Consolidation, international expansion and a commitment to artificial intelligence set the pace for July. More than 40 significant transactions were recorded, including financing rounds, acquisitions by industrial groups, private equity funds and strategic mergers. This analysis delves into the most significant transactions, highlighting the strategic objectives of the buyers, the differential value of the targets and emerging trends in the sector.<\/p>\n\n\n\n
Strategic objective<\/strong>: strengthen capacities in digital infrastructure and communications. Purpose of the operation<\/strong>: securing critical telecommunications infrastructure. Purpose of the acquisition<\/strong>: positioning in data infrastructures. Strategic objective<\/strong>: build a comprehensive payment platform for the hospitality industry. Purpose of the operation<\/strong>: increase local content production capacity Purpose of the acquisition<\/strong>: complement products and consolidate leadership in indoor cycling<\/em>. Strategic objective<\/strong>: first inorganic acquisition in its expansion plan. Purpose of the operation<\/strong>: to create a national platform for hosting and telecommunications services. Purpose of the transaction<\/strong>: to nationalise critical communications capabilities. Strategic objective<\/strong>: minority stake with growth potential. Purpose of the operation<\/strong>: to expand ERP capabilities. Purpose of the transaction<\/strong>: expansion into cybersecurity for digital payments. Strategic objective<\/strong>: to strengthen its real estate services ecosystem. Purpose of the operation<\/strong>: to scale automated payment platform using artificial intelligence. Strategic objective<\/strong>: to promote agri-food sustainability software. Negotiation objective<\/strong>: to xpand AR and AI solutions for marketing. 1. Digital infrastructure as a strategic asset<\/strong> <\/p>\n\n\n\n Data centres, connectivity and critical software are at the centre of investors' attention. The commitment to technological resilience, edge computing architectures<\/em> and cloud <\/em>is driving acquisitions such as those of Benbros DC, Ikusi<\/strong> or Teltronic<\/strong>. <\/p>\n\n\n\n 2. Buy-and-build<\/em> companies with a focus on consolidation<\/strong> <\/p>\n\n\n\n Companies such as Plain Concepts, Cuatroochenta<\/strong> or Queka Real Partners<\/strong> implement clear aggregation strategies. The aim is to create national champions in niches such as software, telecommunications, and IT services. <\/p>\n\n\n\n 3. Venture Capital: focus on AI, sustainability, and specialisation<\/strong> <\/p>\n\n\n\n The startups that raised capital in July have a strong technological component applied to specific sectors (legaltech, foodtech, fintech, EH&S). Solid technical teams and proposals with a global vision are highly valued. <\/p>\n\n\n\n 4. The role of international capital as a catalyst<\/strong> <\/p>\n\n\n\n Funds such as Apollo, Upliift, Northzone<\/strong> or Loomis Pay<\/strong> not only provide capital, but also strategic vision and access to global networks. Transactions with foreign investors continue to grow, especially in software and e-commerce.<\/p>\n\n\n\n July 2025 confirmed the dynamism of the Spanish technology ecosystem. The transactions analysed reveal a maturing market, with local strategic buyers gaining prominence, international investors betting on quality and talent, and startups capable of competing in critical sectors such as AI, sustainability, and communications. <\/p>\n\n\n\n Acquisitions are not driven by passing trends, but rather by a logic of integration, scale, and international competitiveness. Spain is positioning itself as a hub for applied technology with an operational focus, from Zaragoza to Seville, from Barcelona to A Coru\u00f1a.<\/p>\n\n\n\n
Cad&Lan<\/strong>, which specialises in networks and connectivity solutions, is merging with Etra<\/strong>, part of the Cobra Group. This merger strengthens Etra's comprehensive offering in smart city and mobility solutions, adding expertise in critical communications for industrial and public environments. <\/p>\n\n\n\n<\/span>Enag\u00e1s takes full control of Axent (Madrid)<\/strong> <\/span><\/h3>\n\n\n\n
Axent<\/strong> is a key player in wholesale connectivity. Enag\u00e1s, through its technology services subsidiary, is increasing its stake to 100% for \u20ac37.5 million. This move responds to the need to strengthen the digital backbone in the context of energy transition and decarbonisation.<\/p>\n\n\n\n<\/span>Iridium (ACS) acquires 75% of Benbros DC (Zaragoza)<\/strong> <\/span><\/h3>\n\n\n\n
Benbros DC<\/strong> is leading the development of a 150 MW data centre, one of the most important in the country. The operation is part of ACS<\/strong> 's commitment to resilient digital infrastructure, which is key to attracting investment linked to artificial intelligence and cloud computing.<\/em><\/p>\n\n\n\n<\/span>International expansion through the acquisition of strategic targets<\/strong><\/span><\/h2>\n\n\n\n
<\/span>Loomis Pay acquires Central Cash and Sighore (Catalonia)<\/strong> <\/span><\/h3>\n\n\n\n
