The market for buying and selling technology companies in Spain reached a definitive turning point in 2025. The sectors of Artificial Intelligence (AI), Machine Learning and Data Analytics have evolved from being a promise of growth to becoming the cornerstone of investment and business consolidation strategies.
From the perspective of technology M&A advisory services, this shift implies not only a higher volume of transactions, but also a transformation in valuation criteria, buyer profiles and market dynamics.
In this analysis, from the perspective of a specialist M&A adviser in the technology sector, we review the year’s major deals, the trends shaping the market, and what implications these have for companies considering selling their technology business or expanding through acquisitions.
The state of technology M&A in Spain in 2025
The technology M&A landscape in Spain has evolved into a more sophisticated and selective environment. Following years characterised by rapid growth, by 2025 investors – particularly private equity funds and corporations – have prioritised:
- Actual operating profit
- Distinctive intellectual property (IP)
- Data analysis capability
- Specific applications of AI in production environments
In this context, companies specialising in the full data lifecycle (collection, processing, advanced analytics and application using AI models) have become prime acquisition targets.
Spain has also strengthened its position as a hub for tech talent, which has attracted international buyers seeking highly specialised technical skills.
The role of the adviser in the buying and selling of technology companies
In a market where intangible assets play a decisive role, the role of the M&A adviser is more critical than ever. Company sale processes require an analysis of the scalability of the technology and an assessment of data quality and governance.
In this environment, Baker Tilly has established itself as one of the leading advisors on mid-market technology M&A in Spain, standing out for its ability to connect technology companies with industrial and financial buyers, execute inorganic growth strategies (buy & build), and align valuation expectations in complex markets.
Featured deal: CrowdStrike’s acquisition of Onum
One of the most significant deals of the year has been CrowdStrike’s acquisition of Onum, which illustrates the strategic value of data analytics applied to cybersecurity.
Key strategic aspects of the operation
Onum, which specialises in real-time data processing, provides a critical layer of efficiency in the management of large volumes of information. From an M&A perspective, this represents a technological boost, as it directly enhances the buyer’s platform; similarly, costs are optimised by reducing the volume of data processed. All of this translates into a competitive advantage thanks to greater accuracy in detection models.
Market implications
This transaction confirms several key trends:
- Spain produces technology companies capable of achieving international success
- The value no longer lies solely in the software, but in the efficient management of data
- Companies offering “deep tech” solutions are highly attractive to global buyers
For technology companies, this type of transaction sets the benchmark for what the market is willing to pay for distinctive assets. We also discuss this transaction in our analysis of the most notable deals in the InfraTech sector in 2025.
Vertical AI as a value driver in M&A
Another major trend in 2025 has been the rise of AI applied to specific sectors, where domain expertise is just as important as the technology itself.
Case study: Widhoc and ec2ce (Agrotech)
The integration of machine learning capabilities into precision farming demonstrates how M&A is being used as a lever to accelerate technological development. From a business acquisition perspective, the key factors have been: the acquisition– not just business capabilities –the integration of algorithms into existing platforms, and the strengthening of vertical SaaS offerings.
What can we conclude from this?
Companies operating in niche sectors such as agrotech, industry or healthcare have a clear opportunity: to position themselves as acquisition targets by developing highly specialised solutions and using M&A as a means of completing their technology stack
Industrial AI: efficiency and sustainability as catalysts for investment
The case of Optimitive highlights another key trend: the integration of AI into industrial processes.
¿What are investors looking for in this type of company??
- Direct impact on EBITDA (cost reduction)
- Improving energy efficiency
- Application in real-world and scalable environments
Unlike in previous phases, the market in 2025 has penalised projects without a clear revenue model, prioritising solutions that deliver tangible and measurable returns.
Private Equity Strategies: Consolidation in Technology Services
The IT, cloud and cybersecurity services sector has been at the heart of numerous buy-and-build strategies. If you’re not yet familiar with how buy-and-build works and when it makes sense to apply it to your business, take a look at this article in our M&A Academy section, where we break it all down for you.
Case study: development of integrated platforms (B2com)
The acquisition of several complementary companies follows a clear rationale:
- Gaining momentum
- Expanding service portfolio
- Integrating technical capabilities
- Increasing value with a view to a future divestment
For medium-sized companies, this opens up two strategic avenues: being acquired as part of a platform, or acting as an acquiring platform to drive consolidation. In both cases, having an advisor specialising in technology M&A is key to maximising value.
Venture capital and generative AI: the pipeline of future deals
Although the focus has been on M&A, venture capital continues to provide the market with new opportunities.
Key trends
- The growth of generative AI solutions in Spanish
- Democratising access to AI through conversational interfaces
- Tools for organising unstructured data
Direct involvement in M&A
The startups to be funded today are:
- Acquisition targets over the next 2–4 years
- Strategic assets for corporations
- Drivers of innovation in consolidation processes
For investors and corporations, anticipating these trends is key to shaping their acquisition strategy.
Key trends in AI and data analytics M&A in 2025
An analysis of the transactions reveals three major structural trends:
1. From general-purpose AI to specialised solutions
The market rewards specific use cases, applications in regulated sectors and integration into critical processes.
2. Data as a strategic asset
Competitive advantage no longer lies solely in the algorithm, but in access to high-quality data, real-time processing capabilities, and governance and security.
3. The mid-market as a driver of tech M&A
Most transactions focus on medium-sized companies, where there is greater strategic flexibility, opportunities for consolidation arise, and processes can be optimised with expert advice.
Opportunities for buyers in 2026
For companies looking to grow through acquisitions, the current climate offers clear opportunities:
- Integration of AI capabilities
- Access to technological talent
- Entering new markets
- Strengthening competitive advantages
The challenge lies in identifying suitable targets and implementing efficient acquisition processes. The year 2025 has confirmed that the mergers and acquisitions market in Artificial Intelligence and Data Analytics in Spain has reached a significant level of maturity. Companies are no longer competing solely to develop technology, but rather to:
- Integrate it efficiently
- Climbing it in real-world environments
- Generate a tangible economic impact
In this context, M&A is establishing itself as a key strategic tool for both companies seeking to grow and those considering divestment. Having an advisor specialising in the sale and acquisition of technology companies, with in-depth knowledge of the sector and access to national and international investors, is crucial to realising maximum value in an increasingly competitive market.