The year 2025 has marked a turning point for the Spanish technology market. Following a period of valuation adjustments and a degree of global macroeconomic caution, Mergers and Acquisitions (M&A) activity has regained momentum, demonstrating unprecedented sophistication. Against this backdrop, horizontal business software — ERP, CRM, payroll management, cybersecurity and customer experience solutions — has led the way in transactions, establishing itself as the main driver of digital business transformation in Spain.
For companies and investment funds, 2025 has been a year in which the acquisition and sale of technology companies has required not only capital, but also in-depth market knowledge and the ability to strategically integrate technology and innovation. In this context, the role of specialist M&A advisers, such as Baker Tilly, has been crucial in maximising the value of each transaction.
M&A market in Spain
Although the total number of deals in the Spanish technology sector remained slightly down, the aggregate value of transactions rose significantly. The trend has been clear: investors are seeking resilient assets with recurring revenue and proven business models.
Horizontal software has attracted particular interest from private equity (PE) funds and strategic buyers. The reason is simple: these platforms enable consolidation strategies (roll-ups) that integrate small and medium-sized enterprises (SMEs) into larger groups with broader geographical coverage, boosting both scalability and return on investment.
Milestones in the horizontal business software sector
Among horizontal solutions, ERP and business management software have led the way in strategic transactions. This consolidation has strengthened Spain’s position as a key market within Europe.
TeamSystem and the acquisition of Golden Soft
The acquisition of Golden Soft by the Italian group TeamSystem, backed by Hellman & Friedman, is a prime example. Golden Soft, with a solid track record in management software for Spanish SMEs, brings the following to TeamSystem:
- A diverse and loyal customer base across the Iberian Peninsula.
- Products tailored to local regulations are key to effective integration.
- Immediate commercial synergies, combining TeamSystem’s cloud platform and artificial intelligence (AI) capabilities with Golden Soft’s local expertise.
For TeamSystem, this deal reinforces its strategy of becoming a European leader in business digitalisation, accelerating inorganic growth in a market close to Italy. We discussed the details of this transaction in the analysis we carried out in February 2025, which covered the most significant M&A deals.
Seresco and cross-border expansion with F5 IT
Meanwhile, Seresco, a Spanish company listed on BME Growth, has acquired the Portuguese firm F5 IT, which specialises in the implementation of SAGE X3solutions. This transaction:
- This strengthens Seresco’s ability to provide consultancy and software development services in Spain, Portugal and international markets (the US and Africa).
- It highlights the importance of having specialist technical expertise and knowledge of third-party platforms.
- It enables revenue diversification and helps drive the digital transformation of customers and partners.
Venture Capital in Horizontal Software
Although the bulk of transaction volume came from private equity and corporate mergers, venture capital (VC) has been instrumental in funding the layers of innovation that will shape horizontal software in the coming years, particularly in the areas of artificial intelligence and data privacy and security.
Rauda AI: A revolution in customer support
The €2.4 million funding round for Rauda AI, led by JME Ventures and Bonsai Partners, reflects the commitment to AI applied to the automation of customer service. Its technology enables:
- Automate end-to-end interactions.
- To maintain a standard of quality that is indistinguishable from human care.
- To improve the productivity of support departments in any company, regardless of the sector.
Nymiz: Privacy as infrastructure
Meanwhile, Nymiz has raised €2 million to scale up its data anonymisation platform. Integrating privacy as a structural layer:
- It complies with strict regulations and addresses growing concerns about data protection.
- It enables businesses to unlock the value of their data securely.
- It facilitates the implementation of in-house, ethical AI models.
Why does Horizontal Software attract investment?
The sustained interest in this type of software in 2025 is based on three strategic pillars:
- Recurring revenue and resilience: ERP, CRM and payroll systems are critical tools. They ensure stable cash flow (SaaS model) and a low churn rate.
- Cross-selling opportunities: Purchasing horizontal software enables you to offer additional services such as cybersecurity, data analytics or integrated payments, thereby increasing ARPU.
- Consolidation potential: The Spanish market is fragmented, with local suppliers offering high technical quality. This creates opportunities for roll-ups, enabling the professionalisation and scaling up of existing products.
Other significant transactions include:
- Wise CX / Wayra: Omnichannel customer experience.
- Javyser / AvanSuite: ERP and document management.
- Nivel IV / zvoove: Digital identity and electronic signature.
- Central Cash / Loomis Pay: Digitalised point-of-sale and cash management systems.
The rise of Horizontal Fintech
Integrated payment and financial management solutions have been developing at a rapid pace. Initiatives such as Payli and Cofrai reflect the trend towards embedded finance, integrating financial services into companies’ operational workflows.
Companies are seeking integrated platforms that combine management, invoicing and automated financing, driving interest from venture capital investors and traditional banks in modernising their systems through strategic acquisitions.
Forecasts for 2026
An analysis of M&A activity in the horizontal software sector in 2025 reveals a mature and strategic market, where consolidation has strengthened Spain’s technological landscape.
- Private equity has created larger groups capable of competing in Europe.
- Venture capital has driven innovation in AI and cybersecurity, areas that are now integral to the software offering.
- The role of the tech M&A advisor is more crucial than ever for navigating complexities and maximising the value of transactions.
Looking ahead to 2026, consolidation is expected to continue, with a focus on operational efficiency, the deep integration of generative AI and the expansion of horizontal digital services. Spain is establishing itself as a hub for high-quality enterprise software, with international demand for technology assets showing no signs of slowing down.