Technology M&A in Spain closed June 2026 with 40 identified transactions, of which 21 were acquisitions, private equity investments, asset purchases or equity investments, whilst 19 were venture capital funding rounds. Transactions with a published value exceeded 500 million euros, although 19 transactions did not disclose a price.
The activity had a marked international dimension: 21 transactions were cross-border and 19 were domestic. Compared with May, when 36 transactions were recorded with a known value of approximately 720.7 million euros, June saw greater activity but a lower visible value: much of the month’s strategic value was hidden in private transactions where the price was not disclosed.
June confirmed that industrial buyers and funds continue to use acquisition of technology companies to gain access to vertical-specific software, customer bases, specialist talent, critical infrastructure and artificial intelligence capabilities applied to specific processes. Public investment, meanwhile, took centre stage in the fields of semiconductors, quantum computing and energy-efficient artificial intelligence.
A quantitative analysis of the market for the sale and purchase of technology companies in June 2026
The 40 transactions identified in June involved a variety of structures for the sale and purchase of technology companies:
| Variable | Data |
|---|---|
| Total transactions | 40 |
| Acquisitions, private equity, asset purchases or equity investments | 21 |
| Venture capital funding rounds | 19 |
| Cross-border operations | 21 |
| Domestic operations | 19 |
| Volume with published value | +€500 million |
| Transactions for which no price has been disclosed | 19 |
| Comparison: May 2026 (transactions / known volume) | 36 / ~€720.7 million |
June was not dominated by a single major tech sale, as was the case in June 2025 with vLex and Clio, but rather by a more diversified portfolio of digital platforms, sector-specific software, infrastructure and deep tech.
Private equity: platforms, transformation and digital assets
The most notable private equity deal of the month was the acquisition of 95 per cent of BeeDigital by GPF Partners, in a transaction that is reported to have valued the company at approximately 100 million euros. The management team retains the remaining 5 per cent and continues to lead the project.
BeeDigital brings with it a customer base of around 65,000 in Spain and Latin America, digital marketing services, and a transformation from the former Yellow Pages business into a subscription platform underpinned by software and artificial intelligence. For GPF, the investment thesis is not limited to improving a service agency: it involves building a technology platform for the digitalisation of SMEs and the self-employed in Spanish-speaking markets, capable of transforming its new Beesible platform into a more scalable SaaS offering with better margins.
The transaction also constitutes a secondary buyout: Metric Capital Partners and Evolvere Capital are exiting their stake after having driven the transformation of a traditional asset into a digital platform. It is an example of how private equity can create value not only through financial growth, but also by changing the revenue model, the technological offering and the positioning of the asset – a process that we at Baker Tilly regularly support through our growth consultancy services.
Another key transaction was the purchase of a 49.99 per cent stake in Infraco from Avatel by a consortium led by Inveready and several family offices, for 83 million euros. Infraco brings together digital infrastructure assets, including masts, local data centres and fibre. The separation of infrastructure enables the monetisation of capital-intensive assets, the bringing in of specialist partners and the freeing up of resources for the commercial telecoms business; for investors, Infraco offers exposure to assets that are essential for connectivity, with the potential to expand the wholesale customer base and improve network utilisation.
He also highlighted the acquisition of Andy by CHR Group, a European platform backed by Verto and with new investment from PSG Equity. Andy provides software to digitise food safety, HACCP protocols, labelling, audits and operational management for restaurant chains, hotels and catering companies. CHR simultaneously acquired the Dutch company Rmoni, creating a combination of operational software and connected monitoring. The strategy follows a classic ‘buy-and-build’model: integrating complementary solutions, expanding geographical presence and building a specialised platform with recurring revenue, as Andy’s value lies not only in its technology, but also in its integration into critical and regulated processes, where replacement costs are high.
Consolidation of technology services and industrial software
June saw a number of domestic acquisitions aimed at strengthening talent, product offerings and sector coverage.
