August, traditionally a slower month for corporate transactions, has surprised everyone in 2025 with intense activity in the technology sector in Spain. Major transactions were recorded in segments such as digital marketplaces, cybersecurity, artificial intelligence, telecommunications and specialised software, with the participation of venture capital funds, strategic national and international corporations, as well as family offices.
Operations confirm several structural trends:
- Internationalisation of the Spanish ecosystem, with notable interest from foreign buyers (United States, Germany, Portugal, Luxembourg, South Korea).
- Sector consolidation in telecommunications and IT, with vertical and horizontal integration movements.
- Focus on applied AI and niche software, where Spanish start-ups attract early investment from specialised funds.
- Greater prominence of private equity and family office operations in adjacent sectors (healthcare, media, e-commerce).
Below, we review the most relevant operations and the strategic context in which they take place.
Most significant M&A transactions in Spain (August 2025)
Naver takes full control of Wallapop (€377 million)
The most notable transaction of the month was the one of Naver of the remaining 70.5% of Wallapop, becoming its sole shareholder. With a valuation of €377 million, the transaction marks a milestone in the Spanish digital ecosystem.
- Strategic objective: to strengthen Naver's presence in Europe by integrating the Spanish platform into its e-commerce and circular economy strategy.
- Value provided by Wallapop: one of the most established second-hand buying and selling apps in the Iberian market, with a loyal user base and potential for monetisation via premium services and advertising.
The transaction confirms the growing interest of large Asian groups in European platforms, in line with the search for scalability and access to segmented user bases.
CrowdStrike acquires Onum (cybersecurity)
The American giant CrowdStrike has completed the acquisition of Onum, a Madrid-based start-up specialising in real-time telemetry pipeline management.
- Strategic objective: expand the capabilities of the Falcon platform by adding massive security data processing capabilities.
- Value provided by Onum: highly specialised local talent and key technology in observability and log management, a critical area for modern cybersecurity.
Spain continues to flex its muscles in deep-tech cybersecurity, with high-profile international exits. For the funds (Dawn Capital, Insight Partners, Kibo Ventures), this represents a successful exit.
MasOrange, Vodafone and GIC create a fibre optic joint venture
Another major transaction this month was the creation of a fibre joint venture between MasOrange, Vodafone Spain and Singapore's sovereign wealth fund (GIC).
- Strategic objective: to optimise investments in FTTH infrastructure and accelerate deployment in areas that are less profitable individually.
- Provided value: MasOrange consolidates its role as integrator with 58% of the new company, while Vodafone and GIC secure their exposure to one of Europe's most competitive telecommunications markets.
The agreement responds to pressure on margins in telecommunications, which is driving infrastructure sharing as a formula for efficiency.
Conexus Networks joins new fibre joint venture
As part of the same strategy, MasOrange acquired Conexus Networks, a wholesale fibre operator, to integrate it into the fibre optic.
- Strategic objective: to secure installed capacity and wholesale customers at the start-up of the new entity.
- Provided value: red de acceso FTTH y operative know-how
This is a typical buy & build move in digital infrastructure, key to accelerating deployments and increasing the value of the new joint venture.
Zvoove acquires Nivel IV (staffing software)
The German company Zvoove acquired Madrid-based Nivel IV, which specialises in software for temporary employment agencies.
- Strategic objective: to strengthen the range of solutions for temporary human resource management, integrating Spanish technology.
- Provided value: consolidated product in a growing niche market, with potential for scaling up in Europe.
European suppliers are seeking specific vertical software as a lever for growth, confirming the attractiveness of the Spanish market as a source of specialised targets.
Capacity acquires Verbio Technologies (conversational AI)
US-based Capacity acquired Verbio Technologies, a leader in conversational AI.
- Strategic objective: to expand natural language processing capabilities and cognitive technologies, having recently raised £92 million in an investment round.
- Provided value: integration of Spanish technology into virtual assistants, with potential applications in banking, insurance, and customer services.
There is growing international interest in AI applied to voice and conversation, an area in which Spain has leading start-ups.
Plexus Tech compra BI4ALL en Portugal
Plexus Tech, a Spanish IT consultancy, has acquired Portuguese company BI4ALL, which specialises in business intelligence.
