{"id":69486,"date":"2026-03-12T12:44:36","date_gmt":"2026-03-12T11:44:36","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69486"},"modified":"2026-03-27T14:30:32","modified_gmt":"2026-03-27T13:30:32","slug":"transaction-analysis-digital-services-it-spain-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-servicios-digitales-it-espana-2025\/","title":{"rendered":"M&amp;A in Digital Services (IT) in Spain 2025: trends and mergers and acquisitions in the technology sector"},"content":{"rendered":"<p>The market for the <strong>technology M&amp;A market in Spain<\/strong> reached a turning point in 2025. Following several years characterised by volatility and stretched valuations, the sector has evolved towards a more robust model, in which profitability, cash generation and strategic execution carry greater weight than growth expectations.<\/p>\n\n\n\n<p>In this context, the <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/digital-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">Digital Services and IT sector<\/a><\/strong> has established itself as one of the main drivers of <strong>sale and acquisition of technology companies<\/strong>, with a significant proportion of transactions taking place in the mid-market. For companies considering a potential <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">sale of their technology business<\/a><\/strong> or investors interested in <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/acquiere-a-company-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">acquiring IT firms<\/a><\/strong>, understanding these dynamics is key to maximising value and minimising risks.<\/p>\n\n\n\n<p>Drawing on our experience as <strong>M&amp;A advisers specialising in technology<\/strong>, we analyse the key trends, deals and lessons that have shaped the market in 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mercado_de_M_A_en_2025_la_consolidacion_como_estrategia_dominante\"><\/span>The M&amp;A market in 2025: consolidation as the dominant strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The year 2025 has confirmed a clear trend: the technology sector is entering a phase of <strong>industrial consolidation<\/strong>.<\/p>\n\n\n\n<p>Although the total volume of transactions has been slightly lower than in previous years, the capital raised has increased and transactions have become more complex. This reflects a structural shift in the market:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Greater discipline in pricing and operational structures<\/li>\n\n\n\n<li>Focus on profitable companies or those with a clear EBITDA outlook<\/li>\n\n\n\n<li>Increase in competitive processes led by M&amp;A advisers<\/li>\n\n\n\n<li>The growing prominence of <em>buy-and-build<\/em><\/li>\n<\/ul>\n\n\n\n<p>For any sale of a technology company, this new environment calls for more rigorous preparation, where factors such as revenue quality, recurring revenue and operational scalability are key.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infraestructura_digital_el_nuevo_activo_estrategico_en_Tech_M_A\"><\/span>Digital infrastructure: the new strategic asset in tech M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the major drivers of investment in 2025 has been <strong>digital infrastructure<\/strong>, particularly data centres and connectivity networks. The growing demand driven by artificial intelligence, cloud computing and edge computing has made these assets key components of investment strategies.<\/p>\n\n\n\n<p>Developments such as the entry of major industrial groups into the development and operation of data centres reflect a clear reality: value no longer lies solely in the software, but in the ability to process and host data efficiently and securely.<\/p>\n\n\n\n<p>At the same time, the telecommunications sector has undergone a transformation aimed at monetising existing infrastructure, optimising capital structures and freeing up resources for new technologies such as 5G. For investors and strategic buyers, these transactions represent opportunities to gain access to assets with stable revenues and high growth potential.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Los_servicios_IT_en_el_epicentro_de_la_compraventa_de_empresas_tecnologicas\"><\/span>IT services at the heart of the buying and selling of technology companies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>IT services and technology consultancy<\/strong> sector was undoubtedly the most dynamic in 2025. Its high level of fragmentation makes it the ideal arena for consolidation strategies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Estrategias_buy-and-build_crecimiento_via_adquisiciones\"><\/span>Estrategias <em>buy-and-build<\/em>strategies: growth through acquisitions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Izertis<\/strong> has been one of the most dynamic players in 2025. Through the acquisition of Icalia Solutions and ICATD, the company has managed to strengthen specific verticals in digital transformation and managed services. In the article in which we analysed <a href=\"https:\/\/techma.bakertilly.es\/en\/most-notable-technological-operations-in-spain-october-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">the most notable technology M&amp;A deals of October 2025<\/a> , we already discussed how the deal enables the consultancy firm to compete on larger-scale projects both nationally and internationally.<\/p>\n\n\n\n<p>This approach enables:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rapidly scale up and expand our geographical presence<\/li>\n\n\n\n<li>To expand the value proposition<\/li>\n\n\n\n<li>To improve margins through synergies<\/li>\n<\/ul>\n\n\n\n<p>For founders, this context presents clear opportunities to <strong>sale of technology companies<\/strong> through structured processes where strategic fit is key.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interes_internacional_por_el_mercado_espanol\"><\/span>International interest in the Spanish market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Spain has established itself as a priority market for European technology groups. The influx of international buyers is driven by factors such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Quality of technological talent<\/li>\n\n\n\n<li>A dynamic business ecosystem<\/li>\n\n\n\n<li>Valuations remain attractive compared to other markets<\/li>\n<\/ul>\n\n\n\n<p>The acquisitions made by the Italian group Lutech and by Koesio confirm the trend among pan-European groups seeking an IT services platform for SMEs in Spain. This trend underscores the importance of having <strong>M&amp;A advisors with cross-border expertise<\/strong>, capable of connecting local companies with international investors and maximizing value in sale transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Especializacion_del_Software_vertical_y_SaaS\"><\/span>Vertical Software and SaaS Specialization<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investor interest has continued to focus on <strong>vertical software companies and SaaS models<\/strong>, particularly those with recurring revenue and a strong presence in specific niches.