{"id":68280,"date":"2025-09-11T12:00:00","date_gmt":"2025-09-11T10:00:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=68280"},"modified":"2025-12-11T10:31:07","modified_gmt":"2025-12-11T09:31:07","slug":"situation-of-technological-management-in-spain-analysis-august-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/situacion-del-ma-tecnologico-en-espana-analisis-agosto-2025\/","title":{"rendered":"State of technology M&amp;A in Spain | Analysis August 2025"},"content":{"rendered":"<p>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 <strong>digital marketplaces, cybersecurity, artificial intelligence, telecommunications and specialised software<\/strong>, with the participation of venture capital funds, strategic national and international corporations, as well as <em><a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/what-is-family-office\/\" target=\"_blank\" rel=\"noreferrer noopener\">family offices<\/a><\/em>.<\/p>\n\n\n\n<p>Operations confirm several structural trends:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Internationalisation of the Spanish ecosystem<\/strong>, with notable interest from foreign buyers (United States, Germany, Portugal, Luxembourg, South Korea).<\/li>\n\n\n\n<li><strong>Sector consolidation in telecommunications and IT<\/strong>, with vertical and horizontal integration movements.<\/li>\n\n\n\n<li><strong>Focus on applied AI and niche software<\/strong>, where Spanish start-ups attract early investment from specialised funds.<\/li>\n\n\n\n<li><strong>Greater prominence of private equity and family office operations<\/strong> in adjacent sectors (healthcare, media, e-commerce).<\/li>\n<\/ul>\n\n\n\n<p>Below, we review the most relevant operations and the strategic context in which they take place.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operaciones_de_M_A_mas_relevantes_en_Espana_agosto_2025\"><\/span><strong>Most significant M&amp;A transactions in Spain (August 2025) <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Naver_se_hace_con_el_control_total_de_Wallapop_377_millones_de_euros\"><\/span><strong>Naver takes full control of Wallapop (\u20ac377 million)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The most notable transaction of the month was the one of <strong>Naver<\/strong> of the remaining 70.5% of <strong>Wallapop<\/strong>, becoming its sole shareholder. With a valuation of \u20ac377 million, the transaction marks a milestone in the Spanish digital ecosystem.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to strengthen Naver's presence in Europe by integrating the Spanish platform into its e-commerce and circular economy strategy.<\/li>\n\n\n\n<li><strong>Value provided by Wallapop<\/strong>: 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.<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CrowdStrike_adquiere_Onum_ciberseguridad\"><\/span><strong>CrowdStrike acquires Onum (cybersecurity)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The American giant <strong>CrowdStrike<\/strong> has completed the acquisition of <strong>Onum<\/strong>, a Madrid-based start-up specialising in <em>real-time telemetry<\/em> pipeline management.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: expand the capabilities of the Falcon platform by adding massive security data processing capabilities.<\/li>\n\n\n\n<li><strong>Value provided by Onum<\/strong>: highly specialised local talent and key technology in observability and log management, a critical area for modern cybersecurity.<\/li>\n<\/ul>\n\n\n\n<p>Spain continues to flex its muscles in <strong>deep-tech cybersecurity<\/strong>, with high-profile international exits. For the funds (Dawn Capital, Insight Partners, Kibo Ventures), this represents a <strong>successful exit<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MasOrange_Vodafone_y_GIC_crean_una_joint_venture_de_fibra_optica\"><\/span><strong>MasOrange, Vodafone and GIC create a <em>joint venture<\/em> joint venture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another major transaction this month was the creation of a <strong>fibre joint venture<\/strong> between <strong>MasOrange, Vodafone Spain and Singapore's sovereign wealth fund (GIC)<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to optimise investments in FTTH infrastructure and accelerate deployment in areas that are less profitable individually.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: 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.<\/li>\n<\/ul>\n\n\n\n<p>The agreement responds to pressure on margins in telecommunications, which is driving infrastructure sharing as a formula for efficiency.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conexus_Networks_integrado_en_la_nueva_JV_de_fibra\"><\/span><strong>Conexus Networks joins new fibre joint venture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As part of the same strategy, MasOrange acquired <strong>Conexus Networks<\/strong>, a wholesale fibre operator, to integrate it into the <em>joint venture<\/em>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to secure installed capacity and wholesale customers at the start-up of the new entity.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: red de acceso FTTH y <em>operative<\/em> know-how<\/li>\n<\/ul>\n\n\n\n<p>This is a typical <strong><em>buy &amp; build<\/em> move in digital infrastructure<\/strong>, key to accelerating deployments and increasing the value of the new joint venture.