Notable technology M&A deals in Spain | September 2026 Analysis

El Technology M&A in Spain totalled 61 identified transactions in September 2026, the highest figure in the monthly series we have been publishing since May. Of these, 41 were acquisitions, private equity investments, asset purchases, joint ventures or equity investments, and 20 were venture capital funding rounds. 60.7 per cent of the transactions (37) were cross-border.

The total value reported stood at 463.77 million euros, although 40 transactions did not disclose their value. Mergers and acquisitions involving technology companies were concentrated in vertical software, cybersecurity, artificial intelligence, process automation and critical technology services. The M&A advisers at Baker Tilly Tech M&A were involved in five of the month’s transactions: Havant/Olsa Informática, Allurity/4Elitech, Studibo/Valladares Ingeniería, Studibo/INGHO and Invelon/byAR.

An overview of M&A activity in the technology sector in September 2026

The 61 transactions in the dataset analysed are broken down as follows:

60.7 per cent of the transactions were cross-border (37 cross-border compared with 24 domestic), reflecting both international buyers’ interest in Spanish technology assets and the activity of Spanish groups in other markets. In 42 of the 61 transactions, the target company was based in Spain.

By sector, information technology accounted for 36 transactions and business services for 12. IT consultancy, software development and technology outsourcing were the most active segments.

What does the sum of 463.77 million euros cover?

The aggregate figure does not correspond to the volume of corporate mergers and acquisitions. It includes €227 million from Atresmedia’s divestment of Fever and €199.4 million in venture capital funding. Excluding these two items, the remaining transactions for which figures have been disclosed total around €37 million.

September compared with previous months

September clearly outperforms the previous months in the series: 18 transactions in August 2026, 44 in July and 40 in June. Given the differences in coverage and classification between samples, the comparison should be interpreted with caution.

Methodological note: the statistics relate to the 61 transactions in the list analysed. Olsa Informática and Valladares Ingeniería have been included in the qualitative analysis due to their relevance and the advice provided by Baker Tilly, but they do not appear on that list and are not included in the calculations.

Private equity and buy-and-build in European technology platforms

Private equity was involved in 11 deals in September. The funds prioritised companies with recurring revenue, technical expertise and the capacity to grow through further acquisitions (add-ons), in line with the ‘buy-and-build’ strategy.

If you’d like to find out more about acquisitions, here’s a guide in which we discuss how an SME can grow by acquiring other companies.

Havant and Argos Fund acquire Olsa Informática with advice from Baker Tilly

Havant, in which Argos Fund holds a majority stake, acquired the Italian company Olsa Informática. Baker Tilly Tech M&A acted as exclusive financial adviser to Argos Fund and Havant.

Olsa Informática, founded in 1976, specialises in document management, Business Process Outsourcing (BPO), digital preservation and electronic invoicing. It is Havant’s sixth acquisition since Argos became the majority shareholder and expands its capabilities in Intelligent Document Processing, automation, data governance and artificial intelligence.

The two companies already had an existing commercial and technological relationship. Olsa brings Havant an established client base and specialist expertise. The deal highlights the appeal of business software linked to critical processes, where technological integration and stable client relationships create barriers to entry and opportunities for cross-selling.

Studibo and IceLake enter the Spanish market with Valladares Ingeniería and INGHO

The European group Studibo, backed by IceLake Capital, entered the Spanish market with two complementary acquisitions, both of which involved Baker Tilly.

The first was the acquisition of Valladares Ingeniería, a Madrid-based company founded in 1999 and specialising in comprehensive building engineering. Valladares brings around 180 professionals and expertise in structural engineering, MEP installations, sustainability, energy certification and BIM methodology. Baker Tilly advised Studibo and IceLake on the transaction.

The second was the acquisition of INGHO Ingeniería y Facility Management, a Málaga-based company specialising in hospital engineering, installations and building management, with over 40 professionals. Baker Tilly acted as exclusive financial adviser to INGHO and its shareholders,, who retain a reinvested stake in the platform.

