The Spanish technology sector experienced a decisive turning point in 2025, especially in the Logistics Software and Transport Technology vertical. After years of accelerated digitalisation in response to changes in global supply chains, 2025 has established itself as the year of «maduración estratégica». While previous years prioritised financing any start-up that promised last-mile efficiency, this year has been notable for high-value M&Adeals, private equity-led consolidation strategies (buy-and-build) and strategic cross-border transactions.
Spain is thus strengthening its position as a European hub for logistics innovation, and M&A activity in the country demonstrates how specialist professional advice, such as that offered by Baker Tilly, has become critical to the success of these complex transactions. This analysis details the most significant transactions of 2025, their strategic drivers and Baker Tilly’s role as a leading adviser in the TMT (Technology, Media and Telecommunications) sector.
Macroeconomic outlook: consolidation and buy-and-build
Throughout 2025, the technology M&A market in Spain shifted from a focus on speculative growth to the creation of sustainable value. Investors have prioritised integrated ecosystems, market-leading companies and platforms with the capacity to scale internationally..
One of the most notable trends has been the entry of international private equity funds into the Spanish mid-market. Logistics software companies (SaaS, TMS and fleet management) have become strategic targets for consolidating the sector, through the integration of innovative start-ups with established local firms. This buy-and-build strategy enables the creation of regional leaders capable of competing on a pan-European scale and generating sustainable returns for investors.
Baker Tilly, leaders in technology M&A advisory services
In 2025, Baker Tilly established itself as the most active advisor in the TMT sector, connecting local founders with international investors and facilitating complex M&A, private equity and venture capital transactions.
Baker Tilly’s expertise enables entrepreneurs and investment funds to:
- Optimise the timing of operations.
- Maximising value creation in mergers and acquisitions.
- Implement buy-and-build strategies and cross-border expansion.
- Manage minority shareholdings and hybrid funding rounds.
This comprehensive approach has cemented Baker Tilly’s reputation as a leading advisor on the sale and acquisition of technology companies in Spain.
Key M&A and private equity deals in 2025
2025 has been marked by strategic moves that have shaped the landscape of the Spanish logistics software sector. Notable among these are high-value transactions involving corporate acquisitions, financing and international expansion.
Alerce and Localizalia: consolidation through a buy-and-build strategy
In December 2025, Alerce, a leader in TMS and fleet management, acquired Localizalia with backing from Oakley Capital.
- Strategy: Integrate Localizalia’s technology into the Alerce suite to provide complete visibility across the supply chain.
- Value: Higher operating margins and retention of strategic clients. This transaction is a prime example of buy-and-build, combining local expertise with technological innovation.
Moova acquires Vonzu: reverse cross-border expansion
In April, the Argentine logistics group Moova acquired the Spanish start-up Vonzu, which specialises in SaaS-based last-mile orchestration.
- Strategy: To incorporate advanced Spanish technology with a view to replicating it in Latin America.
- Value: Vonzu’s modular architecture facilitated integration into global operations, strengthening Moova’s position as an international player in digital logistics.
Uber and Auro Travel: strategic investment in data and software
In February, Uber acquired a 30% stake in Auro Travel for €180 million.
- Strategy: To ensure access to fleet management software and private hire licence data, thereby strengthening Uber’s position in Spain.
- Context: This trend reflects the rise of super-apps, where the integration of infrastructure and software has become a key competitive advantage.
BusUp: procurement and financing for corporate mobility
BusUp made a name for itself in 2025 with the acquisition of Iomob (Estonia) and a €2.84 million funding round led by True Global Ventures.
- Objective: To transform its bus-sharing service into a Mobility as a Service (MaaS) platform, integrating trains, scooters and buses into a single ecosystem.
- Impact: Positions BusUp as a leader in corporate mobility and sustainability solutions (ESG criteria).
Venture capital fuels innovation in logistics
Whilist M&A dominated the headlines, the venture capital ecosystem continues to drive innovation in logistics and SaaS software. In 2025, investment focused on supply chain digitalisation, last-mile solutions and micro-fulfilment.
- Cloudtainer (€0.22 million): IoT container tracking is key in the face of volatility in the shipping industry.
- Tennders (€0.10 million): Transparency in road transport through digital platforms.
- Stowlog (€1.00 million): Warehouse and inventory management software, helping SMEs to digitise their internal operations.
- Ubyko (€0.45 million): Technology for micro-fulfilment and urban dark stores.
- Normo: Smart lockers combining access control and OOH delivery.
These investments reflect a robust, specialised ecosystem focused on vertical niches, which is key to the development of highly competitive logistics solutions.
Key drivers behind the boom in M&A activity in logistics software
A number of factors have come together in 2025 to create a dynamic and strategic market:
- The Amazon Effect and the survival of SMEs: Spanish SMEs need logistics software to remain competitive, which is driving demand for SaaS solutions and making companies such as Vonzu and Stowlog attractive targets for major players.
- ESG and decarbonisation: Private equity firms place a high value on efficiency in transport and corporate mobility, encouraging investment in software that optimises routes and reduces emissions.
- Niche specialisation: There is a demand for specialised logistics software, not generic ERP systems. Example: Kaazar Capital has invested in BigBuy, which combines e-commerce with specialised logistics.
Spain as a global logistics hub
Spain has established itself as a strategic hub for logistics software, thanks to its geographical location and technological ecosystem. The presence of international buyers such as Uber (EE. UU.), Moova (Argentina) and Kaazar Capital (Reino Unido) confirms that the sector is no longer confined to the domestic market but has the potential to expand internationally.
Furthermore, local investors such as Sodena and specialist funds (Eoniq Fund) support a multi-tiered ecosystem, enabling start-ups to progress from seed rounds to strategic exits backed by private equity, all within Spain.
Lessons from 2025 and outlook for 2026
2025 has shown that Spanish logistics software has moved beyond the ‘hype’ phase and entered a period of value creation and genuine consolidation.
Key points for 2025:
- Private equity as a driving force: Alerce/Localizalia sets the standard for the buy-and-build model.
- Cross-border as the norm: Over 50% of major transactions involved international players.
- Excellence in advisory services: Complex transactions require financial and strategic expertise; Baker Tilly has established itself as a leading authority in this field.
Looking ahead to 2026, the integration of artificial intelligence and predictive analytics into the logistics platforms acquired in 2025 will be key. Companies now have the scale and data to implement autonomous routes and last-mile optimisation solutions, consolidating Spain’s position as a European hub for logistics software and technology M&A.