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zvoove_adquiere_Nivel_IV_software_para_staffing\"><\/span><strong>Zvoove acquires Nivel IV (staffing <em>software<\/em>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The German company <strong>Zvoove<\/strong> acquired Madrid-based <strong>Nivel IV<\/strong>, which specialises in software for temporary employment agencies.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to strengthen the range of solutions for temporary human resource management, integrating Spanish technology.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: consolidated product in a growing niche market, with potential for scaling up in Europe.<\/li>\n<\/ul>\n\n\n\n<p>European suppliers are seeking <strong>specific vertical software<\/strong> as a lever for growth, confirming the attractiveness of the Spanish market as a source of specialised targets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capacity_adquiere_Verbio_Technologies_IA_conversacional\"><\/span><strong>Capacity acquires Verbio Technologies (conversational AI)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>US-based <strong>Capacity<\/strong> acquired <strong>Verbio Technologies<\/strong>, a leader in conversational AI.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to expand natural language processing capabilities and cognitive technologies, having recently raised \u00a392 million in an investment round.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: integration of Spanish technology into virtual assistants, with potential applications in banking, insurance, and customer services.<\/li>\n<\/ul>\n\n\n\n<p>There is growing international interest in <strong>AI applied to voice and conversation<\/strong>, an area in which Spain has leading start-ups.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Plexus_Tech_compra_BI4ALL_en_Portugal\"><\/span><strong>Plexus Tech compra BI4ALL en Portugal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Plexus Tech<\/strong>, a Spanish IT consultancy, has acquired Portuguese company <strong>BI4ALL<\/strong>, which specialises in <em>business intelligence<\/em>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to expand in the Iberian Peninsula and strengthen its capabilities in data and analytics.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: positioning as one of the leading independent integrators in southern Europe.<\/li>\n<\/ul>\n\n\n\n<p>The operation confirms the regional expansion <strong>strategy of<\/strong> Spanish IT consultancies, which are becoming increasingly competitive with large multinationals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trilantic_entra_en_Sklum_private_equity_en_e-commerce\"><\/span><strong>Trilantic enters Sklum<\/strong>: private equity in e-commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The <strong>Trilantic Europe<\/strong> acquired a minority stake in <strong>Sklum<\/strong>, a low-cost <em>furniture marketplace<\/em>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: committing to growth in a digital vertical with international reach.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: professionalisation of the company and support for internationalisation.<\/li>\n<\/ul>\n\n\n\n<p>Following a strong cycle of digital consumption, funds are seeking <strong>profitable digitally native brands<\/strong> with potential for expansion into new markets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lumiris_y_la_IA_en_fertilidad_innovacion_en_salud\"><\/span><strong>Lumiris and AI in fertility: innovation in health<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>El <em>family office<\/em> <strong>Pelliga<\/strong> acquired a stake in <strong>Lumiris<\/strong>, which specialises in hyperspectral imaging for embryo assessment in IVF.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategic objective<\/strong>: to support the industrialisation of a disruptive technology in assisted reproduction.<\/li>\n\n\n\n<li><strong>Provided value<\/strong>: validation of the scientific model and access to patient capital.<\/li>\n<\/ul>\n\n\n\n<p>There is a growing convergence between <strong>health and artificial intelligence<\/strong>, with Spain being a hub of innovation in applied biotechnology.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_capital_activo_en_early_stage\"><\/span><strong>Active venture capital in the <em>early stages<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>August also saw several seed rounds and <em>early stages<\/em>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Qbeast<\/strong> (big data, \u20ac6.57 million, with Peak XV Partners, Elaia and HWK).<\/li>\n\n\n\n<li><strong>FitnessKPI<\/strong> (\u20ac0.5 million, Encomenda Capital).<\/li>\n\n\n\n<li><strong>Evolbe<\/strong> (\u20ac0.5 million, Eoniq Fund).<\/li>\n\n\n\n<li><strong>Payli<\/strong> (\u20ac0.48 million, proptech with hybrid investment from Finaer and Enisa).<\/li>\n\n\n\n<li><strong>Rauda AI<\/strong> (\u20ac2.4 million, led by JME Venture Capital).<\/li>\n\n\n\n<li><strong>TrustWorks<\/strong> (privacy and AI software, round led by Elkstone).