Consolidation, international expansion and a commitment to artificial intelligence set the pace for July. More than 40 significant transactions were recorded, including financing rounds, acquisitions by industrial groups, private equity funds and strategic mergers. This analysis delves into the most significant transactions, highlighting the strategic objectives of the buyers, the differential value of the targets and emerging trends in the sector.
Domestic consolidation: focusing on critical capabilities
Etra acquires Cad&Lan (Madrid)
Strategic objective: strengthen capacities in digital infrastructure and communications.
Cad&Lan, which specialises in networks and connectivity solutions, is merging with Etra, part of the Cobra Group. This merger strengthens Etra's comprehensive offering in smart city and mobility solutions, adding expertise in critical communications for industrial and public environments.
Enagás takes full control of Axent (Madrid)
Purpose of the operation: securing critical telecommunications infrastructure.
Axent is a key player in wholesale connectivity. Enagás, through its technology services subsidiary, is increasing its stake to 100% for €37.5 million. This move responds to the need to strengthen the digital backbone in the context of energy transition and decarbonisation.
Iridium (ACS) acquires 75% of Benbros DC (Zaragoza)
Purpose of the acquisition: positioning in data infrastructures.
Benbros DC is leading the development of a 150 MW data centre, one of the most important in the country. The operation is part of ACS 's commitment to resilient digital infrastructure, which is key to attracting investment linked to artificial intelligence and cloud computing.
International expansion through the acquisition of strategic targets
Loomis Pay acquires Central Cash and Sighore (Catalonia)
Strategic objective: build a comprehensive payment platform for the hospitality industry.
Central Cash develops software for hospitality management and Sighore specialises in point-of-sale systems. The double acquisition allows Swedish-based Loomis Payto accelerate its expansion into the Spanish market with an offering tailored to the hospitality sector. Both firms contribute proprietary technology and a consolidated commercial network.
ITV Studios acquires Plano a Plano (Madrid)
Purpose of the operation: increase local content production capacity
The British ITV Studios acquires a majority stake in Plano a Plano, one of the leading Spanish-language television drama production companies. This transaction reinforces ITV's international expansion strategy and its commitment to Spanish-language content for global audiences.
ROUVY acquires BKOOL (Madrid)
Purpose of the acquisition: complement products and consolidate leadership in indoor cycling.
BKOOL is a pioneer in virtual cycling simulators. ROUVY, from the Czech Republic, adds complementary technology and access to key markets such as Spain and Latin America. The transaction highlights the maturity of the fitness-tech segment and the convergence between sport and augmented reality.
Strategic moves: Buy & Build and Private Equity
Plain Concepts acquires Apium Hub (Barcelona)
Strategic objective: first inorganic acquisition in its expansion plan.
Apium Hub provides specialised talent in agile development and software architecture. Plain Concepts, owned by ABE Capital Partners, launches a roll-up strategy to consolidate capabilities in consulting and advanced technology services.
Queka Real Partners acquires Smartgroup, B2com and Datos 101
Purpose of the operation: to create a national platform for hosting and telecommunications services.
The three acquired companies provide complementary solutions in storage, connectivity, and business solutions. The transaction, based on an integration thesis, seeks to scale operational and commercial synergies.
Nazca Capital acquires Teltronic from Hytera (China)
Purpose of the transaction: to nationalise critical communications capabilities.
Nazca has acquired 100% of Teltronic for €75.8 million. The company specialises in communication systems for emergencies and security. The transaction is significant due to its geostrategic component: a key company in technological defence, previously in Chinese hands, is being repatriated.
Apollo Global Management acquires 30% of Tradeinn (Girona)
Strategic objective: minority stake with growth potential.
Tradeinn, a leader in sports e-commerce, receives a €200 million investment from Apollo, in a transaction involving the exit of Suma Capital. The focus is on non-controlling growth, but with a vision of international expansion and operational improvement.
Acquisitions to improve specific capabilities Tech and vertical Software
Algorithmia acquires Olivia (Barcelona)
Purpose of the operation: to expand ERP capabilities.
