The technology M&A market in Spain maintained its momentum in May 2025, consolidating the recovery that began in previous quarters. Las operaciones estratégicas registradas este mes reflejan una clara intención de los compradores corporativos por acelerar su transformación digital mediante la integración de activos tecnológicos diferenciados en áreas como IT consulting, ciberseguridad, EdTech, artificial intelligence capabilities y travel analytics. A este movimiento se le suma un ecosistema de venture capital especialmente activo en las fases seed and early-stage, con rondas destacadas en startups que apuestan por la automatización, la inteligencia artificial y soluciones digitales sectoriales. En este artículo, analizamos las principales adquisiciones y rondas de inversión que han definido el pulso del sector durante el mes.

Most significant M&A deals in May

World Wide Mobility repurchases 10% from Grupo Mutua Madrileña

World Wide Mobility executed a strategic operation by repurchasing 10% of its capital from Grupo Mutua Madrileña. This transaction marks a turning point in the company's history; since its founding in 2017, it has solidified its position as a benchmark in developing technological solutions for shared mobility. With this decision, the company aims to regain strategic control and gain the necessary flexibility to successfully navigate a constantly transforming market. Throughout its trajectory, World Wide Mobility has stood out for its innovative capacity, offering everything from carsharing platforms to pioneering models like vehicle subscriptions and digital rentals, always adapting to new industry trends and needs.

Datos 101 acquires Sincronet and expands its cybersecurity capabilities

Datos 101 completed the acquisition of Sincronet, a company specialising in cybersecurity with a solid track record in ICT services, including networks, perimeter security, and cloud solutions. This transaction represents a decisive step in Datos 101's strategy, traditionally focused on backup and business continuity, by adding key capabilities in digital protection.

Thanks to the acquisition of Sincronet, Datos 101 is expanding its catalogue of services to include active protection of critical infrastructure and strengthening its offering of managed cybersecurity services aimed at medium-sized companies and public bodies. In addition, the incorporation of an expert team and a consolidated portfolio of clients with long-term maintenance contracts strengthens the company's position.

Despite this transaction, Sincronet will maintain its current organisational structure and workforce, as well as its location and brand identity.

Cuatroochenta acquires 3ipunt and strengthens its edtech vertical

Cuatroochenta announced the acquisition of 3ipunt, a company renowned for its specialisation in Moodle-based educational solutions (3ipunt is one of Moodle's four premium partners in Spain). The transaction is part of a clear strategy to expand in the edtech vertical, where Cuatroochenta seeks to consolidate its presence by combining in-house development with acquisitions of complementary companies.

3ipunt brings technical expertise in online learning platforms, a highly specialised team, and a solid portfolio of clients in the public and private sectors. The integration of this company not only strengthens Cuatroochenta's technical capabilities but also opens up opportunities for internationalisation, particularly in Spanish-speaking markets where demand for digital educational solutions continues to grow.

Linkroad acquires decide4AI to enhance its artificial intelligence stack

On 20 May, Linkroad, a Henko Partners portfolio company, acquired a majority stake in decide4AI, a leading artificial intelligence company and expert in machine learning, mathematical optimisation, and prescriptive analytics. This integration allows Linkroad to strengthen its value proposition for sectors such as energy, manufacturing, and transport, incorporating advanced capabilities in decision-making and process digitalisation.

With this operation, Linkroad accelerates its transformation into a high value-added technology consulting firm, ready to lead advanced digitisation projects in industrial environments.

Amadeus acquires ForwardKeys to lead predictive analytics in tourism

Amadeus has announced the acquisition of ForwardKeys, a Spanish company specialising in predictive analysis of tourist flows and recognised for its leadership in travel data intelligence. This transaction strengthens Amadeus' position in the field of market intelligence, enabling it to differentiate its offering for tourist destinations, airlines, airports and public bodies through advanced analysis and prediction solutions.

ForwardKeys stands out for its ability to analyse airline bookings, flight searches and traveller behaviour data, providing tools that optimise route planning, tourism campaign design and distribution channel management. The integration of ForwardKeys brings Amadeus cutting-edge technology and an international customer portfolio, consolidating its leadership in the digital tourism sector.

Var Group acquires Delta Informática and strengthens its presence in cybersecurity and public software

The Italian group Var Group has completed the acquisition of Delta Informática, a Spanish company specialising in identification solutions, people registration and document digitisation. This operation is part of Var Group's strategy to consolidate its position as a European provider of high-value digital services, especially in regulated sectors with high technological sovereignty requirements.

Thanks to this integration, Var Group strengthens its position as a specialist integrator in the Iberian public sector and expands its capacity to offer advanced automation and digital identification solutions.

Evolved Ideas enters Spain with the acquisition of Secret Source Technology

Evolved Ideas, a British technology holding company specialising in nearshore services, has acquired 100% of Secret Source Technology, a company based in Las Palmas de Gran Canaria and renowned for its expertise in web development and custom software. With this transaction, Evolved Ideas enters the Spanish market directly and advances its geographical expansion strategy.

The integration will enable Evolved Ideas to scale operations, access new corporate segments, and expand its agile development offering. It also strengthens its strategic position in the European time zone, facilitating the provision of technology services to European customers with greater proximity and efficiency.

Growth of venture capital in the Spanish technology ecosystem

The month of May 2025 has not only been marked by significant M&A operations in the tech sector in Spain, but also by intense activity in the field of venture capital, especially in seed and early-stage phases. Noteworthy funding rounds include innovative startups such as Shakers (€14 million), with its AI-based freelance talent management platform; LuzIA (€11.9 million), with its generative AI voice assistant for WhatsApp; and Jolt (€11 million), focused on electrode technologies for sustainable chemistry.

Other relevant operations include Civitfun (€3 million) in solutions for check-in digital for hoteles; BusUp Technologies (€2.84 million) in corporate mobility and carpooling; Tendios (€2 million) with technology for the automation of public procurement; and iProperty (€2 million) in the field of proptech for wealth management.

These investments consolidate the dynamism of the Spanish technology market in its early stages, where verticals such as artificial intelligence (AI), talent tech, traveltech, logistics and govtech are attracting growing interest from investors. At Baker Tilly, as specialized M&A advisors for technology companies, we closely monitor these developments to offer our clients the best opportunities in a constantly changing market.