El M&A tecnológico en España registró 44 operaciones identificadas in July 2026: 25 of these were acquisitions, mergers, some investments (private equity), joint ventures or equity investments, whilst 19 were venture capital funding rounds; 21 transactions were cross-border and 23 were domestic.
The amount reported in the database totals 115.6 million euros. When the 5 million fixed-price deal announced in knowmad mood’s acquisition of MuniConS is included, the visible volume exceeds 120 million euros, although 24 transactions remained without a publicly disclosed valuation. July saw more deals than May (36) and June (40), but was dominated by private mid-market transactions without a public price, a common pattern in the technology company acquisition market when the buyer prioritises confidentiality over the size of the asset.
This strategic analysis is consistent with the trends observed throughout 2026: industrial buyers and private equity funds are seeking assets that offer technology integrated into critical processes, specialised equipment, access to customers, recurring revenue and a geographical presence. Access control, digital identity, applied artificial intelligence, contact centres, retail media and logistics were the main areas of investor interest throughout the month.
A quantitative analysis of the market for the sale and purchase of technology companies in July 2026
The 44 transactions identified in July involved a range of different structures for the sale and purchase of technology companies, from full acquisitions to minority investments and mergers of equals:
| Variable | Data |
|---|---|
| Transactions analysed | 44 |
| M&A, private equity, mergers and shareholdings | 25 |
| Venture capital funding rounds | 19 |
| Cross-border operations | 21 |
| Domestic operations | 23 |
| Amount reported | €115.6 million (€120 million incl. MuniConS) |
| Transactions not subject to public valuation | 24 |
Unlike May and June, July was not characterised by a single major transaction with a publicly disclosed price. Its significance lies in the quality of the assets and the diversity of the structures involved: outright acquisitions, minority investments, and phased mergers and acquisitions through progressive call options.
Private equity: Salto Systems, Madrid Artes Digitales and new consolidation platforms
The shareholding restructuring at Salto Systems was the most significant private equity deal of the month. A group led by Inflexion agreed to acquire approximately 30 per cent of the company, whilst the founders will retain 67 per cent and several investors will reinvest.
Salto, based in Oiartzun, provides a global electronic access control platform serving more than 15,000 customers in 160 countries and employing 1,850 people. Inflexion aims to support the company’s international expansion, particularly in North America, and its growth through further acquisitions. The deal demonstrates how minority private equity can provide capital, internationalisation and a ‘buy-and-build’ capability without displacing the founding team – an increasingly common approach in company sales where the founder wishes to remain involved in the business.
Nazca Capital, through Nazca Oportunidades 2025 II, has acquired a majority stake in Madrid Artes Digitales. MAD combines cultural content, immersive technology and an international licensing model; its productions have already been staged in more than 20 venues across ten countries. Nazca will support the development of in-house productions, the expansion of the international licensing network and the selective opening of permanent venues. The value lies in intellectual property that can be scaled up through an asset-light model.
It also highlighted the acquisition of DKL by Linkroad, a Portuguese platform backed by Henko Partners. DKL brings together data engineering, artificial intelligence, GenAI, cloud architecture and scalable software, with a particular focus on the energy, industrial, retail, mobility and public sectors. For Linkroad, the deal is a bolt-on acquisition that expands its high-value capabilities and strengthens its access to the Spanish market; for Henko, it forms part of a strategy to build an Iberian platform for technology services.
In the cloud communications sector, Enreach, in which Waterland holds a stake, has acquired Numintec from Telavox. The Barcelona-based company brings two decades of experience in Contact Center as a Service and a team of 60 professionals. The ‘buy-and-build’ approach combines a European scale with local knowledge, implementation and client relationships in Spain.
Industrial buyers: technology to expand product range, customer base and geographical reach
Altia acquired 100 per cent of Ednon for 9.85 million euros, plus an earn-out of up to 2.795 million linked to the business plan for 2026 and 2027. Ednon generated revenue of 18.2 million in 2025, with an EBITDA of 1.8 million, and employs 140 professionals specialising in data governance, cybersecurity, infrastructure, managed services and systems integration. The acquisition strengthens Altia’s national footprint and adds capabilities sought after by clients in the healthcare, retail, justice, banking and public sector sectors.
