Industrial consolidation and active private equity drive the start of 2026 in the technology M&A market in Spain
January 2026 confirmed the main trends observed during the last quarter of 2025, consolidating a pattern of growing sophistication in the technology M&A market in SpainThe period has been marked by an intense private equity activity in profitable SaaS platforms, the continuation of buy-and-build strategies in vertical software and fleet management, and more selective venture capital focused on companies with proven traction and international ambition.
The volume and diversity of transactions closed during the month position Spain as one of the most active technology ecosystems in southern Europe. From strategic mid-market deals to significant growth rounds in healthtech, cybersecurity and B2B software, January sets several structural conclusions for the year: continued industrial consolidation, greater sophistication of private equity in assets with cash-flowvisibility, and sustained international interest in Spanish targets from France, Italy, the United States and Finland.
Private equity: platform building and sector consolidation
The role of private equity in January, not only through traditional funds, but also through platforms backed by institutional capital executing vertical and horizontal integration strategies. The month saw a concentration of significant transactions in fleet management, enterprise software, B2B productivity and hospitality tech.
Movilia accelerates its fleet management platform with Movertis and Sherlog Locator
Movilia Fleet Management Solutions, backed by Seaya Andrómeda Sustainable Tech Fund I, has completed the acquisition of Movertis and Localizador Sherlog in a move aimed at creating a leading platform for telematics solutions and fleet management software.
Strategic rationale:
- The operations enable vertical integration by combining hardware, software, and services into a single ecosystem.
- The objective is to increase the installed base and SaaS recurrence through commercial and technological synergies.
- The strategy improves positioning with major accounts and logistics operators.
This move replicates European models of vertical software consolidation, where private equity builds sector leaders through successive acquisitions, taking advantage of the fragmentation of the Spanish market in telematics solutions and fleet management.
TeamSystem expands its platform with the acquisition of AIG
The acquisition of AIG by TeamSystem, an Italian group controlled by Hellman & Friedman, strengthens the international expansion of Italian business software in the Iberian market.
Strategic key points:
- Geographical expansion in a market with high SME penetration.
- Integration into a consolidated SaaS ecosystem with cross-selling capabilities based on existing customers.
- Leveraging technological and commercial synergies.
This movement is in line with the trend observed during 2025: Major European software platforms are acquiring Spanish companies to accelerate their penetration in Iberia, taking advantage of the cultural proximity and dynamism of the technological business fabric.
Alerce strengthens its investment thesis in B2B software with Plus 42
The acquisition of Plus 42 by Alerce, backed by Oakley Capitalconfirms the investment thesis in productivity and B2B workflow software, prioritising recurring SaaS models with high gross margins and high customer retention.
The transaction indicates that the Spanish technology mid-market is fully integrated into the pan-European radar of growth funds and buyout transactions, especially in segments where companies demonstrate commercial traction, proven recurrence and international expansion capacity.
Actyus commits to Hotelverse in hospitality tech
The case of Hotelverse, a technology platform for the hospitality sector hospitality, reflects the growing interest in solutions that digitise traditional verticals with low technology penetration.
Probable rationale:
- International scalability in a sector with structural demand.
- Possible combination with other travel-tech assets in the portfolio.
- Operational professionalisation and accelerated growth through capital and sector expertise .
IT services and consultancy: cross-border consolidation and capacity building
One of the most evident patterns of the month is the continued consolidation in IT consulting and software development, with French acquirers playing a leading role and domestic integration movements.
Devoteam strengthens its presence in Spain with Deiser
The purchase of Deiser by the French group Devoteam strengthens the buyer's presence in cloud services and digital transformation in the Spanish market.
Strategic goals:
- Increased local technical capacity in cloud ecosystems and Atlassian tools.
- Attracting specialised talent in a market with growing demand for advanced technical profiles.
- Strengthening relationships with corporate clients and expanding managed services.
