Digital infrastructure, cybersecurity and specialised software drive the technology M&A market in Spain
November 2025 has reinforced key trends within the technology M&A market in Spain, consolidating a stable flow of transactions and the growing prominence of private capital. Investment continues to be directed towards specialised niches in software, cybersecurity and, especially, digital infrastructure, which has become one of the strategic pillars of the national technology investment landscape.
This pattern is compounded by a particularly dynamic month in venture capital, with a significant focus on artificial intelligence (AI), fintech and vertical SaaS, although the total transaction volume continues to be led by private equity and corporate transactions.
Digital infrastructure gains ground in M&A
The digital infrastructure segment continues to strengthen its position as a priority destination for mergers and acquisitions. After several months of sustained growth in transactions related to data centres, fibre optics and critical telecommunications systems, November confirmed the consolidation of this vertical as one of the most attractive for institutional investors and global platforms.
AXA IM enters Fiberpass with a €500 million transaction
The entry of AXA Investment Managers within the 40% stake in Fiberpass, valued at €500 million, stands out as one of the most significant moves of the month.
Strategic rationale:
- Major operators (Telefónica and Vodafone) continue to strengthen their fixed network monetisation strategy, freeing up resources for investment in 5G, cloud services and new digital verticals.
- For AXA, investing in FTTH assets with growing structural demand ensures stable returns and a regulated profile.
- The total valuation of €1.25 billion highlights the strength of the Spanish fibre market, considered one of the most advanced and dense in Europe.
Indra and NATS create a joint venture to operate control towers
The new joint venture between Indra and NATS combines air traffic management technology with world-class operational capabilities.
Value of the deal:
- It enables services to be offered in a market characterised by high barriers to entry and multi-year contracts.
- It strengthens Indra's position in airport digitalisation, where remote towers, automation and intelligent systems will play a decisive role.
ACS and GIP join forces to develop data centres
The joint venture formed by ACS and Global Infrastructure Partners (GIP) reinforces a key trend in the sector: the growing demand for data centres to support generative AI cloud computing and advanced workloads.
The differential factors of movement:
- The development of critical infrastructure becomes a strategic asset for the digital economy.
- Spain consolidates its position as a digital hub in southern Europe thanks to its international connectivity, energy stability and industrial capacity.
These transactions reaffirm that digital infrastructure has become a strategic vector within the technological dealflow , attracting global investors and consolidating high-value transactions..
Private Equity: sector consolidation, security and applied artificial intelligence
The private equity accounted for the bulk of the value in transactions during the month, with deals focused on acquiring companies by expanding sector platforms and building national leaders in strategic niches. The focus remained on vertical software, cybersecurity, industrial services e applied AI.
Vertical software: Everfield expands its platform with teeone.golf and The Mulligan Factory
The UK fund Everfield acquired Spanish companies teeone.golf and The Mulligan Factory, which specialise in management software for golf clubs.
Buyer's thesis:
- Construction of a pan-European software platform for sport and leisure.
- Consolidation of a niche with high recurrence, low digital penetration and significant operational synergies.
Strategic value of targets:
- High customer loyalty.
- Deep specialisation in a vertical with strong expansion potential through strategies such as buy-and-build.
Logistics and advanced measurement: Alerce acquires FocusMétrica
Alerce, which specialises in transport and logistics software, acquired FocusMétrica with the aim of integrating its approved thermography technology.
Strategic goals:
- Technological differentiation in a sector subject to increasing pressure for efficiency.
- Combination of software + sensorisation + advanced analytics, reinforcing the value proposition.
Electronic security: Henko Partners creates Attlon
Henko Partners continues to implement a consolidation strategy in electronic security with the creation of Attlon, through the acquisitions of Electro Alavesa and Cottés.
Investment thesis:
- Highly fragmented market with clear opportunities of buy-and-build.
- Significant component of recurring maintenance income.
- High corporate demand due to increased needs for protection, video surveillance, and fire prevention.
Cyber intelligence for defence: Nazca acquires Ravenloop
Nazca Capital acquired a majority stake in Ravenloop, a leading company in predictive cyber intelligence applied to defence.
Why it is relevant:
- It reflects the rise of dual-use technologies for civil and military purposes.
- Spain strengthens its ecosystem in cyber defense and strategic technologies.
- Ravenloop stands out for its distinctive intellectual property, an asset that is particularly valued in buyout transactions.