With these two transactions, Spain has become Studibo’s seventh European market. This is a clear example of the private equity strategy: to build an international platform by bringing together specialist local companies, whilst preserving their technical expertise and expanding commercial opportunities.

Green Eagle Solutions, Derten and other private equity firms

Copilot Capital acquired a majority stake in Green Eagle Solutions, a Madrid-based company that develops software for the autonomous operation of wind turbines. Its technology optimises the operation of renewable energy assets, a market in which automation and operational efficiency are becoming increasingly important. For Copilot, this represents a commitment to the international expansion of a vertical software company specialising in energy.

In the cybersecurity sector, B2Groupbacked by Queka Real Partners, acquired Derten, a Vitoria-based company specialising in managed services, cloud computing, IT infrastructure and digital security. AXAITRA, in which Greenpeak Partners holds a stake, acquired Innovate and expanded its expertise in Microsoft Security, identity protection and detection and response services.

Rounding off this section are Talde Private Equity’s investment in Grupo Dilus, Everfield’s acquisition of Retain Technologies, and ABE Capital Partners’ purchase of a majority stake in BIGSEO.

These transactions confirm private equity’s interest in medium-sized technology companieswith sector-specific expertise and the capacity to integrate into larger-scale platforms.

OT cybersecurity: Allurity acquires 4Elitech with advice from Baker Tilly

Allurity, through its subsidiary Aiuken Cybersecurity, acquired 4Elitech with the advice of advisers from Baker Tilly Tech M&A.

4Elitech, based in Alcalá de Henares, specialises in industrial cybersecurity and the protection of critical infrastructure: SCADA systems, industrial networks and operational technologies (OT). The acquisition brings on board more than 20 specialist professionals and enables Aiuken to strengthen its OT security services, combining expertise in industrial environments with capabilities in monitoring, threat intelligence and incident response.

For Allurity, the acquisition opens up growth opportunities in the energy, manufacturing, chemicals and utilities sectors. For 4Elitech, it provides access to a European cybersecurity platform, greater commercial capacity and the resources to tackle larger-scale projects.

The deal illustrates a clear trend in technology M&A: the growing value of companies capable of protecting critical infrastructure and environments where IT and OT converge. The same logic applies to IndraMind’s entry into TRC, with the agreed acquisition of 30 per cent of its share capital and the possibility of gradually increasing this to 100 per cent over the following two years, subject to the relevant approvals.

Industrial buyers: software, artificial intelligence and internationalisation

In addition to fund-driven transactions, September saw numerous strategic acquisitions aimed at expanding product portfolios, talent and international presence.

Invelon acquires byAR with advice from Baker Tilly

The Spanish technology firm Invelon acquired a majority stake in the Portuguese company byAR. Baker Tilly Tech M&A acted as exclusive financial adviser to the buyer.

byAR develops immersive experiences using augmented reality, virtual reality, video mapping and interactive content, primarily for museums, cultural heritage and tourism. The acquisition gives Invelon a direct foothold in Portugal, with creative and technological capabilities, knowledge of the local market and a portfolio of specialised projects. It also expands its offering into education, industry and new immersive applications.

The founder of byAR, Pedro Pereira, remains associated with the company and is taking on responsibilities for the development of Invelon in Portugal. The purchase is complemented by the acquisition of Artefacto’s assets and business in France, which was also announced in September.

Factorial, Seidor and Constellation Software expand their capabilities

Factorial acquired the German company Empion, which specialises in AI-powered talent selection and assessment software. The integration strengthens its recruitment capabilities within its human resources management platform, with tools that combine professional skills, personality and corporate culture.

Seidor acquired the remaining 40 per cent of the Italian company H.T. High Technology and became its sole shareholder, thereby strengthening its position in the Italian IT services market.