Olivia, which specialises in Microsoft Dynamics solutions, enables Algorithm to integrate more services into its digital transformation portfolio. The operation strengthens its position in enterprise softwareThis acquisition follows the integration of Algoritmia with TVH Consulting in 2023. Baker Tilly acted as advisor for the sale of Algoritmia in this transaction.
Cuatroochenta acquires MP Services (Barcelona)
Purpose of the transaction: expansion into cybersecurity for digital payments.
MP Services develops anti-fraud solutions. The acquisition strengthens Cuatroochenta s offering in financial software and compliance, critical areas for corporate clients and public administrations.
Idealista acquires Certicalia (Zaragoza)
Strategic objective: to strengthen its real estate services ecosystem.
Certicalia offers technical certificates and online procedures. Its integration reinforces Idealista 's position as a value-added platform, beyond just an advertising portal.
Venture Capital in AI, sustainability, and augmented reality
Murphy AI raises 15 million
Purpose of the operation: to scale automated payment platform using artificial intelligence.
Barcelona-based Murphy AI received support from funds such as Northzone and SeedCampTheir solution enables the management of collections in sectors with high default rates, applying machine learning models to maximise recovery rates.
ODOS raises 0.68 million with support from CAPSA and Angels Capital
Strategic objective: to promote agri-food sustainability software.
Based in Valencia, ODOS develops solutions to measure and manage the environmental impact of the agricultural value chain. It reflects the growing importance of climate tech and the digitalisation of sustainability.
ARfuture closes funding round with Eoniq Fund
Negotiation objective: to xpand AR and AI solutions for marketing.
ARfuture, based in Madrid, uses augmented reality to create immersive experiences. The capital received will be used to accelerate national and international expansion in sectors such as retail and events.
Other remarkable transactions
- Grupo Godó acquires Layers of Reality (XR content production).
- Havas Group acquires Tidart (digital marketing focused on performance).
- Sngular invests in CrossPoint 365, integrating consulting on Microsoft.
- Helsing acquires Keybotic, an autonomous robotics startup with industrial applications.
- Econocom strengthens its presence in Spain with the acquisition of Avanzia, audiovisual integrator.
Trends and reflections M&A in Spain
1. Digital infrastructure as a strategic asset
Data centres, connectivity and critical software are at the centre of investors' attention. The commitment to technological resilience, edge computing and cloud is driving acquisitions such as those of Benbros DC, Ikusi or Teltronic.
2. Buy-and-build companies with a focus on consolidation
Companies such as Plain Concepts, Cuatroochenta or Queka Real Partners implement clear aggregation strategies. The aim is to create national champions in niches such as software, telecommunications, and IT services.
3. Venture Capital: focus on AI, sustainability, and specialisation
The startups that raised capital in July have a strong technological component applied to specific sectors (legaltech, foodtech, fintech, EH&S). Solid technical teams and proposals with a global vision are highly valued.
4. The role of international capital as a catalyst
Funds such as Apollo, Upliift, Northzone or Loomis Pay not only provide capital, but also strategic vision and access to global networks. Transactions with foreign investors continue to grow, especially in software and e-commerce.
Spain consolidates its appeal as a technology hub
July 2025 confirmed the dynamism of the Spanish technology ecosystem. The transactions analysed reveal a maturing market, with local strategic buyers gaining prominence, international investors betting on quality and talent, and startups capable of competing in critical sectors such as AI, sustainability, and communications.
Acquisitions are not driven by passing trends, but rather by a logic of integration, scale, and international competitiveness. Spain is positioning itself as a hub for applied technology with an operational focus, from Zaragoza to Seville, from Barcelona to A Coruña.
Baker Tilly's Tech M&A practice is dedicated to connecting growing technology and digital companies with strategic buyers and investors. Whether you are organising a new round of financing, considering a purchase or the sale of a business, or looking to expand your business or seeking to enter new markets, our team offers solid industry experience and global reach to carry out successful transactions.