Lãberit acquired Gloin, a software engineering firm based in Cáceres. The deal brings on board a specialised technical team and establishes a new operational centre in Extremadura. Laberint is partly owned by Nazca Capital, which announced in 2025 a strategy for organic and inorganic growth backed by a capital increase of 10 million euros. This rationale is particularly relevant to the IT services sector: in a market where talent constrains growth, acquiring a company with cohesive teams, technical expertise and local connections can be quicker and less risky than building that capability from scratch.
If you’d like to find out more about inorganic growth strategies, here’s a comprehensive guide for CEOs and senior managers in which we explain in detail how to grow an SME by acquiring other companies.
In the industrial software sector, Ibernova acquired 100% of TAI Smart Factory. TAI brings MES and MOM systems, expertise in plant operations and experience in sectors such as the automotive, food, pharmaceutical and chemical industries. Ibernova is thus expanding its offering from engineering and industrial software towards a more comprehensive platform for the digitalisation of factories. This type of vertical software remains one of the most attractive assets in technology M&A: it is deeply integrated into the client’s operations, requires functional knowledge and generates cross-selling opportunities, following the same trend observed in March, April and May, where buyers are not seeking generic technology, but rather solutions that control specific processes and are difficult to replace.
International buyers are seeking Spanish expertise
Eleven of the 21 transactions not linked to venture capital were cross-border. Spain continues to serve as a source market for companies with specialised products, regional reach and technology teams capable of integrating into international platforms.
- SITA Group acquired Big Blue Analytics, the developer of OCCam, an artificial intelligence platform for managing flight disruptions that optimises aircraft, crews, passengers and maintenance in a coordinated manner. SITA brings a global commercial network and the ability to roll out the solution at scale; Big Blue Analytics provides a specialised and proven product to tackle one of the most costly operational challenges facing airlines.
- Kalé Logistics Solutions acquired Portel, a Spanish company specialising in systems for port communities and regulatory compliance. The transaction combines Kalé’s logistics technology with Portel’s expertise in European regulations, customs and maritime and port digitalisation: for Kalé, it accelerates its entry into Europe; for Portel, it opens up access to an international client base and a broader range of technological solutions.
- GROUPAUTO International completed the acquisition of Softeca by purchasing the remaining 67 per cent it did not already own. The full integration, which began with a 33 per cent stake in 2022, aims to accelerate the digital transformation of the automotive aftermarket and extend Softeca’s tools to the group’s international network.
- The Dutch group Siloy acquired Cyberclick, a HubSpot Elite Solutions Partner with a strong presence in the Iberian Peninsula. Cyberclick brings expertise in marketing, sales, data and artificial intelligence, whilst Siloy brings a European scale; Cyberclick’s founder will continue to lead the company and will take on responsibility for Southern Europe.
- In the travel tech sector, Entravel acquired Moca Traveltech Group to strengthen its presence in Spain and Latin America. The value of the target lies in its hotel contracts, its network of buyers and its knowledge of Spanish-speaking markets; the buyer brings technological infrastructure and international distribution.
- Koesio increased its stake in Solitium, having acquired a majority stake in 2025. Solitium provides a Spanish digital services platform for SMEs, with capabilities in workplace solutions, communications, document management and advanced printing. The transaction reflects a common pattern: an initial investment allows the integration to be tested, whilst a subsequent acquisition consolidates control to implement a pan-European strategy.
Public capital and technological sovereignty
A notable feature of June was the significant role played by the Spanish Society for Technological Transformation (SETT). SETT committed 115.77 million euros to Openchip, up to 107 million to Multiverse Computing, 24.5 million to Attypics Photonics and 24.9 million to Anima Kitchent. Taken together, these minority investments total more than 272 million euros.
Openchip develops RISC-V processors and accelerators for artificial intelligence and supercomputing; the investment aims to strengthen Europe’s self-sufficiency in semiconductors and could give the State a stake of up to approximately 16.5 per cent. Multiverse Computing develops solutions to compress artificial intelligence models and reduce their computing and energy requirements, whilst Attypics Photonics works on photonic integrated circuits.
