The technology mergers and acquisitions market in Spain underwent a significant structural change in 2025. After several years dominated by transactions involving software, digital platforms and SaaS models, the focus of investment has shifted towards industrial technology or Industrial Tech.
This move reflects a clear trend in the market: the technological reindustrialisation of Europe and the need to develop in-house capabilities in strategic areas such as semiconductors, advanced electronics, industrial automation and smart energy networks.
In this context, M&A in the Industrial Tech sector in Spain has established itself as one of the most significant drivers of investment this year, with transactions led by large industrial corporations, private equity funds and international buyers interested in acquiring specialised technology companies.
From the perspective of echnology M&A advisors, these transactions show how the Spanish mid-market is transforming into a key ecosystem for the development of critical hardware, advanced electronics, and digital industrial solutions.
Baker Tilly: best tech M&A advisors
In this scenario of increasing transactional activity, the role of advisors specialising in the sale and purchase of technology companies is essential.
In 2025, Baker Tilly has consolidated its position for the third consecutive year as one of the leading advisors in technology M&A transactions in the Iberian mid-market, according to the Transactional Track Record (TTR) rankings.
The firm particularly excels in transactions within the Technology, Media and Telecommunications (TMT) sectors, advising on both the sale of technology companies and strategic acquisitions, including cross-border transactions with industrial buyers and international funds.
This positioning reflects the growth of Tech M&A activity in Spain, especially in segments such as Industrial Tech, B2B software, deep tech and technological infrastructure.
The rise of semiconductors and power electronics
One of the main drivers of technology M&A in 2025 has been the interest in developing European capabilities in semiconductors and advanced electronics, a strategic sector following tensions in global supply chains.
Ideaded: strategic expertise in microchips
One of the most significant transactions of the year was the Escribano Mechanical & Engineering and the Sociedad Española de Transformación Tecnológica (SETT) acquisition of shares by Ideaded.
This investment responds to a dual strategic rationale:
- Strengthening the technology supply chain in Spain
- Development of national capabilities in industrial chip design and manufacturing
Ideaded brings a particularly valuable asset: intellectual property in semiconductor design for industrial applications and power electronics, a key segment for sectors such as defence, energy and electric mobility.
Semi Zabala and GaN technology
Another noteworthy transaction is the investment by Corporación Mondragón and Fagor in Semi Zabala, a company specialising in radiation-resistant gallium nitride (GaN) semiconductors. This type of technology is particularly relevant for applications in the aerospace industry, advanced energy systems and high-reliability industrial electronics.
The transaction reflects how large Spanish industrial groups are investing in acquiring specialised technological capabilities to compete in high value-added global markets.
Consolidation in industrial services and technological infrastructure
The Industrial Tech ecosystem is not limited to hardware alone. It also includes highly specialised industrial services, which are attracting growing interest from private equity.
Aspen Infrastructure Group acquires Imparesa
The acquisition of Imparesa by Aspen Infrastructure Group exemplifies this trend. The objective of the investment is to build a leading platform in critical infrastructure services, combining maintenance solutions, predictive maintenance, specialised technical maintenance and industrial asset digitalisation.
For investors, these types of companies offer very attractive features:
- recurring contracts
- strong relationship with industrial customers
- high technical barriers to entry
International buyers acquire Spanish industrial technology
International interest in Spain's industrial technology ecosystem has continued to grow in 2025.
Many multinationals are identifying companies in the Spanish mid-market with unique technological capabilities that complement their global platforms.
Cicor buys MADES
Swiss group Cicor acquired MADES (Manufacturing and Design Electronics Services) to strengthen its position in the European advanced electronics manufacturing (EMS)market. MADES provides critical capabilities in electronic design, high-precision manufacturing, and certifications for the aerospace and defence sectors.
This acquisition enables Cicor to position itself to capture the expected growth in the European aerospace, defence and industrial electronics industries.
Assa Abloy merges with Calmell
Another significant transaction was the acquisition of Calmell by Swedish multinational Assa Abloy, a global leader in access solutions. Calmell specialises in smart cards, ticketing systems and secure physical identity solutions.
The transaction reinforces Assa Abloy's strategy of integrating physical security and digital identity, a market experiencing strong growth in transport, smart cities and access control.
Energy and electrical networks: strategic acquisitions by Arteche
The energy transition is also driving M&A in industrial technology.
In this context, the Arteche group has made several acquisitions to strengthen its technological offering for smart grids, notably RTR Energía and AMET-Power. These operations enable Arteche to expand its portfolio of power components and power quality solutions, technologies that are essential for:
- Integration of renewable energies
- Industrial electrification
- Electricity network stability
Private equity and the buy-and-build strategy in industrial tech
Private equity has been one of the most active players in technology M&A in Spain during 2025, driving sector consolidation strategies.
Henko Partners and the Attlon platform
A representative example is Henko Partners, which has promoted the Attlon platform in the electronic security sector through the integration of Electro Alavesa.
The strategy follows the classic buy-and-buildmodel, which consists of:
- Acquiring a base company or 'platform'
- Subsequently integrating complementary companies
- Creating a larger-scale national leader
The industrial and electronic security sector in Spain remains highly fragmented, offering clear opportunities for consolidation.
Venture Capital and the future of industrial hardware
Although M&A and private equity transactions have accounted for the largest volume of investment, venture capital continues to play a key role in financing the next generation of Industrial Tech companies.
Among the most interesting transactions are:
- Floatech and Nanopower, with investment from BigSur Ventures in efficient power electronics
- iPrionics, a technology spin-off that has attracted international investment
- Quantix Edge, focused on cybersecurity for industrial edge computing
These investments point to a clear trend: the convergence of industrial hardware, artificial intelligence and edge computing, which is likely to generate new opportunities for buying and selling technology companies in the coming years.
Otras operaciones relevantes en Industrial Tech
The Spanish Industrial Tech ecosystem has also seen numerous niche acquisitions that strengthen the industrial value chain. Among these, the following stand out:
- Skandacor acquires Bagel Systems, consolidating capabilities in industrial machinery
- Quantum acquires assets from BCN3D, strengthening its position in industrial 3D printing
- Finkatuz promotes industrial consolidation with Innometal and Ohmia Electronics
These operations reflect the diversity of Spain's industrial technology sector, which includes companies in electronics, advanced manufacturing, metallurgy and automation.
Outlook for Industrial Tech M&A in Spain for 2026
An analysis of M&A activity in the industrial tech sector in Spain during 2025 reveals three major structural trends:
1. Hardware returns to the centre of technological investment
After years dominated by software, investors are rediscovering the strategic value of semiconductors, advanced electronics and technology manufacturing. European technological sovereignty has become a clear investment thesis.
2. Spain consolidates its position as an industrial technology hub
Operations carried out by companies such as Ideaded, MADES, and Calmell position Spain as a centre for technological development and manufacturing in southern Europe.
3. Consolidation of the technology mid-market
Many Spanish industrial technology companies are evolving from family structures to platforms backed by private equity and integrations into global industrial groups.
The role of the specialist advisor in technology M&A
In an increasingly technical and competitive market, having specialised technology M&A advisors is key to maximising value in the purchase or sale of technology companies.
Our advisors have sector knowledge in technology and industrial tech, as well as experience in international operations and access to strategic buyers and investment funds.
Looking ahead to 2026, the market is expected to continue accelerating, driven by trends such as Industrial AI, factory digitisation, industrial electrification and technological security. Everything points to Industrial Tech remaining one of the most active segments of technology M&A in Spain, consolidating the country's role within the European technology ecosystem.