Industrial and B2B software: Tresmares, Fiery and Deloitte complete key transactions
The month also saw corporate and investment activity in industrial software:
Tresmares → €25 million in Convey Technology (United Kingdom)
- Commitment to critical fleet management and regulatory compliance software.
- Drives its international strategy in regulated software.
Fiery → Acquisition of Inèdit Software (Barcelona)
- Inèdit brings digital textile printing technology to a growing niche market.
- The transaction strengthens Fiery's verticalisation and capabilities.
Deloitte → Acquisition of Aquanima Chile (Banco Santander)
- It demonstrates how global consultancies continue to expand their reach through integrated technology solutions.
Cryptography and advanced security: Corporación Financiera Azuaga acquires IDBOTIC
The acquisition of IDBOTIC reinforces the strategic role of encryption and advanced security technologies in an increasingly demanding regulatory and geopolitical context.
Deep Tech and technological sovereignty: semiconductors and quantum technology
The public sector continues to play a key role in strengthening Spain's technological sovereignty in critical areas such as semiconductors, defence and quantum computing.
SETT invests in Ideaded and Qilimanjaro Quantum Tech
The state-owned vehicle SETT has invested in:
- Ideaded, manufacturer of semiconductors for industrial and power applications.
- Qilimanjaro Quantum Tech, one of Europe's leaders in quantum computing.
Strategic vision of the state:
- Promoting autonomy in chips and advanced technologies.
- Reduce dependence on foreign suppliers in security sectors.
- Connect the deep tech pipeline with European innovation programmes.
Mondragón and Fagor invest in Semi Zabala
Semi Zabala develops radiation-resistant GaN semiconductors, essential for space applications.
This investment strengthens:
- The Basque position in high-reliability electronics.
- National industrial capacity in a sector with extremely high technological barriers.
Venture Capital: applied AI, fintech, and vertical SaaS
The venture capital closed an active month in terms of number of transactions, especially in AI and specialised software, although with less weight in terms of value compared to private equity.
Applied AI and productivity
- Anyformat (€3.3 million): automated extraction of complex data using generative AI.
- Uxia (€1 million): automation of user testing with AI models.
- Tacmind (€2.4 million):: brand visibility and traceability in AI-generated responses.
- Velorum Labs (€3 million): AI-driven business management.
- Patagon AI (£2.75 million): AI agents for sales and marketing.
Market interpretation:
Investors prioritise companies with clear monetisation models, tangible use cases, and the ability to integrate with existing tools.
Fintech: rounds with strong Spanish participation
- Devengo (€2 million): salary on demand
- Dost (€6.7 million): accounting and supplier management with AI.
- Cofers (£1.5 million): treasury services for SMEs in Mexico, led from Spain.
- Clara (£50 million in venture debt): expansion supported by BBVA Spark and IFC.
Vertical SaaS and sector-specific platforms
- Amenitiz (£37 million): AI-based hotel software.
- Syniva (€2 million): e-commerce for the Canary Islands.
- Tennders (€0.1 million): digitisation of transport.
- Nuela (€0.62 million): management of educational timetables.
- Holo Technologies (€1 million): health platform.
The Spanish ecosystem confirms its specialisation in B2B software, SaaS and vertical solutions with recurring subscription models.
The technology M&A market in Spain: a specialised niche focused on added value
The transactions carried out in November 2025 allow us to draw five key conclusions about the evolution of the technology M&A market in Spain:
- A mature and specialised technology market.
The presence of sectoral platforms, international funds and active consolidation strategies reflects depth and sophistication. - Digital infrastructure is becoming established as a strategic pillar of dealflow.
The momentum of FTTH, data centres and critical systems will continue to generate high-value operations. - Private equity dominates the most significant transactions.
Buyouts, roll-ups and strategic investments in vertical software, security and deep tech continue to lead the way in value creation. - The public sector acts as a catalyst for critical technologies.
Investments in semiconductors, quantum computing and cyber defence strengthen Spain's technological autonomy. - Venture capital fuels the future pipeline for company acquisitions and sales.
Applied AI, fintech and vertical SaaS represent the main breeding ground for companies that could be integrated into future strategic operations.
In this context of increasing specialisation, expert advice is crucial for seizing opportunities and successfully managing the purchase and sale of technology companies. At Baker Tilly, our Tech M&A team brings sector expertise, strategic analysis and a solid track record in complex transactions, accompanying our clients through every stage of the process to maximise value and reduce risk in an increasingly competitive market.