The State of technology M&A in Spain | May 2026 Analysis

In May 2026, technology M&A in Spain saw6 36 identified deals with a known aggregate value of approximately €720.7 million. This figure is a minimum estimate: 13 transactions did not disclose their value. The month saw a mix of industria takeovers , private equity deals, mergers, asset acquisitions and venture capital funding rounds, reflecting an active but increasingly selective market.

In terms of the number of deals, venture capital was the most active segment, with 19 rounds. However, in terms of financial value, controlling stakes accounted for the lion’s share of the known value: Teltronic, Minsait, LineoX, Fibrasil and Quantum Motion account for a significant portion of the €720.7 million.

The key takeaway this month is clear: industrial buyers, private equity funds and software platforms are not simply acquiring growth; they are seeking specific capabilities: vertical software, critical infrastructure, applied artificial intelligence, cybersecurity and sector-specific expertise.

The market for the sale and purchase of technology companies in May 2026

The 36 transactions identified involved a variety of structures. The 19 venture capital rounds accounted for 52.8% of the total number of transactions, but represented only €218.6 million of the known total value. The 17 acquisitions, mergers and private equity transactions totalled approximately €502.1 million, confirming that the economic weight of the month lay with control transactions.

By geography, 21 deals were domestic (€297.6 million disclosed) compared with 15 cross-border deals (€423.1 million). International transactions accounted for a higher average deal size, driven by Minsait, Fibrasil, Quantum Motion, Lexroom.ai, Fence and Didit.

By sector, technology consulting, development and outsourcing led the way in terms of number of deals with seven transactions, although telecommunications and infrastructure accounted for the largest known transaction value at €358.4 million, driven by Teltronic, LineoX and Fibrasil.

The ten transactions with the greatest economic impact

The most significant transactions of the month in terms of known value were as follows:

Infrastructure, defence and connectivity as strategic assets

The two largest transactions of the month were in the telecommunications and defence sectors, reflecting the growing strategic value of these assets.

Teltronic and Grupo Amper were at the centre of the month’s most significant deal. Grupo Amper submitted a binding offer to Nazca Capital to acquire Teltronic for a maximum total of approximately €200 million (a fixed sum of €155 million + an earn-out of up to €45 million + assumption of debt). Teltronic, based in Zaragoza, specialises in secure communications for defence and emergency services. For Amper, the deal strengthens its position in critical communications within a context of increased public investment in technological sovereignty. For Nazca Capital, it represents a divestment via a trade sale to an industrial buyer with a clear strategic fit: a well-executed technology company sale model.

LineoX and Telefónica were at the centre of the second major telecoms deal. Telefónica acquired LineoX, which is controlled by Asterion Industrial Partners, for €80 million. LineoX specialises in wholesale telecommunications infrastructure, microwave links and rural backhaul networks. The deal underscores the importance of connectivity as a strategic asset in a context of structural growth in demand for data and rural coverage.

Private equity and industry consolidation platforms

Mayo confirmed that private equity continues to act simultaneously as a buyer, seller and catalyst for consolidation in the sale and acquisition of technology companies.

Minsait was the most significant private equity deal of the month. Indra Group has sold its technology consulting and digital transformation subsidiary to Waterland Private Equity for an amount of approximately €125–150 million , including earn-outs. Waterland’s entry should be viewed from a platform perspective: technology services remain a fragmented market with opportunities for organic and inorganic growth in cloud, data, automation, cybersecurity and artificial intelligence. For Indra, the transaction represents the divestment of a non-core unit to strengthen its position in its core business.

In the legal tech and regulatory compliance sector, Aiblu (a subsidiary of Stellum Growth) has acquired the Complylaw platform and its client portfolio from Aranzadi La Ley. Complylaw is a cloud-based platform for managing regulatory compliance obligations, offering integrated data protection and compliance consultancy services. The appeal of this asset lies in the combination of regulation, recurring revenue and sector-specific expertise – three factors that M&A advisers in the technology sector consistently identify as key drivers of valuation.

For private equity funds, May also highlighted the potential for minority investments in deep tech assets: KD, a manufacturer of electronic components and plastic optical fibre, received an investment of Axis for €3.7 million.

Vertical software: sector-specific specialisation as a driver of value

Vertical software was once again one of the most common categories of the month in terms of the number of deals. Although many did not disclose the transaction value, the strategic rationale is clear: platforms are acquiring products, sector-specific expertise and complementary functionalities.

Factorial acquired YepCode, a platform that enables businesses to programme integrations and automate tasks using an AI assistant within secure cloud environments. The move is in line with a broader trend: business management software platforms no longer wish to limit themselves to digitising processes, but aim to become operating systems for companies’ day-to-day operations.

In the traveltech sector, HBX Group has agreed to acquire 100% of Bridgify, an Israeli company specialising in technology infrastructure for distributing tours, activities and experiences via APIs and white-label marketplaces. The deal included an initial payment of €3 million , with a significant portion of the price deferred and contingent on future results – a standard earn-out structure in the acquisition of technology companies with high potential but uncertainty regarding the speed of adoption.

