{"id":69464,"date":"2026-03-05T13:25:45","date_gmt":"2026-03-05T12:25:45","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69464"},"modified":"2026-03-20T13:26:19","modified_gmt":"2026-03-20T12:26:19","slug":"business-transaction-analysis-software-spain-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-business-software-espana-2025\/","title":{"rendered":"Analysis of the main Business software transactions in Spain in 2025"},"content":{"rendered":"<p class=\"wp-block-paragraph\">The year 2025 has marked a turning point for the Spanish technology market. Following a period of valuation adjustments and a degree of global macroeconomic caution, Mergers and Acquisitions (M&amp;A) activity has regained momentum, demonstrating unprecedented sophistication. Against this backdrop, <strong>horizontal business software<\/strong> \u2014 ERP, CRM, payroll management, cybersecurity and customer experience solutions \u2014 has led the way in transactions, establishing itself as the main driver of digital business transformation in Spain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For companies and investment funds, 2025 has been a year in which the acquisition and sale of technology companies has required not only capital, but also in-depth market knowledge and the ability to strategically integrate technology and innovation. In this context, the role of <strong>specialist M&amp;A advisers<\/strong>, such as Baker Tilly, has been crucial in maximising the value of each transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mercado_de_M_A_en_Espana\"><\/span>M&amp;A market in Spain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although the total number of deals in the Spanish technology sector remained slightly down, the aggregate value of transactions rose significantly. The trend has been clear: investors are seeking <strong>resilient assets with recurring revenue<\/strong> and proven business models.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Horizontal software has attracted particular interest from private equity (PE) funds and strategic buyers. The reason is simple: these platforms enable consolidation strategies (roll-ups) that integrate small and medium-sized enterprises (SMEs) into larger groups with broader geographical coverage, boosting both scalability and return on investment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hitos_en_el_sector_del_Software_de_negocio_horizontal\"><\/span>Milestones in the horizontal business software sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Among horizontal solutions, <strong>ERP and business management software<\/strong> have led the way in strategic transactions. This consolidation has strengthened Spain\u2019s position as a key market within Europe.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TeamSystem_y_la_adquisicion_de_Golden_Soft\"><\/span>TeamSystem and the acquisition of Golden Soft<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The acquisition of <strong>Golden Soft<\/strong> by the Italian group <strong>TeamSystem<\/strong>, backed by Hellman &amp; Friedman, is a prime example. Golden Soft, with a solid track record in management software for Spanish SMEs, brings the following to TeamSystem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A diverse and loyal customer base across the Iberian Peninsula.<\/li>\n\n\n\n<li>Products tailored to local regulations are key to effective integration.<\/li>\n\n\n\n<li>Immediate commercial synergies, combining TeamSystem\u2019s cloud platform and artificial intelligence (AI) capabilities with Golden Soft\u2019s local expertise.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For TeamSystem, this deal reinforces its strategy of becoming a <strong>European leader in business digitalisation<\/strong>, accelerating inorganic growth in a market close to Italy. We discussed the details of this transaction in the analysis we carried out in February 2025, which covered the <a href=\"https:\/\/techma.bakertilly.es\/en\/operaciones-de-ma-del-sector-tecnologico-en-espana-analisis-de-febrero-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">most significant M&amp;A deals<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Seresco_y_expansion_transfronteriza_con_F5_IT\"><\/span>Seresco and cross-border expansion with F5 IT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, <strong>Seresco<\/strong>, a Spanish company listed on <strong>BME Growth<\/strong>, has acquired the Portuguese firm <strong>F5 IT<\/strong>, which specialises in the implementation of <strong>SAGE X3<\/strong>solutions. This transaction:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This strengthens Seresco\u2019s ability to provide consultancy and software development services in Spain, Portugal and international markets (the US and Africa).<\/li>\n\n\n\n<li>It highlights the importance of having specialist technical expertise and knowledge of third-party platforms.<\/li>\n\n\n\n<li>It enables revenue diversification and helps drive the digital transformation of customers and partners.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_Capital_en_Software_Horizontal\"><\/span>Venture Capital in Horizontal Software<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although the bulk of transaction volume came from <strong>private equity and corporate mergers<\/strong>, <strong>venture capital (VC)<\/strong> has been instrumental in funding the layers of innovation that will shape horizontal software in the coming years, particularly in the areas of artificial intelligence and data privacy and security.