{"id":68710,"date":"2025-11-04T16:02:43","date_gmt":"2025-11-04T15:02:43","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=68710"},"modified":"2025-12-11T10:30:30","modified_gmt":"2025-12-11T09:30:30","slug":"most-notable-technological-operations-in-spain-october-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/operaciones-ma-tecnologico-mas-destacadas-en-espana-octubre-2025\/","title":{"rendered":"Most notable technology M&amp;A transactions in Spain | Analysis October 2025"},"content":{"rendered":"<p class=\"translation-block\">The month of October confirms the prevailing trend in the Spanish technology market during 2025: <strong>defensive M&amp;A<\/strong>, with a clear focus on <strong>IT services and B2B software<\/strong>, driven by strategic <em>carve-outs<\/em>, <em>roll-ups<\/em>, and <em>build-up<\/em> strategies in fund-backed platforms. There is also evidence of <strong>active consolidation in the mid-market<\/strong>, where the main objectives are scale, cross-sell, and <strong>entry into new geographies<\/strong>.<\/p>\n\n\n\n<p>Among the most significant transactions are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Infra &amp; cyber\/cloud<\/strong>: <strong>Lutech<\/strong> agrees to acquire the cloud and cybersecurity unit of <strong>Making Science<\/strong> (approximate price of 23 million euros), strengthening its capabilities in managed services and software development with strong visibility on 2025 EBITDA.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>IT services for SMEs and content<\/strong>: <strong>Koesio<\/strong> acquires ~70% of <strong>Solitium<\/strong> (partial exit of ProA Capital), and <strong>Samy<\/strong> (controlled by Bridgepoint) acquires <strong>team5pm<\/strong> to expand its presence in the Netherlands, Sweden, and Poland.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Private Equity as a sector driver<\/strong>: <strong>Nazca Small Cap II<\/strong> takes a majority stake in <strong>Clustag<\/strong>, <strong>Aareon<\/strong> acquires <strong>DEH Online<\/strong>, and <strong>Satlink<\/strong> acquires the French company <strong>nke Group<\/strong>.<\/li>\n\n\n\n<li class=\"translation-block\"><strong><a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/buy-build-strategy-what-it-is\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buy-and-build strategies<\/a><\/strong>: <strong>Izertis<\/strong> adds <strong>Icalia Solutions<\/strong> and <strong>ICATD<\/strong>; <strong>Visual Trans<\/strong> integrates <strong>DeiWorld<\/strong>; <strong>Sword Group<\/strong> incorporates <strong>Full On Net<\/strong>; <strong>Roman<\/strong> absorbs <strong>D\u00e9dalo Comunicaci\u00f3n<\/strong>. <strong>Ferrovial<\/strong> enters the data center operation and maintenance business with <strong>Powernet<\/strong>.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Semiconductors and defense<\/strong>: <strong>Escribano<\/strong> invests in <strong>Ideaded<\/strong>, and <strong>Murcia Emprende<\/strong> finances <strong>Quantix Edge Security<\/strong> through <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/what-is-a-venture-capital-ss-a2\/\" target=\"_blank\" rel=\"noreferrer noopener\">venture capital<\/a>.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Venture Capital<\/strong>: atomized activity in the early stage, especially in applied AI, climate\/energy, cybersecurity, and fintech.<\/li>\n<\/ul>\n\n\n\n<p class=\"translation-block\">The key trend to highlight is that <strong>private equity<\/strong> and <strong>sponsored corporates<\/strong> are once again leading the pace of the market, seeking <strong>sector specialization<\/strong>, <strong>recurring contracts<\/strong>, and <strong>international exposure<\/strong>. Venture capital maintains its selective activity focused on <strong>applied AI, energy, and cybersecurity<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tendencias_de_M_A_que_se_consolidan_en_Espana\"><\/span>M&amp;A trends gaining momentum in Spain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Carve-outs_estrategicos\"><\/span>Strategic carve-outs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Sellers are streamlining their portfolios to prioritize <em>core<\/em> businesses (digital marketing in this case), while the buyer accelerates access to <strong>qualified talent<\/strong>, an <strong>enterprise client portfolio<\/strong>, and a <strong>managed services <em>run-rate<\/em><\/strong> with lower integration risk than a full merger. The earn-out linked to 2025 EBITDA aligns incentives and reduces information asymmetries. The Lutech\u2013Making Science deal is a clear example of this.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Roll-ups_respaldados_por_fondos\"><\/span>Fund-backed roll-ups<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Aareon (controlled by TPG\/La Caisse) acquires DEH Online in the <strong>administrative GovTech\/PropTech<\/strong> segment. Nazca enters Clustag to professionalize the <em>go-to-market<\/em> and <strong>expand the Zentup software<\/strong>. Satlink (Apheon\/Art\u00e1), for its part, acquires nke Group, integrating marine instrumentation and <strong>expanding its high-value oceanographic data suite<\/strong> for sustainable fishing and environmental monitoring.