<\/p>\n\n\n\n<p>Among the most dynamic sectors are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>HealthTech<\/li>\n\n\n\n<li>RegTech y compliance<\/li>\n\n\n\n<li>Cybersecurity<\/li>\n\n\n\n<li>Software for utilities and asset management<\/li>\n<\/ul>\n\n\n\n<p>These companies exhibit high revenue recurrence, high barriers to entry, the ability to expand internationally, and a scalable operating margin\u2014characteristics that are particularly valued in the <strong>purchasing processes in technology companies<\/strong>. For <strong>SaaS company sales processes<\/strong>, financial preparation and strategic positioning are key to securing valuation premiums.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_Private_equity_como_motor_del_M_A_tecnologico\"><\/span>Private equity as a driver of technology M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>El <strong>Private Equity<\/strong> has led M&amp;A activity in the technology sector in 2025, particularly in mid-market transactions.<\/p>\n\n\n\n<p>The funds have focused on strategies aimed at sector consolidation, corporate professionalization, international expansion, and improved operational efficiency. The focus has clearly shifted toward \u201cprofitable growth,\u201d prioritizing:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Solid EBITDA<\/li>\n\n\n\n<li>Cash flow<\/li>\n\n\n\n<li>Proven business models<\/li>\n<\/ul>\n\n\n\n<p>For companies considering a future sale, this means they need to prepare in advance by aligning their financial metrics and strategic narrative with investors\u2019 criteria.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_capital_con_foco_en_la_IA_generativa\"><\/span>Venture capital focused on generative AI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>Venture Capital<\/strong> ecosystem has become more selective. Although investment volumes have declined, deals have focused on companies with proven traction, scalable business models, and practical applications of artificial intelligence. This shift reinforces a structural trend: <strong>the market no longer funds growth without a solid foundation.<\/strong><\/p>\n\n\n\n<p>For tech startups, this means that any futur <strong>sale or the entry of new investors<\/strong> strategy must be based on clear metrics and a defined path to profitability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_papel_de_los_asesores_de_M_A_en_el_sector_tecnologico\"><\/span>The role of M&amp;A advisors in the technology sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In an increasingly competitive and sophisticated environment, the role of <strong>M&amp;A advisers specialising in technology<\/strong> has become critical. The process of buying and selling technology companies is no longer simply a matter of finding a buyer, but rather of defining the exit strategy, preparing the company (<a href=\"https:\/\/techma.bakertilly.es\/en\/exit-readiness\/\" target=\"_blank\" rel=\"noreferrer noopener\">exit readiness<\/a>), structuring the transaction, and maximizing value during negotiations.<\/p>\n\n\n\n<p>In this context, Baker Tilly\u2019s Tech M&amp;A practice has established itself as a <strong>leader in Tech M&amp;A advisory services in the Iberian market<\/strong>, standing out for its sector-specific expertise in software, IT, and telecommunications<\/p>\n\n\n\n<p>The transactions advised in 2025 underscore the importance of having an expert partner to navigate the complexities of the market and unlock the full potential for value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Oportunidades_en_la_compraventa_de_empresas_tecnologicas_en_2026\"><\/span>Opportunities in the M&amp;A Market for Technology Companies in 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Looking ahead to 2026, everything points to the continuation of the main trends:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consolidation of the IT sector through strategic initiatives <em>buy-and-build<\/em><\/li>\n\n\n\n<li>Growing international interest in Spanish technology companies<\/li>\n\n\n\n<li>Focus on specialized software, cybersecurity, and artificial intelligence<\/li>\n\n\n\n<li>High liquidity in private equity funds<\/li>\n<\/ul>\n\n\n\n<p>For tech entrepreneurs, the message is clear: <strong>now remains a particularly favorable time to prepare for a potential sale or growth through acquisitions.<\/strong> That said, success will increasingly depend on strategic preparation and access to the right advice. The <strong>M&amp;A market for digital services in Spain<\/strong> has demonstrated by 2025 that technology is not just another sector, but the cornerstone of economic transformation.<\/p>\n\n\n\n<p>In this new environment, opportunities to buy and sell technology companies will continue to grow, but so will the demands. To maximize value in any process, it is essential to anticipate trends, professionalize management, and rely on M&amp;A advisors specializing in technology who can provide strategic vision, access to investors, and execution capabilities.<\/p>","protected":false},"excerpt":{"rendered":"<p>El mercado de M&amp;A tecnol\u00f3gico en Espa\u00f1a ha vivido en 2025 un punto de inflexi\u00f3n. Tras varios a\u00f1os marcados por la volatilidad y valoraciones tensionadas, el sector ha evolucionado hacia un modelo m\u00e1s s\u00f3lido, donde la rentabilidad, la generaci\u00f3n de caja y la ejecuci\u00f3n estrat\u00e9gica pesan m\u00e1s que las expectativas de crecimiento. En este contexto, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":69487,"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":[],"class_list":["post-69486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69486","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=69486"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69486\/revisions"}],"predecessor-version":[{"id":69499,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69486\/revisions\/69499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69487"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69486"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69486"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}