{"id":70116,"date":"2026-08-06T08:55:07","date_gmt":"2026-08-06T06:55:07","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=70116"},"modified":"2026-08-06T09:53:50","modified_gmt":"2026-08-06T07:53:50","slug":"ma-technology-operations-july-2026","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/operaciones-ma-tecnologico-julio-2026\/","title":{"rendered":"Notable technology M&A deals in Spain | Analysis: July 2026"},"content":{"rendered":"

Tech M&A in Spain recorded 44 operations identified<\/strong> in July 2026: 25 of these were acquisitions, mergers, some investments (private equity<\/em>), joint ventures<\/em> or equity investments, whilst 19 were venture capital funding rounds; 21 transactions were cross-border and 23 were domestic.<\/p>\n\n\n\n

The amount reported in the database totals 115.6 million euros<\/strong>. When the 5 million fixed-price deal announced in knowmad mood\u2019s acquisition of MuniConS is included, the visible volume exceeds 120 million euros<\/strong>, although 24 transactions remained without a publicly disclosed valuation. July saw more deals than May (36) and June (40), but was dominated by private mid-market transactions without a public price, a common pattern in the technology company acquisition<\/a> market when the buyer prioritises confidentiality over the size of the asset.<\/p>\n\n\n\n

This strategic analysis is consistent with the trends observed throughout 2026: industrial buyers and private equity funds are seeking assets that offer technology integrated into critical processes, specialised equipment, access to customers, recurring revenue and a geographical presence. Access control, digital identity, applied artificial intelligence, contact centres, retail media and logistics were the main areas of investor interest throughout the month.<\/p>\n\n\n\n

<\/span>A quantitative analysis of the market for the sale and purchase of technology companies in July 2026<\/span><\/h2>\n\n\n\n

The 44 transactions identified in July involved a range of different structures for the sale and purchase of technology companies, from full acquisitions to minority investments and mergers of equals:<\/p>\n\n\n\n

<\/div>\n\n\n\n
Variable<\/th>Data<\/th><\/tr><\/thead>
Transactions analysed<\/td>44<\/td><\/tr>
M&A, private equity, mergers and shareholdings<\/td>25<\/td><\/tr>
Venture capital funding rounds<\/td>19<\/td><\/tr>
Cross-border operations<\/td>21<\/td><\/tr>
Domestic operations<\/td>23<\/td><\/tr>
Amount reported<\/td>\u20ac115.6 million (\u20ac120 million incl. MuniConS)<\/td><\/tr>
Transactions not subject to public valuation<\/td>24<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Unlike May and June, July was not characterised by a single major transaction with a publicly disclosed price. Its significance lies in the quality of the assets and the diversity of the structures involved: outright acquisitions, minority investments, and phased mergers and acquisitions through progressive call options.<\/p>\n\n\n\n

<\/span>Private equity: Salto Systems, Madrid Artes Digitales and new consolidation platforms<\/span><\/h2>\n\n\n\n

The shareholding restructuring at Salto Systems<\/strong> was the most significant private equity deal of the month. A group led by Inflexion<\/strong> agreed to acquire approximately 30 per cent of the company, whilst the founders will retain 67 per cent and several investors will reinvest.<\/p>\n\n\n\n

Salto, based in Oiartzun, provides a global electronic access control platform serving more than 15,000 customers in 160 countries and employing 1,850 people. Inflexion aims to support the company\u2019s international expansion, particularly in North America, and its growth through further acquisitions. The deal demonstrates how minority private equity can provide capital, internationalisation and a \u2018buy-and-build\u2019<\/em> capability without displacing the founding team \u2013 an increasingly common approach in selling<\/a> where the founder wishes to remain involved in the business.<\/p>\n\n\n\n

Nazca Capital<\/strong>, through Nazca Oportunidades 2025 II, has acquired a majority stake in Madrid Artes Digitales<\/strong>. MAD combines cultural content, immersive technology and an international licensing model; its productions have already been staged in more than 20 venues across ten countries. Nazca will support the development of in-house productions, the expansion of the international licensing network and the selective opening of permanent venues. The value lies in intellectual property that can be scaled up through an asset-light model.<\/p>\n\n\n\n

It also highlighted the acquisition of DKL<\/strong> by Linkroad<\/strong>, a Portuguese platform backed by Henko Partners. DKL brings together data engineering, artificial intelligence, GenAI, cloud architecture and scalable software, with a particular focus on the energy, industrial, retail, mobility and public sectors. For Linkroad, the deal is a bolt-on<\/em> acquisition that expands its high-value capabilities and strengthens its access to the Spanish market; for Henko, it forms part of a strategy to build an Iberian platform for technology services.<\/p>\n\n\n\n