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consolidacion_mid-market_orientada_a_capacidades\"><\/span>Capability-driven mid-market consolidation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Movements such as those of Izertis, Sword Group, and Visual Trans seek <strong>density of supply<\/strong>, <strong>proximity to the customer<\/strong>, and <strong>greater delivery capacity<\/strong> in key markets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infraestructura_digital_y_data_centers\"><\/span>Digital infrastructure and data centers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Ferrovial\u2019s acquisition of Powernet responds to the <strong>sustained growth in demand for AI<\/strong>, edge computing, and data sovereignty. The transaction reinforces an investment thesis characterized by strong entry barriers and recurring revenue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Marketing_y_contenidos_con_capa_DataTech\"><\/span>Marketing and content with a Data\/Tech layer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Samy (Bridgepoint) buys team5pm and NTT Data acquires Bungalow25. Rationale to strengthen their performance content capabilities and <strong>integrated customer experience<\/strong> with analytics.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IA_aplicada_a_HR_y_automocion\"><\/span>AI applied to HR and automotive<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Investments in Squarepoint by Endra Partners and Hodor Invest, or the acquisition of TalentFY\u2019s business, reflect a vertical where the <strong>digitalization of people processes<\/strong> delivers measurable ROI.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Semiconductores_y_defensa\"><\/span>Semiconductors and defense<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">Escribano invests in <strong>Ideaded<\/strong> and <strong>Quantix Edge Security<\/strong> raises venture capital for cyber-secure microchips. These moves are evidence of a <strong>national strategy<\/strong> toward technological sovereignty and supply\u2011chain resilience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operaciones_destacadas_de_M_A_y_Private_Equity\"><\/span>Notable M&amp;A and Private Equity Deals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lutec_adquiere_la_unidad_cloud_y_ciber_de_Making_Science\"><\/span>Lutec acquires the cloud and cyber unit of Making Science<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">The goal is to grow in <strong>high-recurring managed services<\/strong> (cloud infrastructure, software development, cyber), adding talent and enterprise-base clients in Spain, while creating commercial synergies with Lutech\u2019s <em>end-to-end<\/em> solutions portfolio.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Value for the acquirer: acceleration of <strong>delivery capability<\/strong> and <strong>credentials<\/strong>, and a price structure with a variable linked to 2025 EBITDA that protects returns.<\/li>\n<\/ul>\n\n\n\n<p class=\"translation-block\"><em>Hyperscalers<\/em> increase complexity, while specialized mid-sized cloud consultancies are key targets for pan-European integrators.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Koesio_se_hace_con_el_70_de_Solitium\"><\/span>Koesio acquires 70% of Solitium<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">This deal is based on an Iberian build-up in <strong>IT services, communications, and document management<\/strong> for SMEs, integrating commercial reach and support contracts.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Value delivered: <strong>ARPU<\/strong> and <strong>churn<\/strong> improvements via a broader suite (print-to-digital, ECM, MDM, basic cyber). PE playbook: professionalization and cross-sell.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aareon_compra_DEH_Online\"><\/span>Aareon acquires DEH Online<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">The goal of this deal is to strengthen the <strong>PropTech<\/strong> and <strong>GovTech<\/strong> offering for property managers and administrative firms (electronic connection with public administrations), creating <strong>stickiness<\/strong> through regulatory compliance.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Its value lies in strong <strong>retention<\/strong> and potential for <strong>subscription migration<\/strong>, along with the possibility of <em><strong>bundling<\/strong><\/em> with Aareon solutions in Europe.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stalink_adquiere_nke_Group\"><\/span>Stalink acquires nke Group<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">This acquisition allows the buyer to expand its <strong>marine instrumentation and sensor<\/strong> offering and quality data for environmental monitoring and fisheries management solutions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Strategic value: geographic diversification and <strong>data ownership<\/strong>. This represents a growing competitive advantage in the blue ocean of <em>blue tech<\/em>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nazca_Small_Cap_II_se_hace_con_la_parte_mayoritaria_de_Clustag\"><\/span>Nazca Small Cap II acquires the majority stake of Clustag<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">The deal aims to scale in <strong>end-to-end intralogistics RFID<\/strong> solutions (tunnels + Zentup software) toward retail\/logistics with a <strong>commercial industrialization<\/strong> playbook.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Value for the acquirer: defensive combination (proprietary hardware) + <strong>scalable software<\/strong> with higher margins.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Samy_compra_team5pm\"><\/span>Samy buys team5pm<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\">The goal of this transaction is to expand international presence in <strong>content and performance marketing<\/strong> (YouTube, social) with layers of data and creativity.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The value delivered is entry into Benelux and the Nordics, along with potential synergies with multinational clients.<\/li>\n<\/ul>\n\n\n\n<p>Ferrovial buys Powernet<\/p>\n\n\n\n<p class=\"translation-block\">This acquisition aims to position itself in <strong>data center design, operation, and maintenance<\/strong>, aligned with <strong>AI and edge<\/strong> megatrends.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strategic value: high-margin recurring service capability and cross-sell within the infrastructure portfolio.