These transactions demonstrate that the state is acting as a strategic investor in areas where capital requirements, technology cycles and geopolitical significance make it difficult for the private market to assume the full risk on its own. Although these are not controlling acquisitions, they will influence the future M&A pipeline, as they enable deep tech companies to achieve scale, industrialise their products and become European platforms or strategic assets for major acquirers.
Venture capital: investment concentrated in AI and enterprise software
Las 19 rondas de venture capital de junio muestran un ecosistema activo, pero muy concentrado. Para las compañías en fase de crecimiento que valoran ampliar capital o incorporar un socio inversor, entender qué perfiles y tesis dominan el mercado es clave; en Baker Tilly acompañamos este proceso a través de nuestro servicio de search for investors and capital raising service.
Factorial led the month with a $150 million Series D funding round, at a valuation of $2.5 billion. General Catalyst led the round, alongside Atomico and Four Rivers. The company aims to accelerate its European expansion, develop artificial intelligence agents and use part of the capital for acquisitions.
Further down the list are Orbio AI, with $21 million for artificial intelligence applied to equipment management; Fossa Systems, with €9.25 million for IoT satellite connectivity Optiak, with €4 million for an AI-powered enterprise operating system; and Kalipso, with $3.2 million for regulatory technology.
The pattern is the same as in previous months: capital remains available, but it favours products linked to specific business challenges. Artificial intelligence applied to human resources, logistics, insurance, marketing, compliance or connectivity attracts funding when it demonstrates operational integration and the ability to generate a return.
What is the outlook for the tech M&A market in Spain?
June 2026 was a busier month than May in terms of the number of transactions, but less transparent in terms of value: most of the purchase prices were not made public, whilst the announced figures were concentrated on Factorial, Infraco and SETT’s strategic investments.
The main conclusion for the technology M&A market in Spain is that demand remains selective but robust. Buyers are seeking vertical software, recurring revenue streams, specialist teams, access to customers and technology integrated into critical processes. Funds continue to drive transformation and ‘buy-and-build’strategies, whilst international buyers are using Spain to acquire products, talent and access to European or Spanish-speaking markets.
For owners of technology companies, the message is clear: value does not depend solely on growth. Specialisation, revenue quality, operational independence, intellectual property and the ability to integrate into a broader platform are the factors shaping business operations in 2026. Addressing these aspects in advance, as part of the exit readinessprocess, and having an up-to-date company valuation are the steps that enable founders to enter the market in the strongest negotiating position.
Frequently asked questions about technology M&A in Spain
In June 2026, 40 technology M&A deals were recorded in Spain: 21 acquisitions, private equity investments, asset purchases or equity investments, and 19 venture capital funding rounds. Of these, 21 were cross-border and 19 were domestic, with a known value of over 500 million euros for those transactions where the price was disclosed.
GPF Partners’ acquisition of a 95 per cent stake in BeeDigital, valued at approximately 100 million euros, was the most significant private equity deal of the month. This is a secondary buyout in which Metric Capital Partners and Evolvere Capital are exiting their stakes after transforming the business into a SaaS digital marketing platform for SMEs in Spain and Latin America.
The Spanish Society for Technological Transformation (SETT) has committed more than 272 million euros to minority investments in Openchip, Multiverse Computing, Attypics Photonics and Anima Kitchent, thereby strengthening Europe’s self-sufficiency in semiconductors, quantum computing and energy-efficient artificial intelligence.
June saw more deals than May (40 compared with 36), but a lower reported value: whilst May reached a known volume of approximately 720.7 million euros thanks to several acquisitions with announced prices, in June a large part of the strategic value was hidden in private deals where the price was not disclosed.
Industrial buyers and investment funds are looking for vertical-specific software, assets generating recurring revenue, specialist teams, access to clients, and critical infrastructure integrated into specific operational processes. Having specialist M&A advisers on board helps to structure both company sale process , maximising value and minimising risks in the transaction.
