle–KrakenD; Floorfy–Realisti.co; Crowdfarming–La Ruche Qui Dit Oui!).
- Private equityNazca Small Cap II acquires 35.7% of Lãberit alongside a €10 millioncapital increase; Seaya Andrómeda invests approximately €30 million in Adsmurai to accelerate its international growth.
- Venture capital: investment remained active in artificial intelligence and vertical software (rounds for Vidext, Orbio AI, Reveni, Bookline, Lightbase, Altan, among others). In advanced stages, equity and debt were combined (Lingokids).
These trends show that buyers are leaning towards markets with embedded distribution or regulated demand (telecoms, outdoor advertising, utilities, educational platforms), while private equity funds are driving roll-ups that internationalise Spanish capabilities. Venture capital continues to support AI use cases that reduce costs or open up new avenues for monetisation.
Consolidation in telecommunications
Vodafone Spain agrees to acquire Finetwork (Spain)
- Strategic objective (buyer): absorb a price-sensitive customer base and simplify the MVNO landscape to improve average revenues and reduce acquisition costs. Pending regulatory approval.
- Target value: density in value segments, brand recognition, and network and commercial synergies.
Parlem acquires BlauFibra (Spain)
- Strategic objective: increase fibre coverage in Catalonia and expand cross-selling in mobile, fixed-line, TV and security.
- Target value: ~1,700 fibre customers, ~1,800 mobile customers and ~550 complementary product customers, in addition to ~6,000 units connected to its own network.
Vera acquires Megatel (Spain)
- Strategic objective: add installation and technology supply capabilities, consolidating sales channels in Catalonia.
- Target value: multichannel network and the Wifiboo brand.
Telecom consolidation is a volume game where costs and churnare key; targets with dense local clusters and multi-product potential are the most sought after.
Media, advertising and data-driven assets
Atresmedia agrees to acquire Clear Channel Spain (~€115 million; pending approval)
- Strategic objectiveManage high-traffic inventory, combine TV reach with measurable outdoor advertising, and strengthen first-party data strategy.
- Target value: national network ready for programmatic and resilient external spending.
Acacia Capital acquires Let’s Health (Spain)
- Strategic objective: support a health communication specialist with plans to integrate AI and new scientific profiles.
- Target value: established relationships with pharma and experience in regulated content.
Merca2 acquires Editorial Maluma (Spain)
- Strategic objective: expand long-tail content catalogue and attract niche communities.
- Target value: pipeline of emerging writers.
Cultural Capital Group acquires Wegow (Spain)
- Strategic objective: Integrate live music ticketing platform to improve direct monetisation.
- Target value: loyal user base and demand data.
The value lies in audience ownership and measurable attention. Assets with unique content or datasets are attractive even on a smaller scale.
IT software and services: buy-and-build strategies
Netmore (Sweden) acquires Arson Metering (Spain)
- Purpose of the transaction: Scaling smart utilities network management in water and gas.
- Target value: proven expertise and municipal relationships.
Zunibal (Nazca) acquires Echoview (Australia)
- Strategic objective: accelerate technological development and gain international presence in hydroacoustic visualisation.
- Target value: leading software with an institutional reputation.
Plain Concepts (ABE Capital) acquires Ardanis (Ireland)
- Strategic objective: strengthen engineering capacity in Europe and deepen bespoke development.
- Target value: senior team and access to Irish talent
Nazca Small Cap II acquires 35.7% of Lãberit (+ €10 million capital increase)
- Strategic objective: finance selective acquisitions and accelerate growth while maintaining management control.
- Target value: scalable software development platform.
Seaya Andrómeda invests ~€30 million in Adsmurai (Spain)
- Strategic objective: scale a profitable AdTech champion and expand internationally.
- Target value: deep integration into social media and global customer base.
Act Digital (Brazil) acquires PSS (Spain)
- Strategic objective: entering Spain with an IT platform for multinationals.
- Target value: consolidated relationships and integration capacity end-to-end.
Leviahub (Italy) acquires GSi Software (Spain)
- Strategic objective: expanding digital solutions for the supply chain in Iberia.
- Target value: specialised logistics expertise.
Merger between Spanish companies
Zizer and SomosSapiens merge (Spain)
- Strategic objective: combine advertising services to strengthen joint proposal.
- Target value: greater coverage and capacity for large contracts.
Private Equity and Exit Dynamics
- Growth minorities with an inorganic agenda: Lãberit exemplifies structures where management maintains control with the support of PE.
- Buy-and-build sponsored: Zunibal–Echoview and Plain Concepts–Ardanis illustrate cross-border acquisitions to add intellectual property and talent.
- Growth equity in AdTech: Seaya Andrómeda's investment in Adsmurai is a clear example of profitable international expansion.
- Private equity exits in marketplaces: Scout24 agrees to acquire Fotocasa and Habitaclia from EQT, a classic sponsor-to-strategic deal.
Valuation and financing notes
- Scarce disclosed valuesNoteworthy are the €115 million from Atresmedia–Clear Channel, the ~€30 million from Adsmurai, and the €10 million from Lãberit.
- Equity + debt in growth. Example: Lingokids.
- Payment is based on distribution and resilience, not on multiples of income.
Venture capital for technology companies in Spain
- AI for productivity: Vidext (€6 million), Lightbase (€2,2 million), Altan (€2,1 million).
- Trade and operations: Reveni (€7.5 million), Bookline (€3.5 million), Remuner ($6.5 million), Rauda AI (€2.4 million).
- Health and industry: Mysphera (undisclosed), Sybol (with 15% owned by Repsol), Cofrai (€2 million).
- Corporate cross-border: eVoost AI (€1.4 million), Adspective (Poland), Inclusif (Murcia, with international investors).
- Late stage: Lingokids ($120 million, equity + debt).
Conclusion of the most significant Tech M&A transactions in September in Spain
Conclusion of the most significant Tech M&A transactions in September in Spain buyers prioritise defensible assets over sheer scale. Three dynamics concentrate the activity:
- Telecom consolidation. Vodafone-Finetwork, Parlem-BlauFibra and Vera-Megatel seek local density, improved ARPU and immediate commercial synergies. The virtual operator market is streamlining towards fewer players with greater efficiency.
- Buy-and-build internationalisation. Private equity drives Spanish champions towards cross-border expansion: Zunibal (Nazca) enters Australia, Plain Concepts (ABE Capital) enters Ireland, Lãberit raises €10 million for acquisitions. Spanish tech talent scales with patient financial muscle.
- Distribution control. Atresmedia pays ~€115 million for Clear Channel Spain, betting on programmatic outdoor inventory; SDUI acquires Educamos for its institutional adoption; Scout24 buys Fotocasa-Habitaclia from EQT in a classic sponsor-to-strategic deal.
After analysing the text, one recommendation for founders would be to build defensible positions (proprietary data, embedded distribution, high replication costs), as this is the only viable route to premium valuations. The message we want to convey to investors is that Spain is no longer just a gateway to Europe, but a pool of undervalued technical capabilities ready to scale.