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFQue_nos_dicen_estas_operaciones_sobre_el_mercado\"><\/span>What do these deals tell us about the market?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Recurring revenue beats project revenue<\/strong>: SaaS and managed services revenues maintain defensive multiples.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Profitable verticalization<\/strong>: The moat lies in process knowledge + specialized software.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Disciplined pan-European scaling<\/strong>: Sponsors seek rapid growth with strategic bolt-ons.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hardware + software thesis<\/strong>: Combinations that deliver consolidated margin and technological barriers.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Talent and local presence<\/strong> continue to be differentiators in IT services.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Private_equity_patrones_de_ejecucion\"><\/span>Private equity: execution patterns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Disciplined buy-and-build<\/strong> with a focus on KPIs<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Orderly exits<\/strong> with partial shareholder continuity<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Active minority investments<\/strong> to accelerate professionalization and product<\/li>\n<\/ul>\n\n\n\n<p class=\"translation-block\"><strong>Reading for sellers:<\/strong> <strong>Sale preparation<\/strong>, especially revenue quality, cohorts, churn, and delivery metrics, remains critical to maximize multiples. If you want to learn more about <a href=\"https:\/\/techma.bakertilly.es\/en\/exit-readiness\/\" target=\"_blank\" rel=\"noreferrer noopener\">how to prepare your company to maximize its value in a sale process<\/a>, check out our new service, where you can take a self-diagnostic test to see how prepared your company is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_Capital_IA_aplicada_energia_y_ciber_siguen_fuertes_en_seedSerie_A\"><\/span>Venture Capital: Applied AI, energy, and cyber remain strong in seed\/Series A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"translation-block\">VC remains selective but active in projects with <strong>validated traction and B2B focus<\/strong>, especially in energy efficiency, anti-fraud, quantum cryptography, conversational AI, and digital health.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Energy efficiency<\/strong>: the transactions of Clevergy, Vico, S\u2011Labs, and Ferrovial\u2019s commitment strengthen the energy\u2011data vector.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Cyber and security<\/strong>: the deals of Acoru, Quantix Edge Security, and LuxQuanta show appetite in cyber\/critical infrastructure.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Applied AI in verticals<\/strong>: Afori, Omnia, Aunoa, Virtest, iO Health, Payflow, and Celebreak\/Pekata in niche consumer markets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Que_tener_en_cuenta_en_4T_2025_y_1T_2026\"><\/span>What to watch in Q4 2025 and Q1 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"translation-block\">By the end of 2025 and early 2026, new <strong>carve-outs in digital services and marketing<\/strong> are expected. We will also see an active <em>pipeline<\/em> in <strong>digital infrastructure and edge computing<\/strong>, as well as <strong>sustained growth in blue\/green tech<\/strong> with multi-year contracts. Finally, targets with <strong>data ownership<\/strong> and presence in regulated sectors should maintain higher multiples.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_de_la_situacion_del_M_A_Espana_Octubre_2025\"><\/span>Conclusion on the M&amp;A situation in Spain | October 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"translation-block\">October 2025 shows a <strong>mature tech M&amp;A market<\/strong> in Spain, where both funds and sponsored corporates execute clear strategies of <strong>specialization<\/strong>, <strong>recurring revenue<\/strong>, and <strong>international expansion<\/strong>. VC, for its part, continues driving innovation in AI, energy, and cybersecurity, fueling the future pipeline.<\/p>\n\n\n\n<p class=\"translation-block\">For founders and management teams, the key is clear; <strong>specialization, recurring revenue, and data<\/strong> now form the fundamental trident to maximize value in an M&amp;A process or a growth round.<\/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 octubre confirma la din\u00e1mica predominante en el mercado tecnol\u00f3gico espa\u00f1ol durante 2025: M&amp;A defensivo, con un foco claro en servicios IT y software B2B, impulsado por carve-outs estrat\u00e9gicos, roll-ups y estrategias de build up en plataformas respaldadas por fondos. Se observa tambi\u00e9n una consolidaci\u00f3n activa en el mid-market, donde los objetivos principales [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":68736,"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-68710","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\/68710","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=68710"}],"version-history":[{"count":1,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68710\/revisions"}],"predecessor-version":[{"id":68823,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68710\/revisions\/68823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/68736"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=68710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=68710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=68710"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=68710"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=68710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}