Vusion agreed to acquire In-Store Media to accelerate the creation of a retail media platform within physical shops. The Barcelona-based company brings with it relationships with 90 retail chains and over 1,600 brands, a presence in nine countries and projected revenue of approximately 120 million euros by 2025. Vusion thus gains the commercial and operational expertise needed to monetise its connected-store infrastructure, closing the loop between advertising exposure, interaction and purchase.
The merger of Fourthline and Veridas addresses another structural priority: digital identity, biometrics and regulatory compliance in the face of rising AI-enabled fraud. Fourthline brings KYC and AML orchestration capabilities to northern and central Europe; Veridas adds its own biometric and anti-fraud technology, as well as a presence in southern Europe, the United States and Latin America. The combined entity expects to operate in more than 50 countries and carry out 115 million verifications by 2026.
InfoJobs acquired Viterbit to expand its offering from recruitment services to operational recruitment software. Viterbit automates the search, selection and recruitment processes, whilst maintaining independent teams, products and operations. The transaction moves Infojobs towards workflow software with greater recurring revenue and daily usage.
knowmad mood acquired 100 per cent of MuniConS for a fixed sum of 5 million euros, plus an incentive contingent on meeting the business plan targets up to 2028. The German firm brings with it more than 60 professionals, expertise in SAP, Salesforce and Veeva, and a delivery subsidiary in India. The aim is to strengthen its presence in Germany and gain specialist expertise in industry, insurance and life sciences.
Var Group initially acquired a 19 per cent stake in Solver Machine Learning, with options to gradually increase its holding to 100 per cent. Solver brings predictive models, GenAI, computer vision and a scientific team from the Polytechnic University of Valencia. The phased structure reduces integration risk and keeps the founders involved – an approach which, when seeking investors or raising capital, allows the fit to be assessed before full integration takes place.
Lyngsoe and CodeOne: an Iberian transaction advised by Baker Tilly
Lyngsoe acquired CodeOne with Baker Tilly Tech M&A acting as the buyer’s exclusive financial adviser; this is one of the deals that best illustrates the role of M&A advisers specialising in cross-border technology transactions.
CodeOne develops software, RFID, warehouse mobility, voice-enabled order picking, traceability, and solutions for identification and automatic data capture. It operates in Portugal and Spain and will continue under its current brand and management structure. The transaction strengthens Lyngsoe’s presence in southern Europe: CodeOne brings local knowledge, commercial relationships and the ability to deliver quickly; Lyngsoe adds international scale, expertise in real-time tracking and access to sectors such as logistics, healthcare, postal services and the supply chain.
This deal illustrates a well-established trend within the Iberian technology M&A sector: acquiring a local company for its product and its ability to implement and maintain critical solutions close to the customer. You can find out more details here about the acquisition, on which Baker Tilly acted as adviser.
Other operations: selective consolidation in the software, media and telecommunications sectors
The rest of the month reinforced this same trend towards sectoral consolidation. BMAT acquired 100 per cent of Metro Media System to consolidate its position in music and advertising monitoring in Italy; Havas acquired MUT and Alfa Media Partners bought Coonic in the communications and marketing sector; Contents.com acquired Balio to incorporate financial wellbeing; Celver bought Gesico in the satellite connectivity sector; Libera Telecom integrated Myplay into automated sports broadcasting; and PagoNxt acquired 100 per cent of MITEC México after purchasing the remaining 30 per cent for 31.2 million euros.
Furthermore, Badi and Caterina acordaron fusionarse para combinar tecnología, marca y operación en vivienda flexible; ACCIONA took the 50% from Ignis Data Epta and Estribo Solar, conectando infraestructura de data centres y energía; y Andersen España and 1MillionBot crearon Legit & Legal Intelligence para desarrollar soluciones de IA con cumplimiento incorporado desde el diseño.
El M&A tecnológico se amplía así hacia modelos híbridos de software, infraestructura, contenido y servicios, confirmando que la compraventa de empresas tecnológicas en España ya no se concentra en un único vertical.
Venture capital: la inteligencia artificial concentra el capital
Las 19 rondas de venture capital de julio sumaron aproximadamente 58,6 millones de euros conocidos. El volumen se concentró en inteligencia artificial, cloud soberano y automatización empresarial.
