The month of October confirms the prevailing trend in the Spanish technology market during 2025: defensive M&A, with a clear focus on IT services and B2B software, driven by strategic carve-outs, roll-ups, and build-up strategies in fund-backed platforms. There is also evidence of active consolidation in the mid-market, where the main objectives are scale, cross-sell, and entry into new geographies.
Among the most significant transactions are:
- Infra & cyber/cloud: Lutech agrees to acquire the cloud and cybersecurity unit of Making Science (approximate price of 23 million euros), strengthening its capabilities in managed services and software development with strong visibility on 2025 EBITDA.
- IT services for SMEs and content: Koesio acquires ~70% of Solitium (partial exit of ProA Capital), and Samy (controlled by Bridgepoint) acquires team5pm to expand its presence in the Netherlands, Sweden, and Poland.
- Private Equity as a sector driver: Nazca Small Cap II takes a majority stake in Clustag, Aareon acquires DEH Online, and Satlink acquires the French company nke Group.
- Buy-and-build strategies: Izertis adds Icalia Solutions and ICATD; Visual Trans integrates DeiWorld; Sword Group incorporates Full On Net; Roman absorbs Dédalo Comunicación. Ferrovial enters the data center operation and maintenance business with Powernet.
- Semiconductors and defense: Escribano invests in Ideaded, and Murcia Emprende finances Quantix Edge Security through venture capital.
- Venture Capital: atomized activity in the early stage, especially in applied AI, climate/energy, cybersecurity, and fintech.
The key trend to highlight is that private equity and sponsored corporates are once again leading the pace of the market, seeking sector specialization, recurring contracts, and international exposure. Venture capital maintains its selective activity focused on applied AI, energy, and cybersecurity.
M&A trends gaining momentum in Spain
Strategic carve-outs
Sellers are streamlining their portfolios to prioritize core businesses (digital marketing in this case), while the buyer accelerates access to qualified talent, an enterprise client portfolio, and a managed services run-rate with lower integration risk than a full merger. The earn-out linked to 2025 EBITDA aligns incentives and reduces information asymmetries. The Lutech–Making Science deal is a clear example of this.
Fund-backed roll-ups
Aareon (controlled by TPG/La Caisse) acquires DEH Online in the administrative GovTech/PropTech segment. Nazca enters Clustag to professionalize the go-to-market and expand the Zentup software. Satlink (Apheon/Artá), for its part, acquires nke Group, integrating marine instrumentation and expanding its high-value oceanographic data suite for sustainable fishing and environmental monitoring.
Capability-driven mid-market consolidation
Movements such as those of Izertis, Sword Group, and Visual Trans seek density of supply, proximity to the customer, and greater delivery capacity in key markets.
Digital infrastructure and data centers
Ferrovial’s acquisition of Powernet responds to the sustained growth in demand for AI, edge computing, and data sovereignty. The transaction reinforces an investment thesis characterized by strong entry barriers and recurring revenue.
Marketing and content with a Data/Tech layer
Samy (Bridgepoint) buys team5pm and NTT Data acquires Bungalow25. Rationale to strengthen their performance content capabilities and integrated customer experience with analytics.
AI applied to HR and automotive
Investments in Squarepoint by Endra Partners and Hodor Invest, or the acquisition of TalentFY’s business, reflect a vertical where the digitalization of people processes delivers measurable ROI.
Semiconductors and defense
Escribano invests in Ideaded and Quantix Edge Security raises venture capital for cyber-secure microchips. These moves are evidence of a national strategy toward technological sovereignty and supply‑chain resilience.
Notable M&A and Private Equity Deals
Lutec acquires the cloud and cyber unit of Making Science
The goal is to grow in high-recurring managed services (cloud infrastructure, software development, cyber), adding talent and enterprise-base clients in Spain, while creating commercial synergies with Lutech’s end-to-end solutions portfolio.
- Value for the acquirer: acceleration of delivery capability and credentials, and a price structure with a variable linked to 2025 EBITDA that protects returns.
Hyperscalers increase complexity, while specialized mid-sized cloud consultancies are key targets for pan-European integrators.
Koesio acquires 70% of Solitium
This deal is based on an Iberian build-up in IT services, communications, and document management for SMEs, integrating commercial reach and support contracts.