<\/li>\n<\/ul>\n\n\n\n<p>These transactions demonstrate the <strong>resilience of Spanish venture capital even in summer<\/strong>, with a focus on <strong>AI, big data and vertical SaaS<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Otras_operaciones_corporativas\"><\/span><strong>Other corporate transactions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Grupo Kalma acquired cliniclic!<\/strong>, a dental marketplace in Valencia.<\/li>\n\n\n\n<li><strong>SCC acquired Omega Peripherals<\/strong>, strengthening its IT infrastructure capabilities in Spain.<\/li>\n\n\n\n<li><strong>Timestamp integrated Arin and Fin4Retail<\/strong>, consolidating its offering of Oracle and fintech solutions.<\/li>\n\n\n\n<li><strong>Quantum acquired the 3D printer unit of BCN3D Technologies<\/strong>, ensuring the continuity of a flagship <em>deep tech project<\/em>.<\/li>\n\n\n\n<li><strong>knowmad mood acquired Buzz Marketing<\/strong> (\u20ac2.8 million), expanding its digital offering.<\/li>\n\n\n\n<li><strong>Lantia acquired C\u00edrculo Rojo<\/strong>, a leader in literary desktop publishing.<\/li>\n\n\n\n<li><strong>Superstruct Entertainment repurchased Where We Used to Scream<\/strong>, after having sold the asset months earlier, in a move to consolidate its <em>live entertainment business<\/em>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tendencias_estrategicas_del_mes_en_M_A\"><\/span><strong>Strategic trends of the month in M&amp;A<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>1. Consolidation of the Spanish digital ecosystem<\/strong><\/p>\n\n\n\n<p>Large platforms (Wallapop) are being acquired by foreign companies, while <em>deep-tech start-ups<\/em> (Onum, Verbio) are generating <em>significant <\/em>exits.<\/p>\n\n\n\n<p><strong>2. Critical infrastructure as a focus for investment<\/strong><\/p>\n\n\n\n<p>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 <em>buy &amp; build<\/em>.<\/p>\n\n\n\n<p><strong>3. Applied AI as a cross-cutting issue<\/strong><\/p>\n\n\n\n<p>From health (Lumiris) to voice (Verbio) and <em>customer service<\/em> (Rauda AI), AI continues to be the major driver of investment.<\/p>\n\n\n\n<p><strong>4. Diversified private equity<\/strong><\/p>\n\n\n\n<p>Operations in e-commerce (Sklum), media (Superstruct) and publishing (Lantia), while there is also interest in digital consumption and entertainment verticals.<\/p>\n\n\n\n<p><strong>5. <em>Cross-border<\/em> as a law<\/strong><\/p>\n\n\n\n<p>The United States, Germany, Luxembourg, Portugal, South Korea and Singapore have been key players in acquisitions or investments in Spanish targets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_de_la_situacion_del_M_A_Espana_Agosto_2025\"><\/span><strong>Conclusion<\/strong> on the M&amp;A situation in Spain | August 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>August 2025 has confirmed that technology M&amp;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 <strong>international appeal, sector diversity and investment dynamism<\/strong>.<\/p>\n\n\n\n<p>Looking ahead to the coming months, we can expect further consolidation in telecommunications and<em> IT services<\/em>, as well as continued international <em>significant<\/em> exits in <em>deep-tech start-ups<\/em> and a growing presence of private equity in digital companies with proven models.<\/p>\n\n\n\n<p>Overall, the Spanish ecosystem is positioned as a <strong>key hub for technological innovation and a destination for international capital<\/strong>, consolidating its leading role on the European M&amp;A map.<\/p>\n\n\n\n<p class=\"translation-block\">At Baker Tilly, as <a href=\"\/\/techma.bakertilly.es\/en\/\" target=\"_blank\" rel=\"noreferrer\">company sale and purchase advisors<\/a> in the technology sector, we analyze the latest market trends to ensure the greatest success in our clients' transactions. If you want to keep up to date with the latest news on the sale and purchase transactions or investments in companies in the technology sector, subscribe to our newsletter. If, on the other hand, you are looking for advice on this matter, do not hesitate to contact us.<\/p>","protected":false},"excerpt":{"rendered":"<p>El mes de agosto, tradicionalmente m\u00e1s pausado en cuanto a transacciones corporativas, ha sorprendido en 2025 con una intensa actividad en el \u00e1mbito tecnol\u00f3gico en Espa\u00f1a. Se registraron operaciones de gran calado en segmentos como marketplaces digitales, ciberseguridad, inteligencia artificial, telecomunicaciones y software especializado, con la participaci\u00f3n de fondos de capital riesgo, corporativos estrat\u00e9gicos nacionales [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":68298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[],"tipo-contenido":[2260],"class_list":["post-68280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=68280"}],"version-history":[{"count":1,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68280\/revisions"}],"predecessor-version":[{"id":68826,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68280\/revisions\/68826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/68298"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=68280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=68280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=68280"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=68280"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=68280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}