Sherpa.ai lideró el segmento con 18 millones de dólares para acelerar una plataforma de IA segura y soberana, acompañada por Forgepoint Capital, Mundi Ventures, Ekarpen, Allegra Holdings y SETT. Cognitfy anunció una Serie A de 15 millones de dólares para sistemas agénticos dirigidos a pymes. Atomic One cerró 5,6 millones de euros para desarrollar un sistema operativo de agentes de IA para comercio electrónico, mientras Kumori Systems obtuvo 3 millones para infraestructura cloud soberana.
También recibieron financiación Flyboard, PageMind, Eleva AI, MITO AI and SoccerSolver, confirmando que el mercado premia aplicaciones de IA vinculadas a procesos concretos y medibles. Fuera de la IA generativa, las rondas de Arq Quantum Technologies, 8Layers, ART Technologies, CoCircular, Sensesbit, Tokenized Green, Feending e Inversiva muestran un ecosistema diversificado en comunicaciones cuánticas, identidad digital, visión hiperespectral, economía circular y fintech.
El venture capital continúa activo, pero exige diferenciación, tracción y aplicación sectorial: para las compañías en fase de crecimiento, entender qué perfiles de inversor dominan cada nicho es clave a la hora de plantear una ampliación de capital.
Perspectivas para el M&A tecnológico en España
Julio confirma que el mercado español de compraventa de empresas tecnológicas mantiene profundidad incluso cuando el volumen publicado desciende. El mes se apoyó en operaciones de mid-market, compras transfronterizas y estructuras flexibles de capital privado.
Los compradores siguen valorando cinco atributos: especialización sectorial, propiedad intelectual, equipos difíciles de replicar, acceso a clientes y capacidad de integración. Para los propietarios de empresas tecnológicas, la conclusión es relevante: una compañía resulta más atractiva cuando puede demostrar que su tecnología resuelve procesos críticos, que el negocio funciona con autonomía y que existe una vía clara para generar sinergias dentro de una plataforma mayor.
El pipeline de 2026 sugiere que el capital privado continuará impulsando ‘buy-and-build’ y operaciones minoritarias de crecimiento, mientras los compradores industriales seguirán utilizando adquisiciones para acelerar su entrada en nuevos mercados y categorías.
La preparación anticipada, la calidad de la información financiera, la claridad sobre la propiedad intelectual y la continuidad del equipo seguirán siendo determinantes para maximizar el valor en una operación. Trabajar estos aspectos con antelación, dentro de un proceso de preparación de venta de una empresaprocess, and having an up-to-date company valuation are the steps that enable founders to enter the market in the strongest negotiating position.
Preguntas frecuentes sobre el M&A tecnológico en julio de 2026
En julio de 2026 se identificaron 44 operaciones de M&A tecnológico en España: 25 correspondieron a adquisiciones, inversiones de capital privado (private equity), fusiones o tomas de participación, y 19 a rondas de venture capital. Veintiuna operaciones fueron cross-border y 23 domésticas, con un importe comunicado de 115,6 millones de euros, cifra que supera los 120 millones al sumar los 5 millones fijos de la compra de MuniConS por knowmad mood.
La entrada de Inflexion como inversor minoritario en Salto Systems fue la operación de capital privado más representativa de julio. El grupo liderado por Inflexion adquirió aproximadamente el 30% de la compañía de control de accesos, con sede en Oiartzun y presencia en 160 países, mientras los fundadores conservan el 67% del capital. La operación combina capital, internacionalización y capacidad de ‘buy-and-build’ sin desplazar al equipo fundador.
Julio destacó por el interés en control de accesos, identidad digital y biometría, inteligencia artificial aplicada, contact centers, retail media, logística y cloud soberano. La fusión de Fourthline y Veridas en identidad digital, la adquisición de Salto Systems por Inflexion en control de accesos y la entrada de Vusion en In-Store Media para retail media ilustran esta concentración sectorial.
Julio registró más operaciones que mayo (36) y junio (40), alcanzando 44 transacciones, aunque el importe económico visible fue inferior al de ambos meses. La razón principal es que 24 de las 44 operaciones analizadas no publicaron precio, por lo que buena parte del valor estratégico del mes quedó oculto en transacciones privadas de mid-market.
Los compradores valoran cinco atributos al evaluar la compraventa de empresas tecnológicas: especialización sectorial, propiedad intelectual, equipos difíciles de replicar, acceso a clientes y capacidad de integración dentro de una plataforma mayor. Contar con asesores M&A especializados ayuda a preparar tanto procesos de venta de empresas como de acquires, maximizando el valor y reduciendo riesgos durante la negociación.
