{"id":69658,"date":"2026-05-07T17:46:10","date_gmt":"2026-05-07T15:46:10","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69658"},"modified":"2026-05-13T13:49:55","modified_gmt":"2026-05-13T11:49:55","slug":"notable-ma-deals-in-the-tech-sector-in-spain-april-2026","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/operaciones-ma-tecnologico-destacadas-espana-abril-2026\/","title":{"rendered":"Notable technology M&A deals in Spain | Analysis: April 2026"},"content":{"rendered":"

The market for the sale and acquisition of technology companies in Spain<\/strong> once again saw particularly brisk activity in April 2026. The month saw significant deals in vertical software, cybersecurity, cloud computing, payments, artificial intelligence, telecommunications and technology services, confirming a trend that we in Baker Tilly\u2019s Tech M&A team have been observing for some time: the market is becoming more sophisticated and buyers are increasingly strategic and selective.<\/p>\n\n\n\n

Beyond the volume of deals, April reflects a structural shift in the tech M&A landscape. Technology is no longer seen merely as a driver of growth, but as a critical asset for acquiring capabilities, strengthening barriers to entry, accelerating industry consolidation, and building platforms with greater scalability and recurring revenue.<\/p>\n\n\n\n

In this context, both private equity funds and industrial buyers continue to seek out technology companies with a unique market position, recurring revenue streams, sector-specific expertise and a genuine ability to integrate within a long-term growth strategy.<\/p>\n\n\n\n

<\/span>The market for buying and selling technology companies is consolidating<\/span><\/h2>\n\n\n\n

One of the most significant deals of the month was Amadeus\u2019s acquisition of IDEMIA Public Security<\/strong> for \u20ac1.35 billion. The transaction confirms the growing interest in assets linked to digital identity, biometrics and technological security.<\/p>\n\n\n\n

From a technology M&A perspective, this type of transaction highlights how large companies are prioritising acquisitions that can deliver critical capabilities and strategic differentiation. In markets that are increasingly regulated and reliant on digital trust, the value of technology companies lies not only in their products, but also in factors such as intellectual property, certifications, international operational capabilities and institutional relationships.<\/p>\n\n\n\n

Amadeus\u2019 move also reflects another significant trend: Spanish companies are no longer merely targets for acquisition, but are using M&A as a tool to expand internationally, achieve economies of scale and strengthen their capabilities in strategic segments.<\/p>\n\n\n\n

A similar situation applies to deals such as Travelgate\u2019s acquisition of AO UK<\/strong>, which is aimed at strengthening capabilities in content management software and multi-channel marketing. Such moves are driven by a clear strategy of inorganic growth and international technological consolidation.<\/p>\n\n\n\n

Here is a comprehensive guide in which we discuss best practices for inorganic growth<\/a>, i.e. through the acquisition of companies<\/a>.<\/p>\n\n\n\n

<\/span>Private equity and buy-and-build strategies are driving tech M&A<\/span><\/h2>\n\n\n\n

Private equity once again played a leading role in April. One of the most notable deals was Nazca Capital\u2019s investment in Grupo Oes\u00eda through the acquisition of a 39% minority stake<\/strong>.<\/p>\n\n\n\n

The deal is particularly significant because it combines several of the key themes currently driving the technology private equity<\/a> sector: defence, technological sovereignty, artificial intelligence, cybersecurity and critical infrastructure. An increasing number of funds are seeking out technology companies with a strong industrial component, high technical complexity and exposure to long-term structural trends.<\/p>\n\n\n\n

Furthermore, the agreement includes the launch of a \u20ac150 million venture capital fund<\/strong> to support technology start-ups and scale-ups, demonstrating how funds are adopting hybrid models that combine an established platform with the creation of a technology ecosystem.<\/p>\n\n\n\n

It also highlighted the sale of Zunibal to a follow-on fund in which Blue Earth Capital has a stake<\/strong>. The deal confirms the growing use of follow-on funds within the private equity market, particularly for technology assets with further potential for international growth.<\/p>\n\n\n\n

At the same time, the acquisition of Grupo IPARCOM by B2Group<\/strong>, which is controlled by Queka Real Partners, reflects another very clear trend in the Spanish market: buy-and-build strategies in fragmented sectors such as telecommunications, IT services and digital transformation for SMEs.<\/p>\n\n\n\n

Find out more about what a Buy&Build strategy is<\/a> in this article from our M&A Academy.<\/p>\n\n\n\n

In this environment, private equity-backed platforms continue to use acquisitions to achieve economies of scale, expand commercial capabilities and improve operating margins.<\/p>\n\n\n\n

<\/span>Technology services: talent, expertise and delivery capabilities<\/span><\/h2>\n\n\n\n

The technology services sector was once again one of the most active in Spain\u2019s M&A market. Indar Kartera\u2019s entry into Teknei through a capital increase<\/strong> highlights the appeal of companies specialising in technological development, implementation and digital business transformation.<\/p>\n\n\n\n

Technology services companies continue to attract significant interest from investors and strategic buyers because they combine several attributes that are particularly valued in the process of buying and selling technology companies<\/a>:<\/p>\n\n\n\n