The market for the the mergers and acquisitions market in Spain’s technology sector underwent a structural shift that is redefining the rules of the game in the Enterprise Softwaresegment. Following the valuation correction seen in previous years, the market has entered a phase of maturity where the priority is no longer rapid growth, but rather operational efficiency, recurring revenue and scalability.
For investors, funds and entrepreneurs, this shift in the market cycle reinforces a key point: enterprise software has established itself as one of the most strategic assets in any process involving the purchase or sale of technology companies.
Private equity and M&A are driving the acquisition and sale of software companies
In 2025, private equity has clearly led M&A activity in the technology sector. However, the focus has shifted significantly compared with previous years.
Major deals no longer revolve around funding rounds, but around Buy & Buildstrategies, where funds acquire companies to integrate them into larger platforms and generate value through synergies.
This trend is driven by three key factors:
- Fragmentation of the software market in Spain, particularly in vertical sectors such as ERP or industry-specific solutions
- High revenue recurrence in SaaS models, which provides visibility and stability
- Potential for international expansion, particularly on platforms with a European focus
For any business considering the sale of its technology company, this situation presents a window of opportunity: buyers are looking for established assets that can be quickly integrated into inorganic growth strategies.
M&A transactions involving ERP and management software
One of the most active sectors in M&A in 2025 has been enterprise resource planning (ERP) software, particularly in the small and medium-sized enterprise market. The acquisition of Golden Soft by TeamSystem, backed by the international private equity firm Hellman & Friedman, perfectly illustrates this trend.
From an M&A advisory perspective, this transaction reflects a clear strategy:
- The value no longer lies solely in the technology, but in the existing customer base
- Companies with recurring revenue streams and low staff turnover are highly attractive
- The Spanish market continues to offer opportunities for consolidation in the mid-market
For buyers, this means that the key lies in identifying companies with a strong local presence. For sellers, it means that having robust metrics (ARR, churn, LTV) is crucial in any valuation process for technology companies.
Cybersecurity: a strategic asset in tech M&A
Growing concerns about data sovereignty have driven investment in cybersecurity and data management, making them priority areas within technology M&A.
The acquisition of Onum for CrowdStrike is a clear example of how companies specialising in real-time data processing and filtering have become strategic targets. This transaction reflects one of the major trends highlighted in the November 2025 report: digital infrastructure and cybersecurity are key investment priorities.
In this context, technology companies offering critical solutions within the digital infrastructure can achieve higher price-to-earnings ratios, particularly if they operate in regulated markets.
Compliance and ESG software
Another of the most dynamic sectors in 2025 has been that of compliance and sustainability software. The acquisition of Provigis for Grupo CTAIMA highlights how platforms focused on supplier management, workplace safety and ESG criteria have become mission-critical solutions for businesses.
Why do these types of companies attract so much interest in M&A deals?
- Long-term recurring contracts
- High level of reliance on the client
- Increasing regulatory complexity in Europe
- Positioning as “defensive” software
In the context of sales opportunities for technology companies, these factors significantly enhance the appeal to financial investors and strategic buyers.
Venture capital in enterprise software
Although private equity has dominated in terms of volume, venture capital has remained active in 2025, albeit with a much more selective approach. Investors have prioritised:
- Business-focused AI solutions
- Vertical software with clear use cases
- SaaS models with proven traction
Examples of this include operations such as:
- Amenitiz (€38.9 million), in hospitality software
- Nory (€37 million), focused on improving operational efficiency in the restaurant sector through AI
- Imperia SCM (€10 million), specialising in supply chain optimisation
This dynamism in the venture capital sector shows that capital continues to flow towards projects that demonstrate real traction, proprietary intellectual property and a recurring business model.
Opportunities and outlook for technology M&A in 2026
The enterprise software market in Spain reached a turning point in 2025: it has shifted from being a growth-driven ecosystem to a market characterised by genuine consolidation.
For entrepreneurs, investors and funds, this presents a unique opportunity to execute strategies for acquisition or to prepare for sales processes under optimal conditions. In this new environment, success will depend on factors such as scale, recurring revenue and strategic positioning.
Looking ahead to 2026, everything suggests that current trends will intensify:
- Continued use of Buy & Build strategies in fragmented sectors
- Increased pressure on efficiency and profitability
- Consolidation of technology platforms at European level
- The integration of artificial intelligence as standard in business software
For technology companies, this means that preparing for an M&A process is no longer optional. Baker Tilly Tech M&A has strengthened its position as a leading adviser on the sale and acquisition of technology companies in Spain, particularly in the mid-market segment. Its expertise in buy-side and sell-side transactions, combined with a strategic market outlook, enables it to maximise value for both sellers and investors.