In March 2026, the technology M&A market in Spain continued to show a clear trend: greater sophistication, a focus on value creation, and a rise in transactions driven by industrial logic. In contrast to previous, more speculative cycles, the current landscape is dominated by strategic buyers and private equity funds that prioritise assets with recurring revenue streams, specialised software, and a proven track record of execution.
From the perspective of consultants specialising in the sale and acquisition of technology companies, this month reinforces trends we have already been observing: consolidation in IT services, growth in vertical software, and artificial intelligence becoming increasingly integrated into critical processes – not just as a buzzword.
In line with previous analyses published by Baker Tilly (January and February 2026), March confirms the shift towards a more disciplined market, where value creation is driven by platform strategies, selective transactions and sector specialisation.
A more international and competitive technology M&A market
One of the most significant developments this month is the distinctly international nature of the Spanish market. Far from being a peripheral market, Spain is establishing itself as an attractive hub for buyers from Europe and other markets who are looking for:
- Specialised software with scalability potential
- Teams with the capacity to implement
- Platforms with a pan-European or Latin American reach
For M&A advisers, this means a more competitive environment in the sale of technology companies, where the positioning of the asset and the strategic narrative are key to maximising value.
Furthermore, there has been a structural shift in procurement practices: buyers no longer purchase ‘technology’ in a generic sense, but rather specific components within the value chain. This includes:
- Vertical software with high operational integration
- Consultancy and implementation capabilities
- Access to specific customers and sectors
- Features that enhance existing platforms
This approach is key to understanding how arestructured purchasing processes in technology companies.
Focus on private equity and consolidation strategies
Private equity remains one of the market’s key drivers. Buy-and-build strategies remain prevalent, with platforms acquiring companies to gain scale, product offerings and sector positioning.
One of the key transactions of the month is the acquisition of Beta10 by Asolvi (in which Volpi Capital holds a stake). This transaction reflects a very clear strategy in the current market: to strengthen platforms by incorporating complementary solutions in management software and field services.
This type of transaction is not solely aimed at inorganic growth, but also:
- Price optimisation
- Business expansion
- Professionalisation of management
- Product integration
In a similar vein, the acquisition of Iseco Software by Sensio (backed by Nordic Capital) highlights the appeal of highly integrated healthcare software. These are assets characterised by high barriers to exit, strong operational dependence and significant potential for expansion – characteristics that are particularly valued in the sale of technology companies.
Another significant operation is the acquisition of Anadat Technology by Babel, which is part of a strategy to consolidate IT services. In this sector, inorganic growth remains key to:
- Recruit specialised talent
- Attract strategic clients
- Build technical capabilities
For M&A advisers specialising in technology companies, this type of transaction confirms that the market continues to favour companies with a clear foothold in specific niches.
Business software, healthcare, energy and payments
Beyond private equity, March has seen a number of strategic deals that reflect the direction in which market demand is heading.
The acquisition of Altim by Telefónica (for approximately €30 million) is a clear example of the interest in business software linked to ecosystems such as SAP. Against the backdrop of digital transformation, implementation and support capabilities continue to be highly valued.
In the field of data and artificial intelligence stands out the acquisition of Keepler by Accenture. This deal perfectly encapsulates the current state of the market: artificial intelligence is no longer purchased as a promise, but as a tangible capability for execution. Keepler brings end-to-end expertise in data, cloud and artificial intelligence capabilities, and methodologies proven in complex projects.
In any sale of technology companies in this sector, these factors are key to the valuation.
In the energy sector, the acquisition of Nemon by Eneve reinforces the trend towards vertical software applied to critical processes. Such solutions, which are deeply integrated into the client’s operations, involve high replacement costs, possess significant strategic value and offer potential for cross-selling.
Vertical software: the driving force behind mergers and acquisitions in the tech sector
One of the clearest trends in the market is the rise of vertical software, particularly in sectors such as:
- Energy
- Healthcare
- Retail
- Payments
- Business management
The acquisition of Indaws by Dynapps is a good example of this. Beyond the product itself, the value lies in its implementation capabilities, its team and its market presence. In the current climate, companies that combine technology with operational execution have a clear competitive advantage in M&A processes.
Another significant operation is the acquisition of Velfix by Velneo, which aims to expand its presence in the retail sector through low-codesolutions. This kind of development reinforces the trend towards more specialised offerings tailored to specific sectors.
Furthermore, Camby's over Llama Energy demonstrates how software applied to energy efficiency continues to gain prominence against a backdrop of energy transition and cost optimisation.
Artificial intelligence: greater selectivity and a focus on use cases
In the venture capital sector, March 2026 marks a shift towards greater selectivity and a focus on specific use cases. Investments are no longer directed towards generalist models, but rather towards solutions that address specific problems such as:
- AI validation and governance
- Monitoring and compliance
- Process automation
- Operational optimisation
This change is particularly significant for technology companies seeking funding or a future sale, as the market is rewarding validated products, commercial traction and real-world applicability.
Furthermore, sectors such as healthtech and energy continue to attract investment, with companies focusing on hospital digitalisation, predictive maintenance and renewable asset management.
Other key business areas: gaming, marketing and digital content
Although the main focus is on technology and software, March also offers some interesting opportunities in related sectors.
The entry of Nazara Technologies in Bestplay and Bluetile involves sophisticated transaction structures, including an initial equity stake and mechanisms such as earn-outs to align the interests of the buyer and seller.
In digital marketing, operations such as Good Rebels over Ok,z or Ernest over Global Drawing reflect a trend towards the increasingly blurred boundaries between creativity, technology and data.
Trends shaping tech M&A in Spain
Based on the analysis from March 2026, three major trends can be identified in the technology mergers and acquisitions market:
1. Consolidation of IT services and business software
Platforms backed by private equity and strategic buyers continue to expand through acquisitions.
2. Growth in vertical software
Integrated solutions for mission-critical processes are the most sought-after in the procurement processes of technology companies.
3. Advances in artificial intelligence
The market is moving towards practical solutions, with a focus on productivity, control and return on investment.
These trends underscore the need for specialist technology M&A advisers who understand both the financial and strategic aspects. For companies considering the sale of their technology business, this means preparing the business with a clear strategic approach.
For buyers, the challenge lies in identifying opportunities that fit with a strategy of consolidation and long-term value creation. In this context, the role of specialist advisers in sale and acquisition of technology companies is key to structuring operations, maximising value and implementing competitive processes.