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rauda_AI_Revolucion_del_soporte_al_cliente\"><\/span>Rauda AI: A revolution in customer support<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The \u20ac2.4 million funding round for <strong>Rauda AI<\/strong>, led by JME Ventures and Bonsai Partners, reflects the commitment to AI applied to the automation of customer service. Its technology enables:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Automate end-to-end interactions.<\/li>\n\n\n\n<li>To maintain a standard of quality that is indistinguishable from human care.<\/li>\n\n\n\n<li>To improve the productivity of support departments in any company, regardless of the sector.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nymiz_Privacidad_como_infraestructura\"><\/span>Nymiz: Privacy as infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, <strong>Nymiz<\/strong> has raised \u20ac2 million to scale up its data anonymisation platform. Integrating privacy as a structural layer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It complies with strict regulations and addresses growing concerns about data protection.<\/li>\n\n\n\n<li>It enables businesses to unlock the value of their data securely.<\/li>\n\n\n\n<li>It facilitates the implementation of in-house, ethical AI models.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%BFPor_que_el_Software_Horizontal_atrae_inversion\"><\/span>Why does Horizontal Software attract investment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The sustained interest in this type of software in 2025 is based on three strategic pillars:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Recurring revenue and resilience<\/strong>: ERP, CRM and payroll systems are critical tools. They ensure stable cash flow (SaaS model) and a low churn rate.<\/li>\n\n\n\n<li><strong>Cross-selling opportunities<\/strong>: Purchasing horizontal software enables you to offer additional services such as cybersecurity, data analytics or integrated payments, thereby increasing ARPU.<\/li>\n\n\n\n<li><strong>Consolidation potential<\/strong>: The Spanish market is fragmented, with local suppliers offering high technical quality. This creates opportunities for roll-ups, enabling the professionalisation and scaling up of existing products.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Other significant transactions include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Wise CX \/ Wayra<\/strong>: Omnichannel customer experience.<\/li>\n\n\n\n<li><strong>Javyser \/ AvanSuite<\/strong>: ERP and document management.<\/li>\n\n\n\n<li><strong>Nivel IV \/ zvoove<\/strong>: Digital identity and electronic signature.<\/li>\n\n\n\n<li><strong>Central Cash \/ Loomis Pay<\/strong>: Digitalised point-of-sale and cash management systems.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Auge_del_Fintech_Horizontal\"><\/span>The rise of Horizontal Fintech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Integrated payment and financial management solutions have been developing at a rapid pace. Initiatives such as <strong>Payli<\/strong> and <strong>Cofrai<\/strong> reflect the trend towards <strong>embedded finance<\/strong>, integrating financial services into companies\u2019 operational workflows.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies are seeking integrated platforms that combine <strong>management, invoicing and automated financing<\/strong>, driving interest from venture capital investors and traditional banks in modernising their systems through strategic acquisitions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Previsiones_para_2026\"><\/span>Forecasts for 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An analysis of M&amp;A activity in the horizontal software sector in 2025 reveals a mature and strategic market, where consolidation has strengthened Spain\u2019s technological landscape.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Private equity<\/strong> has created larger groups capable of competing in Europe.<\/li>\n\n\n\n<li><strong>Venture capital<\/strong> has driven innovation in AI and cybersecurity, areas that are now integral to the software offering.<\/li>\n\n\n\n<li>The role of the <strong>tech M&amp;A advisor<\/strong> is more crucial than ever for navigating complexities and maximising the value of transactions.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead to 2026, consolidation is expected to continue, with a focus on operational efficiency, the deep integration of generative AI and the expansion of horizontal digital services. Spain is establishing itself as a hub for high-quality enterprise software, with international demand for technology assets showing no signs of slowing down.<\/p>","protected":false},"excerpt":{"rendered":"<p>El a\u00f1o 2025 ha supuesto un punto de inflexi\u00f3n para el mercado tecnol\u00f3gico espa\u00f1ol. Tras un periodo de ajuste en valoraciones y cierta cautela macroecon\u00f3mica global, la actividad de Fusiones y Adquisiciones (M&amp;A) ha recuperado impulso, mostrando una sofisticaci\u00f3n sin precedentes. Dentro de este contexto, el software de negocio horizontal \u2014soluciones ERP, CRM, gesti\u00f3n de [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":69465,"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":[2212],"tipo-contenido":[2260],"class_list":["post-69464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","sectores-enterprise-software","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69464","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=69464"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69464\/revisions"}],"predecessor-version":[{"id":69468,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69464\/revisions\/69468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69465"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69464"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69464"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}