Central Cash<\/strong> develops software for hospitality management and Sighore<\/strong> specialises in point-of-sale systems. The double acquisition allows Swedish-based Loomis Pay<\/strong>to accelerate its expansion into the Spanish market with an offering tailored to the hospitality sector. Both firms contribute proprietary technology and a consolidated commercial network. <\/p>\n\n\n\n<\/span>ITV Studios acquires Plano a Plano (Madrid)<\/strong> <\/span><\/h3>\n\n\n\n
The British ITV Studios<\/strong> acquires a majority stake in Plano a Plano<\/strong>, one of the leading Spanish-language television drama production companies. This transaction reinforces ITV's international expansion strategy and its commitment to Spanish-language content for global audiences. <\/p>\n\n\n\n<\/span>ROUVY acquires BKOOL (Madrid)<\/strong><\/span><\/h3>\n\n\n\n
BKOOL<\/strong> is a pioneer in virtual cycling simulators. ROUVY<\/strong>, from the Czech Republic, adds complementary technology and access to key markets such as Spain and Latin America. The transaction highlights the maturity of the fitness-tech segment and the convergence between sport and augmented reality.<\/p>\n\n\n\n<\/span>Strategic moves: Buy & Build<\/em> and Private Equity<\/strong> <\/span><\/h2>\n\n\n\n
<\/span>Plain Concepts acquires Apium Hub (Barcelona)<\/strong>\u00a0<\/span><\/h3>\n\n\n\n
Apium Hub<\/strong> provides specialised talent in agile development and software architecture. Plain Concepts<\/strong>, owned by ABE Capital Partners, launches a roll-up strategy to consolidate capabilities in consulting and advanced technology services. <\/p>\n\n\n\n<\/span>Queka Real Partners acquires Smartgroup, B2com and Datos 101<\/strong> <\/span><\/h3>\n\n\n\n
The three acquired companies provide complementary solutions in storage, connectivity, and business solutions. The transaction, based on an integration thesis, seeks to scale operational and commercial synergies. <\/p>\n\n\n\n<\/span>Nazca Capital acquires Teltronic from Hytera (China)<\/strong> <\/span><\/h3>\n\n\n\n
Nazca has acquired 100% of Teltronic<\/strong> for \u20ac75.8 million. The company specialises in communication systems for emergencies and security. The transaction is significant due to its geostrategic component: a key company in technological defence, previously in Chinese hands, is being repatriated. <\/p>\n\n\n\n<\/span>Apollo Global Management acquires 30% of Tradeinn (Girona)<\/strong> <\/span><\/h3>\n\n\n\n
Tradeinn<\/strong>, a leader in sports e-commerce, receives a \u20ac200 million investment from Apollo<\/strong>, in a transaction involving the exit of Suma Capital<\/strong>. The focus is on non-controlling growth, but with a vision of international expansion and operational improvement.<\/p>\n\n\n\n<\/span>Acquisitions to improve specific capabilities<\/strong> Tech and vertical Software<\/span><\/h2>\n\n\n\n
<\/span>Algorithmia acquires Olivia (Barcelona)<\/strong> <\/span><\/h3>\n\n\n\n
Olivia<\/strong>, which specialises in Microsoft Dynamics solutions, enables Algorithm<\/strong> to integrate more services into its digital transformation portfolio. The operation strengthens its position in enterprise software<\/a>This acquisition follows the integration of Algoritmia with TVH Consulting in 2023<\/a>. Baker Tilly acted as advisor for the sale of Algoritmia in this transaction<\/strong>. <\/p>\n\n\n\n<\/span>Cuatroochenta acquires MP Services (Barcelona)<\/strong> <\/span><\/h3>\n\n\n\n
MP Services<\/strong> develops anti-fraud solutions. The acquisition strengthens Cuatroochenta<\/strong> s offering in financial software and compliance, critical areas for corporate clients and public administrations. <\/p>\n\n\n\n<\/span>Idealista acquires Certicalia (Zaragoza)<\/strong> <\/span><\/h3>\n\n\n\n
Certicalia<\/strong> offers technical certificates and online procedures. Its integration reinforces Idealista<\/strong> 's position as a value-added platform, beyond just an advertising portal.<\/p>\n\n\n\n<\/span>Venture Capital in AI, sustainability, and augmented reality<\/strong> <\/span><\/h2>\n\n\n\n
<\/span>Murphy AI raises 15 million<\/strong><\/span><\/h3>\n\n\n\n
Barcelona-based Murphy AI<\/strong> received support from funds such as Northzone<\/strong> and SeedCamp<\/strong>Their solution enables the management of collections in sectors with high default rates, applying machine learning<\/em> models to maximise recovery rates. <\/p>\n\n\n\n<\/span>ODOS raises 0.68 million with support from CAPSA and Angels Capital<\/strong> <\/span><\/h3>\n\n\n\n
Based in Valencia, ODOS<\/strong> develops solutions to measure and manage the environmental impact of the agricultural value chain. It reflects the growing importance of climate tech<\/strong> and the digitalisation of sustainability. <\/p>\n\n\n\n<\/span>ARfuture closes funding round with Eoniq Fund<\/strong> <\/span><\/h3>\n\n\n\n
ARfuture<\/strong>, based in Madrid, uses augmented reality to create immersive experiences. The capital received will be used to accelerate national and international expansion in sectors such as retail and events.<\/p>\n\n\n\n<\/span>Other remarkable transactions<\/strong> <\/span><\/h2>\n\n\n\n
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<\/span>Trends and reflections <\/strong>M&A in Spain<\/span><\/h2>\n\n\n\n
<\/span>Spain consolidates its appeal as a technology hub<\/strong> <\/span><\/h2>\n\n\n\n