Partenea cquired a 90% stake in Misterplan, a Cáceres-based company specialising in the marketing of tourist accommodation, activities and destinations. Golfmanager acquired SmartPanel, a company specialising in customer data, business intelligence, marketing automation and AI-powered analytics. Overgie acquired Berrly, a cloud-based software platform for community and service management. These three deals follow the same pattern: an established platform provider acquires data and intelligence verticals to boost recurring revenue and enhance product depth.

Cybersecurity and digital identity: structural demand in a regulated environment

Cybersecurity, identity verification and transaction security were the focus of three major deals in May.

TransUnion increased to 100% its stake in Confirma Sistemas—a company specialising in digital identity verification, fraud prevention and risk management—to 100%. The consolidation of what was already a majority stake follows a common strategy among international groups: to turn strategic assets into fully integrated parts of their global offering once they have reached a certain scale and significance.

Diusframi acquired Seglan, a company specialising in authentication and transactional security, to 100%. The growth of digital payments, rising levels of fraud and regulatory pressure mean that authentication solutions are becoming increasingly critical for financial institutions and payment infrastructure providers.

Orbik Cybersecurity secured a €2 million funding round from Corporación Mondragón, Ikerlan and the Basque Country Venture Capital Fund. Orbik specialises in validating and certifying product safety in controlled digital environments, a niche area of growing strategic interest as industrial cybersecurity becomes increasingly important in connected factories and equipment.

Applied artificial intelligence: from theory to measurable use cases

Artificial intelligence featured in numerous transactions in May, with one key difference compared to previous months: capital was directed towards specific applications, rather than broad market categories.

Mafer AI secured a €2 million funding round from Kfund, 4Founders Capital, Masia Capital, Lavanda Ventures and several business angels. The company develops artificial intelligence infrastructure for the chemical industry, transforming molecular and laboratory data into machine learning systems applied to formulation, chromatography and regulatory processes.

In the healthtech sector, Ainovis raised €0.68 million or AI-based radiology software, and Digital Anatomics secured a €0.42 million for surgical planning software using 3D-printed devices for spinal surgery. Both deals demonstrate that, in healthcare, the value proposition of artificial intelligence does not depend solely on the algorithm, but on its integration into real-world clinical workflows and the generation of measurable results.

Fence secured a $20 million funding round for debt operations automation, Wio Capital raised $1.2 million for AI-powered wealthtech infrastructure designed for financial advisers, and Fresh People secured €2.6 million from Inveready for AI-driven leadership and team management solutions, and will now operate under the Booster brand.

In all these cases, artificial intelligence is linked to a specific, measurable process: debt operations, private banking, talent management, radiology or surgical planning. This is one of the key takeaways of the month from the perspective of M&A experts: artificial intelligence remains attractive to investors when it is embedded in a real-world workflow.

Venture capital: intense activity, growing concentration of capital

The 19 venture capital rounds this month totalled €218.6 million , although this figure was heavily concentrated in a small number of larger international deals.

Quantum Motion, a British quantum computing company specialising in silicon-based transistors, has secured a $160 million Series C funding round, with Mundi Ventures participating. Lexroom.ai raised €43 million in a Series B funding round led by Acurio Ventures. These two deals account for the bulk of this month’s venture capital funding.

In the earlier stages, activity was widespread: OWO (haptic technology for virtual reality) raised €2.7 million, Didit (digital identity verification) secured $7.5 million, Neety Technologies (AI-powered sales automation) raised €0.33 million and Diga (AI-based voice systems) secured €0.3 million.

The message for founders is clear: the venture capital market remains open, but it demands focus, technological differentiation and a very specific growth narrative. Companies that combine a unique product, a large market and measurable use cases continue to secure funding.

Conclusion: a mature, selective market focused on critical capabilities

May 2026 confirms the maturity of the Spanish tech M&A market. The 36 deals identified show a balanced mix of venture capital rounds, industrial acquisitions, private equity and mergers. However, an analysis by value reveals that the economic weight was concentrated in infrastructure, defence, technology consultancy and strategic digital assets.

For sellers, the message is clear: technology companies with a defensible customer base, a specialised product, a strong team and a clear value proposition continue to attract buyer interest. Exit readiness — the clarity of the equity story, the quality of the financial information and the identification of the right buyer — remains crucial to maximising value.

For buyers, May confirms that acquiring technology remains the quickest way to scale up capabilities. This month’s deals are driven not only by a desire for growth, but also by the search for assets offering a unique product, recurring revenue, data, or the ability to integrate into broader platforms.

For the funds, the month saw a range of opportunities for value creation: industrial divestments such as Teltronic, platform deals such as Minsait, complementary acquisitions in legal tech and regulatory software, and minority investments in deep tech.

In this context, having M&A advisers who specialise in the technology sector is crucial. Whether structuring a competitive sale process or identifying suitable targets as part of an acquisition strategy, sector-specific expertise, access to deal flow and strong negotiating skills make the difference between an ordinary transaction and a successful one.

Frequently asked questions about technology M&A in Spain