Spain continues to be a priority market for European integrators seeking to combine geographical proximity, technical talent and a corporate customer base with growing digital transformation needs.
Audensiel consolidates its position with the acquisition of Kairós DS
Another significant cross-border transaction was the acquisition of Kairós DS by France's Audensiel, consolidating its presence in the Spanish market through the purchase of a specialised technology boutique.
The transaction confirms three structural trends:
- Sustained foreign interest in Spanish technology assets.
- Spain as a source of qualified technical talent at competitive costs.
- Significant fragmentation still exists in IT services, creating opportunities for consolidation.
PKF Attest integrates Hero Forge and Czentric Solutions
In the domestic sphere, PKF Attest has carried out a consolidation move that strengthens its technological offering through the integration of Hero Forge and Czentric Solutions.
This type of operation represents a different strategy: integration of digital capabilities within a multidisciplinary firm, enabling it to offer integrated consulting, technology and auditing services.
Digital infrastructure: high-value operation in telecoms
Although the target of the operation is French, the movement in telecommunications infrastructure reflects the dynamism of the sector in markets linked to the Iberian Peninsula and the attractiveness of resilient infrastructure assets.
VIFSP6 Trinity acquires Towerlink France for €391 million
The acquisition of Towerlink France for approximately €391 million indicates the high level of interest among funds specialising in digital infrastructure in defensive assets in the face of macroeconomic volatility.
Why it is relevant:
- Telecom infrastructure assets offer stable and predictable cash flows..
- The volume of the transaction highlights the appeal of critical infrastructure in the context of growing demand for connectivity.
- Reflects the investment profile of infrastructure funds that prioritise assets with long-term contracts and revenue visibility.
Venture Capital: increasing selectivity with a focus on traction and scalability
Compared to the investment peak of 2021-2022, venture capital in January 2026 has shown greater selectivity, although investments in companies with proven traction and international ambition remain relevant. The month has seen significant rounds of funding in B2B software, healthtech and applied artificial intelligence technologies.
Fracttal closes a €29.9 million funding round
The round led by Riverwood Capital, Seaya Ventures and Kayyak Ventures positions Fracttal as one of the most significant venture capital deals of the month.
Fracttal represents:
- B2B software with consolidated expansion in Latin America.
- Validated SaaS model with proven recurrence.
- International traction that facilitates access to global investors.
The transaction confirms that investors prioritise companies with a presence in multiple markets, proven execution capabilities and sustainable growth prospects.
Tucuvi raises $17.15 million in healthtech and applied AI
The Tucuviround with Cathay Innovation and Seaya's participation, reinforces the thesis of investing in artificial intelligence applied to healthcare.
Key factors:
- Clinical automation through AI with tangible use cases.
- Global scalability in a sector with growing structural demand.
- Commercial validation in real healthcare settings.
Healthtech continues to be one of the most attractive verticals for European venture capital, especially when it combines AI, clinical validation and international expansion potential.
MITO AI attracts international investors with $3.77 million
The MITO AIround with KFund, Kibo Ventures and Lightspeed, confirms interest in applied artificial intelligence and positions Spain as a hub for AI talent.
Market interpretation:
- The presence of international investors validates the quality of Spanish technical talent.
- The funds prioritise companies with differentiated intellectual property and clear monetisation models.
STAMP combines fintech and sport in a £4 million funding round
The STAMP, linked to the Barça Innovation Hubrepresents an interesting convergence between fintech, the sports ecosystem and corporate venture capital.
The operation demonstrates:
- Greater sophistication in Spanish corporate venture capital .
- Potential for specific verticals where financial technology and traditional sectors converge.
Repscan and Taalentfy reinforce their commitment to B2B software
Repscan has closed a $3.5 million round with participation from Bonsai Partners and Swanlaab Venture Factory, while Taalentfy has raised $1.5 million with support from Axon Partners and CaixaBank.