Smart Software Group, part of Constellation Software, has acquired IUNGO, an Italian company specialising in cloud-based solutions for collaboration with industrial suppliers. This move is in line with Constellation’s strategy of acquiring vertical software companies with established products and long-standing customer relationships.

Other notable transactions included SoftNext’s acquisition of OfiPro, ReturnPro’s purchase of iF Returns, and the integration of Datakorum into Nealis Tech. They all follow the same rationale: acquiring technology that has already been commercially validated in order to accelerate growth.

Digital marketing and technology services: consolidation continues

Digital marketing once again saw a high level of activity:

• Samy acquired the US-based company Get Engaged, which specialises in strategies involving content creators, social media and digital campaigns.
• Adsmurai, backed by Seaya Ventures, acquired the Italian company Ciaodino and expanded its capabilities in SEO, digital advertising, retail media and marketplaces.
• ABE Capital Partners acquired a majority stake in BIGSEO.
• Grupo La Información acquired a 55 per cent stake in YCG Digital Group.

The sector is evolving towards models that combine specialised services, technology, automation and data analysis. Scaling up enables companies to broaden their offering and reach international clients, although the integration of teams and technological differentiation will continue to be key drivers of value creation.

Venture capital in September 2026: iPronics leads the funding round

Venture capital saw 20 deals and €199.4 million in announced funding.

The largest funding round was the Series B round led by iPronics, a Valencian company specialising in optical connectivity for artificial intelligence infrastructure: around 107.84 million euros (125 million dollars), with investors including Nvidia, Bosch Ventures and Criteria Venture Tech. That round accounted for approximately 54 per cent of the known capital raised in the sector that month.

The figures relate to total funding rounds recorded, not necessarily to capital contributed by Spanish investors. The selection includes foreign companies in which investors with links to Spain hold a stake.

They also highlighted the financing of Mirai RiskTech through venture debt and the investment in Nearby Computing, which specialises in cloud environment management and artificial intelligence applications

This month’s trend confirms the interest in technologies that address specific operational needs: AI infrastructure, business automation, digital health and specialised software. For companies preparing for a funding round, attracting investors and raising capital requires demonstrating traction and a well-defined use case, as this month’s funding rounds show.

Trends in Technology M&A in Spain Through the End of 2026

September's transactions point to three trends for the coming months:

1. Consolidation of European platforms through a “buy-and-build” strategy. Studibo, Havant, and Allurity are specialized companies that bring technical expertise, clients, and complementary capabilities to the table.
2. The growing importance of vertical software and technology applied to critical processes. IUNGO, Empion, Green Eagle Solutions, and OfiPro demonstrate the appeal of specialized products through stable customer relationships.
3. Internationalization of Spain's technology sector. Invelon, Samy, Adsmurai, and Seidor confirm that overseas acquisitions are a viable alternative to exclusively organic growth.

In this context, investment funds and strategic buyers will continue to evaluate revenue recurrence, profitability, intellectual property, industry expertise, and the teams’ ability to integrate. These are the factors that most influence the valuation of technology companies .

Conclusion

September 2026 marked a period of consolidation in the Spanish tech M&A market, characterized by international activity, the prominent role of private equity, and the acquisition of highly specialized companies. Although the value of many transactions was not disclosed, buyer interest remains focused on companies that offer differentiated technology, specialized talent, and growth potential.

The five transactions advised by Baker Tilly Tech M&A reflect this trend, ranging from the European expansion of fund-backed platforms to the internationalization of Spanish technology companies.

For founders and CEOs, this environment opens up opportunities for sales and inorganic growth. Entering the process with reliable financial information and a sustainable business model makes all the difference in terms of price and conditions; that’s why we offer sales preparation using the Ready4Exit method. Working with M&A advisors who specialize in the acquisition and sale of technology companies allows you to identify opportunities, structure competitive processes, and protect the value of the transaction.

Questions About Tech M&A in September 2026