- Value delivered: ARPU and churn improvements via a broader suite (print-to-digital, ECM, MDM, basic cyber). PE playbook: professionalization and cross-sell.
Aareon acquires DEH Online
The goal of this deal is to strengthen the PropTech and GovTech offering for property managers and administrative firms (electronic connection with public administrations), creating stickiness through regulatory compliance.
- Its value lies in strong retention and potential for subscription migration, along with the possibility of bundling with Aareon solutions in Europe.
Stalink acquires nke Group
This acquisition allows the buyer to expand its marine instrumentation and sensor offering and quality data for environmental monitoring and fisheries management solutions.
- Strategic value: geographic diversification and data ownership. This represents a growing competitive advantage in the blue ocean of blue tech.
Nazca Small Cap II acquires the majority stake of Clustag
The deal aims to scale in end-to-end intralogistics RFID solutions (tunnels + Zentup software) toward retail/logistics with a commercial industrialization playbook.
- Value for the acquirer: defensive combination (proprietary hardware) + scalable software with higher margins.
Samy buys team5pm
The goal of this transaction is to expand international presence in content and performance marketing (YouTube, social) with layers of data and creativity.
- The value delivered is entry into Benelux and the Nordics, along with potential synergies with multinational clients.
Ferrovial buys Powernet
This acquisition aims to position itself in data center design, operation, and maintenance, aligned with AI and edge megatrends.
- Strategic value: high-margin recurring service capability and cross-sell within the infrastructure portfolio.
¿Qué nos dicen estas operaciones sobre el mercado?
- La recurrencia supera al proyecto: Los ingresos SaaS y servicios gestionados mantienen múltiplos defensivos.
- Verticalización rentable: El moat reside en el conocimiento del proceso + software especializado.
- Escalado paneuropeo disciplinado: Los sponsors buscan crecimiento rápido con bolt-ons estratégicos.
- Tesis hardware + software: Combinaciones que aportan margen consolidado y barreras tecnológicas.
- Talento y presencia local siguen siendo diferenciales en servicios IT.
Private equity: patrones de ejecución
- Buy-and-build disciplinado con foco en KPIs
- Salidas ordenadas con continuidad accionarial parcial
- Entradas minoritarias activas para acelerar profesionalización y producto
Lectura para vendedores: The preparación de la venta, especialmente la calidad de ingresos, cohorts, churn y métricas de delivery, sigue siendo crítica para maximizar múltiplos. Si quieres saber más sobre cómo preparar tu empresa para maximizar su valor en un proceso de venta, consulta nuestro nuevo servicio, donde podrás realizar un test de autodiagnóstico para saber cómo de preparada se encuentra tu compañía.
Venture Capital: IA aplicada, energía y ciber siguen fuertes en seed/Serie A
El VC permanece selectivo pero activo en proyectos con tracción validada y orientación B2B, especialmente en eficiencia energética, antifraude, criptografía cuántica, IA conversacional y salud digital.
- Eficiencia energética: las transacciones de Clevergy, Vico, S‑Labs y la apuesta de Ferrovial refuerzan el vector energía‑dato.
- Ciber y seguridad: las operaciones de Acoru, Quantix Edge Security y LuxQuanta muestran apetito en ciber/infra crítica.
- IA aplicada a verticales: Afori, Omnia, Aunoa, Virtest, iO Health , Payflow y Celebreak/ Pekata en consumo nicho.
Qué tener en cuenta en 4T 2025 y 1T 2026
Para finales de 2025 y principios de 2026 se esperan nuevos carve-outs en servicios digitales y marketing. También veremos un pipeline activo en infraestructura digital y edge computing, así como un crecimiento sostenido en blue/green tech con contratos multianuales. Finalmente, los targets con propiedad de datos y presencia en sectores regulados deberán sostener múltiplos superiores.
Conclusión de la situación del M&A España | Octubre 2025
Octubre 2025 muestra un mercado de M&A tecnológico maduro en España, donde tanto fondos como corporates patrocinados ejecutan estrategias claras de especialización, recurrencia and international expansion. El VC, por su parte, continúa impulsando innovación en IA, energía y ciberseguridad, alimentando el pipeline futuro.
Para fundadores y equipos directivos, la clave es clara; la especialización, la recurrencia y los datos constituyen hoy el tridente fundamental para maximizar valor en un proceso de M&A o una ronda de crecimiento.
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