In the cloud communications sector, Enreach<\/strong>, in which Waterland holds a stake, has acquired Numintec<\/strong> from Telavox. The Barcelona-based company brings two decades of experience in Contact Center as a Service<\/em> and a team of 60 professionals. The \u2018buy-and-build\u2019<\/em> approach combines a European scale with local knowledge, implementation and client relationships in Spain.<\/p>\n\n\n\n

<\/span>Industrial buyers: technology to expand product range, customer base and geographical reach<\/span><\/h2>\n\n\n\n

Altia<\/strong> acquired 100 per cent of Ednon<\/strong> for 9.85 million euros, plus an earn-out<\/a><\/em> of up to 2.795 million linked to the business plan for 2026 and 2027. Ednon generated revenue of 18.2 million in 2025, with an EBITDA of 1.8 million, and employs 140 professionals specialising in data governance, cybersecurity, infrastructure, managed services and systems integration. The acquisition strengthens Altia\u2019s national footprint and adds capabilities sought after by clients in the healthcare, retail, justice, banking and public sector sectors.<\/p>\n\n\n\n

Vusion<\/strong> agreed to acquire In-Store Media<\/strong> to accelerate the creation of a retail media platform within physical shops. The Barcelona-based company brings with it relationships with 90 retail chains and over 1,600 brands, a presence in nine countries and projected revenue of approximately 120 million euros by 2025. Vusion thus gains the commercial and operational expertise needed to monetise its connected-store infrastructure, closing the loop between advertising exposure, interaction and purchase.<\/p>\n\n\n\n

The merger of Fourthline<\/strong> and Veridas<\/strong> addresses another structural priority: digital identity, biometrics and regulatory compliance in the face of rising AI-enabled fraud. Fourthline brings KYC and AML orchestration capabilities to northern and central Europe; Veridas adds its own biometric and anti-fraud technology, as well as a presence in southern Europe, the United States and Latin America. The combined entity expects to operate in more than 50 countries and carry out 115 million verifications by 2026.<\/p>\n\n\n\n

InfoJobs<\/strong> acquired Viterbit<\/strong> to expand its offering from recruitment services to operational recruitment software. Viterbit automates the search, selection and recruitment processes, whilst maintaining independent teams, products and operations. The transaction moves Infojobs towards workflow software with greater recurring revenue and daily usage.<\/p>\n\n\n\n

knowmad mood<\/strong> acquired 100 per cent of MuniConS<\/strong> for a fixed sum of 5 million euros, plus an incentive contingent on meeting the business plan targets up to 2028. The German firm brings with it more than 60 professionals, expertise in SAP, Salesforce and Veeva, and a delivery<\/em> subsidiary in India. The aim is to strengthen its presence in Germany and gain specialist expertise in industry, insurance and life sciences<\/em>.<\/p>\n\n\n\n

Var Group<\/strong> initially acquired a 19 per cent stake in Solver Machine Learning<\/strong>, with options to gradually increase its holding to 100 per cent. Solver brings predictive models, GenAI, computer vision<\/em> and a scientific team from the Polytechnic University of Valencia. The phased structure reduces integration risk and keeps the founders involved \u2013 an approach which, when seeking investors or raising capital<\/a>, allows the fit to be assessed before full integration takes place.<\/p>\n\n\n\n

<\/span>Lyngsoe and CodeOne: an Iberian transaction advised by Baker Tilly<\/span><\/h2>\n\n\n\n

Lyngsoe acquired CodeOne<\/strong> with Baker Tilly Tech M&A acting as the buyer\u2019s exclusive financial adviser<\/strong>; this is one of the deals that best illustrates the role of M&A advisers specialising in cross-border technology transactions.<\/p>\n\n\n\n

CodeOne develops software, RFID, warehouse mobility, voice-enabled order picking, traceability, and solutions for identification and automatic data capture. It operates in Portugal and Spain and will continue under its current brand and management structure. The transaction strengthens Lyngsoe\u2019s presence in southern Europe: CodeOne brings local knowledge, commercial relationships and the ability to deliver quickly; Lyngsoe adds international scale, expertise in real-time tracking<\/em> and access to sectors such as logistics, healthcare, postal services and the supply chain<\/em>.<\/p>\n\n\n\n

This deal illustrates a well-established trend within the Iberian technology M&A sector: acquiring a local company for its product and its ability to implement and maintain critical solutions close to the customer. You can find out more details here about the acquisition, on which Baker Tilly acted as adviser<\/a>.<\/p>\n\n\n\n

<\/span>Other operations: selective consolidation in the software, media and telecommunications sectors<\/span><\/h2>\n\n\n\n