Both operations confirm:
- The persistent focus on HR Tech and specialised B2B software.
- Local investors' interest in companies with recurring subscription models.
- The digitisation of talent as a strategic vertical in the Spanish ecosystem.
Cybersecurity: structural thesis with M&A and venture capital
January confirms that cybersecurity continues to be one of the strongest verticals in the Spanish technology market, combining strategic M&A operations with significant venture capital rounds.
ReeVo acquires Hispasec in a cross-border move
The acquisition of Hispasec by Italian group ReeVo consolidates international presence in managed cybersecurity services.
NetBird and Zepo Intelligence secure growth rounds
NetBird has closed a $8.56 million round, while Zepo Intelligence has raised $12.89 million, reflecting investor interest in companies with differentiated technology in threat detection and security management.
Build38 announces strategic operation
Although details have not been disclosed, Build38 's announcement confirms the dynamism of the sector and the interest of strategic buyers in advanced cybersecurity technology.
The combination of strategic M&A and venture capital in cybersecurity indicates:
- Growing structural demand in the face of increasing threats and regulatory requirements.
- Consolidation in managed services and technology platforms.
- Sustained international interest in Spanish assets with distinctive technical capabilities.
Strategic corporate moves and asset deals
The month also saw significant corporate transactions aimed at reconfiguring portfolios and optimising strategic assets.
Indra acquires unmanned air traffic management platform
The acquisition of modular drone management technology strengthens Indra 's position in airport digitalisation and advanced air traffic management systems.
Templus expands its infrastructure with data centres in Lisbon, Madrid and Valencia
The acquisition of data centres in three strategic locations confirms the commitment to critical digital infrastructure in southern Europe.
NRD Multimedia acquires audiovisual business units
The move is part of a strategy to specialise in audiovisual content and technology.
These corporate moves reinforce:
- The reconfiguration of portfolios towards higher-value strategic assets.
- Operational optimisation through technological specialisation.
- Focus on digital infrastructure and critical technologies with sustained demand.
The technology M&A market in Spain: consolidation, maturity and international ambition
The transactions carried out in January 2026 allow us to draw five key conclusions about the evolution of the technology M&A market in Spain.
- A consolidated technology market with mid-market appeal.
The transactions show recurring foreign interest, a mature venture capital ecosystem, and SaaS assets that are increasingly competitive in terms of valuations and execution capacity. - Private equity dominates value creation.
While venture capital becomes more selective, private equity actively pursues buy-and-buildstrategies, sector consolidation and the construction of pan-European platforms, especially in vertical software and specialised services. - Verticalisation and specialisation as differentiating factors.
Sector-specific software, fleet management, healthtech, HR Tech, fintech and cybersecurity account for most of the transactional activity, reflecting the maturity of the market and the ability of Spanish companies to compete in specialised niches. - Digital infrastructure as a defensive asset.
Although lower in volume than in previous months, transactions in telecommunications infrastructure and data centres show that funds continue to favour resilient assets with predictable cash flows. - Venture capital fuels the future pipeline of M&A.
Rounds in applied artificial intelligence, fintech and vertical SaaS represent the main breeding ground for companies that could be integrated into future strategic operations, reinforcing the cycle of value creation in the Spanish technology ecosystem.
January 2026 has not only been an active start to the year. It has confirmed that the cycle of technological consolidation in Spain continues with greater maturity, more available capital and growing international ambition. Spain is no longer a peripheral market in Tech M&A, but rather a structurally attractive ecosystem with competitive assets and an increasingly professionalised financial environment.
In this context of increasing specialisation and competition for quality assets, expert advice is crucial for seizing opportunities and successfully managing the acquires and sale of technology companiesprocesses. At Baker Tilly, our Tech M&A team brings sector expertise, strategic analysis and strong execution capabilities in complex transactions, supporting our clients at every stage of the process to maximise value and reduce risk in an increasingly dynamic and sophisticated market.