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:
- Infra & cyber/cloud: Lutech agrees to acquire the cloud and cybersecurity unit of Making Science (approximate price of 23 million euros), strengthening its capabilities in managed services and software development with strong visibility on 2025 EBITDA.
- IT services for SMEs and content: Koesio acquires ~70% of Solitium (partial exit of ProA Capital), and Samy (controlled by Bridgepoint) acquires team5pm to expand its presence in the Netherlands, Sweden, and Poland.
- Private Equity as a sector driver: Nazca Small Cap II takes a majority stake in Clustag, Aareon acquires DEH Online, and Satlink acquires the French company nke Group.
- Buy-and-build strategies: Izertis adds Icalia Solutions and ICATD; Visual Trans integrates DeiWorld; Sword Group incorporates Full On Net; Roman absorbs Dédalo Comunicación. Ferrovial enters the data center operation and maintenance business with Powernet.
- Semiconductors and defense: Escribano invests in Ideaded, and Murcia Emprende finances Quantix Edge Security through venture capital.
- Venture Capital: atomized activity in the early stage, especially in applied AI, climate/energy, cybersecurity, and fintech.
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.
M&A trends gaining momentum in Spain
Strategic carve-outs
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.
Fund-backed roll-ups
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.
Capability-driven mid-market consolidation
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.
Digital infrastructure and data centers
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.
Marketing and content with a Data/Tech layer
Samy (Bridgepoint) buys team5pm and NTT Data acquires Bungalow25. Rationale to strengthen their performance content capabilities and integrated customer experience with analytics.
AI applied to HR and automotive
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.
Semiconductors and defense
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.
Notable M&A and Private Equity Deals
Lutec acquires the cloud and cyber unit of Making Science
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.
- Value for the acquirer: acceleration of delivery capability and credentials, and a price structure with a variable linked to 2025 EBITDA that protects returns.
Hyperscalers increase complexity, while specialized mid-sized cloud consultancies are key targets for pan-European integrators.
Koesio acquires 70% of Solitium
This deal is based on an Iberian build-up in IT services, communications, and document management for SMEs, integrating commercial reach and support contracts.
- Value delivered: ARPU and churn improvements via a broader suite (print-to-digital, ECM, MDM, basic cyber). PE playbook: professionalization and cross-sell.
Aareon acquires DEH Online
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.
- Its value lies in strong retention and potential for subscription migration, along with the possibility of bundling with Aareon solutions in Europe.
Stalink acquires nke Group
This acquisition allows the buyer to expand its marine instrumentation and sensor offering and quality data for environmental monitoring and fisheries management solutions.
- Strategic value: geographic diversification and data ownership. This represents a growing competitive advantage in the blue ocean of blue tech.
Nazca Small Cap II acquires the majority stake of Clustag
The deal aims to scale in end-to-end intralogistics RFID solutions (tunnels + Zentup software) toward retail/logistics with a commercial industrialization playbook.
- Value for the acquirer: defensive combination (proprietary hardware) + scalable software with higher margins.
Samy buys team5pm
The goal of this transaction is to expand international presence in content and performance marketing (YouTube, social) with layers of data and creativity.
- The value delivered is entry into Benelux and the Nordics, along with potential synergies with multinational clients.
Ferrovial buys Powernet
This acquisition aims to position itself in data center design, operation, and maintenance, aligned with AI and edge megatrends.
- Strategic value: high-margin recurring service capability and cross-sell within the infrastructure portfolio.
What do these deals tell us about the market?
- Recurring revenue beats project revenue: SaaS and managed services revenues maintain defensive multiples.
- Profitable verticalization: The moat lies in process knowledge + specialized software.
- Disciplined pan-European scaling: Sponsors seek rapid growth with strategic bolt-ons.
- Hardware + software thesis: Combinations that deliver consolidated margin and technological barriers.
- Talent and local presence continue to be differentiators in IT services.
Private equity: execution patterns
- Disciplined buy-and-build with a focus on KPIs
- Orderly exits with partial shareholder continuity
- Active minority investments to accelerate professionalization and product
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.
Venture Capital: Applied AI, energy, and cyber remain strong in seed/Series A
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.
- Energy efficiency: the transactions of Clevergy, Vico, S‑Labs, and Ferrovial’s commitment strengthen the energy‑data vector.
- Cyber and security: the deals of Acoru, Quantix Edge Security, and LuxQuanta show appetite in cyber/critical infrastructure.
- Applied AI in verticals: Afori, Omnia, Aunoa, Virtest, iO Health, Payflow, and Celebreak/Pekata in niche consumer markets.
What to watch in Q4 2025 and Q1 2026
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.
Conclusion on the M&A situation in Spain | October 2025
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.
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