The rest of the month reinforced this same trend towards sectoral consolidation. BMAT<\/strong> acquired 100 per cent of Metro Media System<\/strong> to consolidate its position in music and advertising monitoring in Italy; Havas<\/strong> acquired MUT<\/strong> and Alfa Media Partners<\/strong> bought Coonic<\/strong> in the communications and marketing sector; Contents.com<\/strong> acquired Balio<\/strong> to incorporate financial wellbeing; Celver<\/strong> bought Gesico<\/strong> in the satellite connectivity sector; Libera Telecom<\/strong> integrated Myplay<\/strong> into automated sports broadcasting; and PagoNxt<\/strong> acquired 100 per cent of MITEC M\u00e9xico<\/strong> after purchasing the remaining 30 per cent for 31.2 million euros.<\/p>\n\n\n\n

Furthermore, Badi<\/strong> and Caterina<\/strong> agreed to merge in order to combine their technology, brand and operations in the flexible housing sector; ACCIONA<\/strong> acquired a 50 per cent stake in Ignis Data Epta<\/strong> and Estribo Solar<\/strong>linking data centre<\/em> and energy infrastructure; and Andersen Espa\u00f1a<\/strong> and 1MillionBot<\/strong> set up Legit & Legal Intelligence<\/strong> to develop AI solutions with compliance built in from the design stage.<\/p>\n\n\n\n

Tech M&A is thus expanding into hybrid models combining software, infrastructure, content and services, confirming that the buying and selling of tech companies in Spain is no longer concentrated in a single sector.<\/p>\n\n\n\n

<\/span>Venture capital: artificial intelligence is attracting capital<\/span><\/h2>\n\n\n\n

The 19 venture capital rounds in July totalled approximately 58.6 million euros<\/strong> , according to available figures. The funding was concentrated in artificial intelligence, sovereign cloud and business automation.<\/p>\n\n\n\n

Sherpa.ai<\/strong> led the round with $18 million to accelerate the development of a secure and sovereign AI platform, alongside Forgepoint Capital, Mundi Ventures, Ekarpen, Allegra Holdings and SETT. Cognitfy<\/strong> announced a $15 million Series A funding round for agent-based systems aimed at SMEs. Atomic One<\/strong> raised \u20ac5.6 million to develop an AI agent operating system for e-commerce, whilst Kumori Systems<\/strong> secured \u20ac3 million for sovereign cloud infrastructure.<\/p>\n\n\n\n

These companies also received funding: Flyboard<\/strong>, PageMind<\/strong>, Eleva AI<\/strong>, MITO AI<\/strong> and SoccerSolver<\/strong>, confirming that the market rewards AI applications linked to specific, measurable processes. Beyond generative AI, the funding rounds for Arq Quantum Technologies<\/strong>, 8Layers<\/strong>, ART Technologies<\/strong>, CoCircular<\/strong>, Sensesbit<\/strong>, Tokenized Green<\/strong>, Feending<\/strong> and Inversiva<\/strong> demonstrate a diversified ecosystem spanning quantum communications, digital identity, hyperspectral imaging, the circular economy and fintech.<\/p>\n\n\n\n

Venture capital remains active, but demands differentiation, traction and sector-specific focus: for companies in the growth phase, understanding which investor profiles dominate each niche is key when considering a capital raise.<\/p>\n\n\n\n

<\/span>Outlook for tech M&A in Spain<\/span><\/h2>\n\n\n\n

July confirms that the Spanish market for the sale and purchase of technology companies remains robust even as the volume of announced deals falls. The month was driven by mid-market transactions, cross-border acquisitions and flexible private equity structures<\/p>\n\n\n\n

Buyers continue to value five attributes: sector-specific expertise, intellectual property, assets that are difficult to replicate, access to customers and the ability to integrate. For owners of technology companies, the conclusion is significant: a company is more attractive when it can demonstrate that its technology solves critical processes, that the business operates autonomously and that there is a clear path to generating synergies within a larger platform.<\/p>\n\n\n\n

El pipeline<\/em> suggests that private equity will continue to drive \u2018buy-and-build\u2019<\/em> and minority growth investments, whilst industrial buyers will continue to use acquisitions to accelerate their entry into new markets and categories.<\/p>\n\n\n\n

Advance preparation, the quality of financial information, clarity regarding intellectual property and the continuity of the team will continue to be key factors in maximising value in a transaction. Addressing these aspects in advance, as part of the process of preparing a business for sale<\/a>, and having an up-to-date business valuation<\/a> are the steps that enable founders to enter the market in the strongest negotiating position.<\/p>\n\n\n\n

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<\/span>Frequently Asked Questions about Technology M&A in July 2026<\/span><\/h3>\n\n\n\n
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