{"id":70565,"date":"2026-10-13T17:31:13","date_gmt":"2026-10-13T15:31:13","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=70565"},"modified":"2026-10-20T13:55:25","modified_gmt":"2026-10-20T11:55:25","slug":"ma-technology-operations-september-2026","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/operaciones-ma-tecnologico-septiembre-2026\/","title":{"rendered":"Notable technology M&A deals in Spain | September 2026 Analysis"},"content":{"rendered":"

El Technology M&A in Spain totalled 61 identified transactions in September 2026<\/strong>, the highest figure in the monthly series we have been publishing since May. Of these, 41 were acquisitions, private equity investments, asset purchases, joint ventures or equity investments, and 20 were venture capital funding rounds. 60.7 per cent of the transactions (37) were cross-border.<\/p>\n\n\n\n

The total value reported stood at 463.77 million euros<\/strong>, although 40 transactions did not disclose their value. Mergers and acquisitions involving technology companies were concentrated in vertical software, cybersecurity, artificial intelligence, process automation and critical technology services<\/strong>. The M&A advisers at Baker Tilly Tech M&A were involved in five of the month\u2019s transactions: Havant\/Olsa Inform\u00e1tica, Allurity\/4Elitech, Studibo\/Valladares Ingenier\u00eda, Studibo\/INGHO and Invelon\/byAR.<\/p>\n\n\n\n

<\/span>An overview of M&A activity in the technology sector in September 2026<\/span><\/h2>\n\n\n\n

The 61 transactions in the dataset analysed are broken down as follows:<\/p>\n\n\n\n

Type of transaction<\/th>Number of transactions<\/th>% of total<\/th><\/tr><\/thead>
Corporate takeovers<\/td>18<\/td>29,5%<\/td><\/tr>
Private equity<\/td>11<\/td>18,0%<\/td><\/tr>
Minority shareholdings<\/td>6<\/td>9,8%<\/td><\/tr>
Acquisitions of assets<\/td>4<\/td>6,6%<\/td><\/tr>
Acquisition followed by a venture capital exit<\/td>1<\/td>1,6%<\/td><\/tr>
Joint ventures<\/td>1<\/td>1,6%<\/td><\/tr>
Venture capital<\/td>20<\/td>32,8%<\/td><\/tr>
Total<\/strong><\/td>61<\/strong><\/td>100%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

60.7 per cent of the transactions were cross-border<\/strong> (37 cross-border compared with 24 domestic), reflecting both international buyers\u2019 interest in Spanish technology assets and the activity of Spanish groups in other markets. In 42 of the 61 transactions, the target company was based in Spain.<\/p>\n\n\n\n

By sector, information technology accounted for 36 transactions and business services for 12. IT consultancy, software development and technology outsourcing were the most active segments.<\/p>\n\n\n\n

<\/span>What does the sum of 463.77 million euros cover?<\/span><\/h3>\n\n\n\n

The aggregate figure does not correspond to the volume of corporate mergers and acquisitions. It includes \u20ac227 million from Atresmedia\u2019s divestment of Fever and \u20ac199.4 million in venture capital funding. Excluding these two items, the remaining transactions for which figures have been disclosed total around \u20ac37 million.<\/p>\n\n\n\n

<\/span>September compared with previous months<\/span><\/h3>\n\n\n\n

September clearly outperforms the previous months in the series: 18 transactions in August 2026<\/a>, 44 in July<\/a> and 40 in June<\/a>. Given the differences in coverage and classification between samples, the comparison should be interpreted with caution.<\/p>\n\n\n\n

Methodological note: the statistics relate to the 61 transactions in the list analysed. Olsa Inform\u00e1tica and Valladares Ingenier\u00eda have been included in the qualitative analysis due to their relevance and the advice provided by Baker Tilly, but they do not appear on that list and are not included in the calculations.<\/em><\/p>\n\n\n\n

<\/span>Private equity and buy-and-build in European technology platforms<\/span><\/h2>\n\n\n\n

