{"id":69416,"date":"2026-02-10T13:31:00","date_gmt":"2026-02-10T12:31:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69416"},"modified":"2026-03-12T13:56:39","modified_gmt":"2026-03-12T12:56:39","slug":"analysis-digital-transactions-media-spain-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-digital-media-espana-2025\/","title":{"rendered":"Analysis of the main cybersecurity transactions in Spain in 2025"},"content":{"rendered":"

<\/span>Strategic consolidation and leadership in technology M&A<\/span><\/h2>\n\n\n\n

The year 2025 has been decisive for the Spanish technology ecosystem, with the cybersecurity<\/strong> <\/a>sector consolidating itself as one of the key drivers of growth and resilience in mergers and acquisitions (M&A). Driven by the acceleration of digitalisation and regulatory pressure \u2014 marked by the NIS2<\/strong> directive and the Artificial Intelligence Act<\/strong>\u2014 Spanish cybersecurity companies have not only attracted the attention of local investors, but have also become strategic assets for international corporations and private equity (PE) funds.<\/p>\n\n\n\n

In this analysis, we break down the most significant transactions of the year, showing how venture capital and corporate investment are shaping a more robust digital defence ecosystem<\/strong> en Espa\u00f1a. Adem\u00e1s, destacamos el papel de our specialist financial advisers<\/strong>, who have positioned Baker Tilly as a leader in transaction advisory services in the technology, media and telecommunications (TMT) sector during 2025.<\/p>\n\n\n\n

<\/span>Boom in M&A and the entry of private equity<\/span><\/h2>\n\n\n\n

Unlike previous years dominated by venture capital (VC)<\/strong>, 2025 has been a year marked by corporate M&A<\/strong> and the strategic presence of private equity. The Spanish market has moved from a phase of initial growth to a process of consolidation of \u2018national champions\u2019.<\/p>\n\n\n\n

<\/span>Nazca Capital and Ravenloop: MDR specialists<\/span><\/h3>\n\n\n\n

One of the most significant transactions was Nazca Capital's<\/strong> in Ravenloop<\/strong>, a specialist in managed cybersecurity services (MSSP) and managed detection and response (MDR). This acquisition reflects the trend among private equity funds to invest in companies with recurring revenues, high customer retention and scalable technology. For Nazca, Ravenloop is not only a financial investment, but also a platform for future acquisitions (buy-and-build<\/em>, consolidating its presence in a critical market niche.<\/p>\n\n\n\n

<\/span>Minsait (Indra) and expansion in Latin America<\/span><\/h3>\n\n\n\n

Spanish giant Minsait (Indra)<\/strong> strengthened its cybersecurity division with the purchase of Brazilian company Rust Consultores<\/strong>a cross-border<\/em> operation that combines:<\/p>\n\n\n\n

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  1. Geographical expansion: Rust positions Minsait in Brazil, Latin America's largest cybersecurity market.<\/li>\n\n\n\n
  2. Specialisation in auditing and consulting: Rust's capabilities expand Minsait's comprehensive (360\u00ba) cybersecurity offering, especially in regulatory compliance.<\/li>\n<\/ol>\n\n\n\n

    <\/span>Hiberus and Telef\u00f3nica Tech: portfolio optimisation<\/span><\/h3>\n\n\n\n

    Another notable example was Hiberus's<\/strong> acquisition of Telef\u00f3nica Tech's<\/strong> business in Chile, Colombia and Mexico. This carve-out allows Hiberus to incorporate specialised talent and a premium portfolio, reflecting the trend towards portfolio optimisation and the importance of M&A advisors<\/strong> in complex international transactions.<\/p>\n\n\n\n

    <\/span>Cross-border M&A: Spain on the global radar<\/span><\/h2>\n\n\n\n

    Spanish companies no longer just export services; they export high-level intellectual property<\/strong>. Two transactions illustrate this reality:<\/p>\n\n\n\n