March 2025 has been an especially active month for mergers and acquisitions (M&A) in the technology, media, and telecommunications (TMT) sector in Spain. The operations ranged from strategic acquisitions and capital increases to minority investments in emerging tech startups. Below is a detailed analysis of market behavior, the most relevant players, and the trends that are taking shape.

1. Strong Venture Capital Activity in the Spanish Start-up Ecosystem

Venture Capital was the main driver of transactions this month. At least 13 investment rounds were completed in tech startups, representing a significant boost to the Spanish entrepreneurial ecosystem.

Among the most prominent:

• Playtomic closed an impressive 65 million euro funding round, with participation from international investors such as Match Invest, Luxembourg Finance House, and Banco Santander. This Madrid-based startup develops software for managing sports reservations and continues to position itself as a European leader in the padel and tennis segment.
• Gaiarooms, specialized in the digitalization of tourist accommodations, received 10 million euros in a round led by Bonsai Partners, confirming the consolidation of tourism tech as a strategic segment.
• Wannme, a Madrid-based fintech focused on online payments, secured 7 million euros from U.S. investors (Arena Investors and IDC Arena Credit Ventures), highlighting the ability of Spanish startups to attract foreign capital.
• Other notable rounds include Flowww (€4M), Multiverse Computing (€67M, with investment from the Spanish government through SETT), Carina AI (€0.5M), Okify (€1M), Mainder (€0.6M), and Eaship (undisclosed amount).

This boom in investment reflects both the maturity of the Spanish technological fabric and the growing international interest in the country as an innovation hub.

2. Strategic Corporate Moves: M&A as a Lever for Growth

Some established companies made strategic acquisitions to accelerate expansion or strengthen core competencies:

• Elko Ep, a Czech group in the electronics sector, announced the acquisition of Fábrica Electrotécnica Josa (BJC) from Siemens. Although the amount was not disclosed, the deal underscores the appeal of Spanish industrial companies with strong local roots and international potential.
• Squirrel Media continues its integration strategy in the audiovisual sector with the acquisition of 100% of Grupo Ganga, the production company behind several successful television series.
• In the cybersecurity sector, Lumu (USA) acquired Maltiverse, a Madrid-based startup specialized in threat intelligence, as part of its European expansion.
• Altia acquired the data and artificial intelligence business of Verne Group for 4.15 million euros, marking a clear commitment to advanced analytics services.
• In a significant international deal, Millicom Spain agreed to purchase 67.5% of Telefónica Colombia for 366 million euros, highlighting Spain's role as a platform for strategic investments in LATAM.

3. Technology Applied to Vertical Sectors: AI, Sport, Real Estate and More

One of the most interesting aspects of the month is the diversity of technology applications that attracted investment:

• Admefy and Metrica Sport, two companies in which FC Barcelona invested through its venture capital arm Barça Innovation Hub, showcase how sports clubs are leading technological change in the sports industry.
• Habitatsoft, a provider of solutions for the real estate sector, was acquired by Immobiliare.it (Italy) for 22.5 million euros, in a clear move to consolidate proptech platforms in Europe.
• Applivery, focused on device management in SaaS environments, received investment from Supercell (Finland), consolidating the trend of gaming companies diversifying into digital infrastructure.
• ChatGPT Plus Rustcon (Brazil) was acquired by Minsait, a subsidiary of Indra, strengthening Spain's position in advanced technological consulting and cybersecurity in Latin America.

4. Consolidation and Mergers: Success Stories in Fashion and Software

The month also left room for strategic mergers:

• Lookiero (España) y OUTFITTERY (Alemania), ambas especializadas en personal shopper online, anunciaron su fusión. Aunque no se detalló el importe, la operación representa una consolidación clave en el sector fashion-tech europeo.
• En software empresarial, Seresco adquirió el 75% de la portuguesa F5IT by 2,51 millones de euros, fortaleciendo su presencia en la península ibérica.

5. Telecommunications: Reconfiguring the Operational Map

Además del movimiento de Millicom y Telefónica, se concretó la adquisición de Sercom Soluciones by Vodafone España, como parte de su estrategia de control del canal de distribución prepago.

These operations signal a new cycle of concentration and restructuring in the telco sector, with a focus on efficiency and strategic positioning.

6. Public Initiatives: The State as a Driver of Innovation

In addition to the Millicom and Telefónica deal, Sercom Soluciones was acquired by Vodafone Spain, as part of its strategy to control the prepaid distribution channel.

This move not only validates the technology as a strategic area for economic development, but also places Spain as one of the few countries actively promoting quantum computing with public funds.

Conclusions and Perspectives

Several key conclusions can be drawn from the March 2025 analysis:

• Diversification: Investments were not only concentrated in SaaS or fintech but also in proptech, sportech, HRTech, travel, and logistics, among others.
• Internationalization: The presence of buyers and investors from the United States, Finland, Italy, Germany, Luxembourg, and Brazil confirms the global appeal of Spanish startups and companies.
• Sector Consolidation: M&A transactions show a clear interest from corporations and funds in consolidating their competitive position through strategic acquisitions.
• Cross-sector Technology: Virtually all the sectors involved (sports, tourism, healthcare, real estate, fashion, etc.) are integrating technological solutions, especially based on AI, automation, and advanced analytics.
• ChatGPT Plus Institutional Support: The involvement of the State in rounds like that of Multiverse shows a public commitment to disruptive technologies with strategic impact.

With this solid base, the coming months are set to continue to be marked by TMT activity, consolidating Spain as one of the most dynamic emerging technology hubs in Europe.

The Tech M&A team at Baker Tilly is dedicated to connecting growing technology and digital companies with strategic buyers and investors. Whether you are organizing a new funding round, considering a merger or acquisition, or looking to enter new markets, our team offers strong industry expertise along with global reach to successfully execute transactions.