Private equity was involved in 11 deals in September. The funds prioritised companies with recurring revenue, technical expertise and the capacity to grow through further acquisitions (add-ons), in line with the \u2018buy-and-build\u2019 strategy.<\/p>\n\n\n\n

If you\u2019d like to find out more about acquisitions, here\u2019s a guide in which we discuss how an SME can grow by acquiring other companies<\/a>.<\/p>\n\n\n\n

<\/span>Havant and Argos Fund acquire Olsa Inform\u00e1tica with advice from Baker Tilly<\/span><\/h3>\n\n\n\n

Havant, in which Argos Fund holds a majority stake, acquired the Italian company Olsa Inform\u00e1tica<\/a>. Baker Tilly Tech M&A acted as exclusive financial adviser<\/strong> to Argos Fund and Havant.<\/p>\n\n\n\n

Olsa Inform\u00e1tica, founded in 1976, specialises in document management, Business Process Outsourcing (BPO), digital preservation and electronic invoicing. It is Havant\u2019s sixth acquisition since Argos became the majority shareholder and expands its capabilities in Intelligent Document Processing, automation, data governance and artificial intelligence.<\/p>\n\n\n\n

The two companies already had an existing commercial and technological relationship. Olsa brings Havant an established client base and specialist expertise. The deal highlights the appeal of business software linked to critical processes, where technological integration and stable client relationships create barriers to entry and opportunities for cross-selling.<\/p>\n\n\n\n

<\/span>Studibo and IceLake enter the Spanish market with Valladares Ingenier\u00eda and INGHO<\/span><\/h3>\n\n\n\n

The European group Studibo, backed by IceLake Capital, entered the Spanish market with two complementary acquisitions, both of which involved Baker Tilly.<\/p>\n\n\n\n

The first was the acquisition of Valladares Ingenier\u00eda<\/strong>, a Madrid-based company founded in 1999 and specialising in comprehensive building engineering. Valladares brings around 180 professionals and expertise in structural engineering, MEP installations, sustainability, energy certification and BIM methodology. Baker Tilly advised Studibo and IceLake on the transaction<\/a>.<\/p>\n\n\n\n

The second was the acquisition of INGHO Ingenier\u00eda y Facility Management<\/a>, a M\u00e1laga-based company specialising in hospital engineering, installations and building management, with over 40 professionals. Baker Tilly acted as exclusive financial adviser to INGHO and its shareholders,<\/strong>, who retain a reinvested stake in the platform.<\/p>\n\n\n\n

With these two transactions, Spain has become Studibo\u2019s seventh European market. This is a clear example of the private equity strategy: to build an international platform by bringing together specialist local companies<\/strong>, whilst preserving their technical expertise and expanding commercial opportunities.<\/p>\n\n\n\n

<\/span>Green Eagle Solutions, Derten and other private equity firms<\/span><\/h3>\n\n\n\n

Copilot Capital<\/strong> acquired a majority stake in Green Eagle Solutions<\/strong>, a Madrid-based company that develops software for the autonomous operation of wind turbines. Its technology optimises the operation of renewable energy assets, a market in which automation and operational efficiency are becoming increasingly important. For Copilot, this represents a commitment to the international expansion of a vertical software company specialising in energy.<\/p>\n\n\n\n

In the cybersecurity sector, B2Group<\/strong>backed by Queka Real Partners, acquired Derten<\/strong>, a Vitoria-based company specialising in managed services, cloud computing, IT infrastructure and digital security. AXAITRA, in which Greenpeak Partners holds a stake, acquired Innovate and expanded its expertise in Microsoft Security, identity protection and detection and response services.<\/p>\n\n\n\n

Rounding off this section are Talde Private Equity\u2019s investment in Grupo Dilus, Everfield\u2019s acquisition of Retain Technologies, and ABE Capital Partners\u2019 purchase of a majority stake in BIGSEO.<\/p>\n\n\n\n

These transactions confirm private equity\u2019s interest in medium-sized technology companies<\/strong>with sector-specific expertise and the capacity to integrate into larger-scale platforms.<\/p>\n\n\n\n