- Strategic objective: to expand in the Iberian Peninsula and strengthen its capabilities in data and analytics.
- Provided value: positioning as one of the leading independent integrators in southern Europe.
The operation confirms the regional expansion strategy of Spanish IT consultancies, which are becoming increasingly competitive with large multinationals.
Trilantic enters Sklum: private equity in e-commerce
The fund Trilantic Europe acquired a minority stake in Sklum, a low-cost furniture marketplace.
- Strategic objective: committing to growth in a digital vertical with international reach.
- Provided value: professionalisation of the company and support for internationalisation.
Following a strong cycle of digital consumption, funds are seeking profitable digitally native brands with potential for expansion into new markets.
Lumiris and AI in fertility: innovation in health
The family office Pelliga acquired a stake in Lumiris, which specialises in hyperspectral imaging for embryo assessment in IVF.
- Strategic objective: to support the industrialisation of a disruptive technology in assisted reproduction.
- Provided value: validation of the scientific model and access to patient capital.
There is a growing convergence between health and artificial intelligence, with Spain being a hub of innovation in applied biotechnology.
Active venture capital in the early stages
August also saw several seed rounds and early stages:
- Qbeast (big data, €6.57 million, with Peak XV Partners, Elaia and HWK).
- FitnessKPI (€0.5 million, Encomenda Capital).
- Evolbe (€0.5 million, Eoniq Fund).
- Payli (€0.48 million, proptech with hybrid investment from Finaer and Enisa).
- Rauda AI (€2.4 million, led by JME Venture Capital).
- TrustWorks (privacy and AI software, round led by Elkstone).
These transactions demonstrate the resilience of Spanish venture capital even in summer, with a focus on AI, big data and vertical SaaS.
Other corporate transactions
- Grupo Kalma acquired cliniclic!, a dental marketplace in Valencia.
- SCC acquired Omega Peripherals, strengthening its IT infrastructure capabilities in Spain.
- Timestamp integrated Arin and Fin4Retail, consolidating its offering of Oracle and fintech solutions.
- Quantum acquired the 3D printer unit of BCN3D Technologies, ensuring the continuity of a flagship deep tech project.
- knowmad mood acquired Buzz Marketing (€2.8 million), expanding its digital offering.
- Lantia acquired Círculo Rojo, a leader in literary desktop publishing.
- Superstruct Entertainment repurchased Where We Used to Scream, after having sold the asset months earlier, in a move to consolidate its live entertainment business.
Strategic trends of the month in M&A
1. Consolidation of the Spanish digital ecosystem
Large platforms (Wallapop) are being acquired by foreign companies, while deep-tech start-ups (Onum, Verbio) are generating significant exits.
2. Critical infrastructure as a focus for investment
The creation of the MasOrange-Vodafone-GIC fibre joint venture marks a turning point in the Spanish telecommunications sector. Meanwhile, operations such as Conexus Networks consolidate the trend of buy & build.
3. Applied AI as a cross-cutting issue
From health (Lumiris) to voice (Verbio) and customer service (Rauda AI), AI continues to be the major driver of investment.
4. Diversified private equity
Operations in e-commerce (Sklum), media (Superstruct) and publishing (Lantia), while there is also interest in digital consumption and entertainment verticals.
5. Cross-border as a law
The United States, Germany, Luxembourg, Portugal, South Korea and Singapore have been key players in acquisitions or investments in Spanish targets.
Conclusion on the M&A situation in Spain | August 2025
August 2025 has confirmed that technology M&A in Spain does not stop in summer. From iconic deals such as Naver's total acquisition of Wallapop to strategic moves in infrastructure and significant exits in cybersecurity and artificial intelligence, the Spanish market is demonstrating international appeal, sector diversity and investment dynamism.
Looking ahead to the coming months, we can expect further consolidation in telecommunications and IT services, as well as continued international significant exits in deep-tech start-ups and a growing presence of private equity in digital companies with proven models.
Overall, the Spanish ecosystem is positioned as a key hub for technological innovation and a destination for international capital, consolidating its leading role on the European M&A map.
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