<\/span>OT cybersecurity: Allurity acquires 4Elitech with advice from Baker Tilly<\/span><\/h2>\n\n\n\n

Allurity<\/strong>, through its subsidiary Aiuken Cybersecurity, acquired 4Elitech with the advice of advisers from Baker Tilly Tech M&A<\/a>.<\/p>\n\n\n\n

4Elitech, based in Alcal\u00e1 de Henares, specialises in industrial cybersecurity and the protection of critical infrastructure: SCADA systems, industrial networks and operational technologies (OT). The acquisition brings on board more than 20 specialist professionals and enables Aiuken to strengthen its OT security services, combining expertise in industrial environments with capabilities in monitoring, threat intelligence and incident response.<\/p>\n\n\n\n

For Allurity, the acquisition opens up growth opportunities in the energy, manufacturing, chemicals and utilities sectors. For 4Elitech, it provides access to a European cybersecurity platform, greater commercial capacity and the resources to tackle larger-scale projects.<\/p>\n\n\n\n

The deal illustrates a clear trend in technology M&A: the growing value of companies capable of protecting critical infrastructure and environments where IT and OT converge<\/strong>. The same logic applies to IndraMind\u2019s entry into TRC, with the agreed acquisition of 30 per cent of its share capital and the possibility of gradually increasing this to 100 per cent over the following two years, subject to the relevant approvals.<\/p>\n\n\n\n

<\/span>Industrial buyers: software, artificial intelligence and internationalisation<\/span><\/h2>\n\n\n\n

In addition to fund-driven transactions, September saw numerous strategic acquisitions aimed at expanding product portfolios, talent and international presence.<\/p>\n\n\n\n

<\/span>Invelon acquires byAR with advice from Baker Tilly<\/span><\/h3>\n\n\n\n

The Spanish technology firm Invelon acquired a majority stake in the Portuguese company byAR<\/a>. Baker Tilly Tech M&A acted as exclusive financial adviser to the buyer.<\/p>\n\n\n\n

byAR <\/strong>develops immersive experiences using augmented reality, virtual reality, video mapping and interactive content, primarily for museums, cultural heritage and tourism. The acquisition gives Invelon <\/strong>a direct foothold in Portugal, with creative and technological capabilities, knowledge of the local market and a portfolio of specialised projects. It also expands its offering into education, industry and new immersive applications.<\/p>\n\n\n\n

The founder of byAR, Pedro Pereira, remains associated with the company and is taking on responsibilities for the development of Invelon in Portugal. The purchase is complemented by the acquisition of Artefacto\u2019s assets and business in France, which was also announced in September.<\/p>\n\n\n\n

<\/span>Factorial, Seidor and Constellation Software expand their capabilities<\/span><\/h3>\n\n\n\n

Factorial <\/strong>acquired the German company Empion<\/strong>, which specialises in AI-powered talent selection and assessment software. The integration strengthens its recruitment capabilities within its human resources management platform, with tools that combine professional skills, personality and corporate culture.<\/p>\n\n\n\n

Seidor acquired the remaining 40 per cent of the Italian company H.T. High Technology and became its sole shareholder, thereby strengthening its position in the Italian IT services market.<\/p>\n\n\n\n

Smart Software Group, part of Constellation Software, has acquired IUNGO, an Italian company specialising in cloud-based solutions for collaboration with industrial suppliers. This move is in line with Constellation\u2019s strategy of acquiring vertical software companies with established products and long-standing customer relationships.<\/p>\n\n\n\n

Other notable transactions included SoftNext\u2019s acquisition of OfiPro, ReturnPro\u2019s purchase of iF Returns, and the integration of Datakorum into Nealis Tech. They all follow the same rationale: acquiring technology that has already been commercially validated in order to accelerate growth.<\/p>\n\n\n\n

<\/span>Digital marketing and technology services: consolidation continues<\/span><\/h2>\n\n\n\n

Digital marketing once again saw a high level of activity:<\/p>\n\n\n\n