The market for the sale and acquisition of technology companies in Spain 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’s Tech M&A team have been observing for some time: the market is becoming more sophisticated and buyers are increasingly strategic and selective.
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.
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.
The market for buying and selling technology companies is consolidating
One of the most significant deals of the month was Amadeus’s acquisition of IDEMIA Public Security for €1.35 billion. The transaction confirms the growing interest in assets linked to digital identity, biometrics and technological security.
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.
Amadeus’ 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.
A similar situation applies to deals such as Travelgate’s acquisition of AO UK, 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.
Here is a comprehensive guide in which we discuss best practices for inorganic growth, i.e. through the acquisition of companies.
Private equity and buy-and-build strategies are driving tech M&A
Private equity once again played a leading role in April. One of the most notable deals was Nazca Capital’s investment in Grupo Oesía through the acquisition of a 39% minority stake.
The deal is particularly significant because it combines several of the key themes currently driving the technology private equity 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.
Furthermore, the agreement includes the launch of a €150 million venture capital fund 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.
It also highlighted the sale of Zunibal to a follow-on fund in which Blue Earth Capital has a stake. 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.
At the same time, the acquisition of Grupo IPARCOM by B2Group, 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.
Find out more about what a Buy&Build strategy is in this article from our M&A Academy.
In this environment, private equity-backed platforms continue to use acquisitions to achieve economies of scale, expand commercial capabilities and improve operating margins.
Technology services: talent, expertise and delivery capabilities
The technology services sector was once again one of the most active in Spain’s M&A market. Indar Kartera’s entry into Teknei through a capital increase highlights the appeal of companies specialising in technological development, implementation and digital business transformation.
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:
- Customer focus
- Ability to execute
- Business repeat
- Industry expertise
- Access to specialised tech talent
In a context where talent remains one of the sector’s main bottlenecks, acquiring established technical teams has become a strategic driver of growth.
The acquisition of AMS Solutions by Sngularalso fits into this strategy. The deal strengthens capabilities in software development, automation and applied artificial intelligence, whilst also expanding the company’s geographical reach and delivery capacity.
Meanwhile, Plexus Tech’s acquisition of Olocip confirms another significant trend: buyers are no longer looking solely for artificial intelligence as a generic buzzword, but rather for solutions applied to specific sectors and real-world use cases. Specialised, productivity-focused AI is generating far greater investor interest than generalist models lacking clear differentiation.
M&A buyers are looking for vertical software companies
If there is one sector that continues to drive interest in the buying and selling of technology companies, it is vertical software.
Specialist software companies often offer features that are highly attractive to strategic buyers and private equity funds: recurring revenue, low customer churn, deep integration into critical processes, and extensive industry knowledge.
A clear example of this was Total Specific Solutions’ acquisition of Cimkey. The deal fits perfectly with TSS’s usual consolidation strategy: acquiring highly specialised solutions in specific niches whilst retaining local expertise within an international platform.
Another notable development is Visma’s acquisition of Bilky, which strengthens its position in management solutions for accountancy firms, businesses and SMEs. These transactions reflect an increasingly evident trend in the market: vertical software remains one of the most resilient and highly valued assets within the technology ecosystem.
Significant developments were also observed in logistics and the supply chain. Leviahub acquired Hedyla and Master Informática to strengthen its capabilities in route optimisation using artificial intelligence and transport technology solutions.
The digitalisation of logistics remains one of the areas with the greatest potential for consolidation, particularly in environments where operational efficiency, automation and advanced planning generate clear competitive advantages.
Cloud computing, cybersecurity and critical technology are becoming a priority
Abril also confirmed the strong interest in technology assets linked to cloud computing, cybersecurity and critical services.
Izertis was at the centre of one of the most significant deals in the sector with the acquisition of ACK Storm and SADE. Both companies bring high-value-added capabilities in cloud-native solutions, infrastructure migration and managed services for complex industrial sectors. The rationale behind these transactions is clear: to expand technical capabilities, strengthen our position in higher-margin services and gain greater sector-specific expertise.
Meanwhile, Euronet Worldwide’s acquisition of PaynoPain once again highlights the appeal of the fintech and digital payments sector. Payment platforms remain particularly sought-after assets for a number of reasons:
- High recurrence rate
- Strong operational integration
- Trading volume
- Potential for international expansion
Another significant development was Miriad Global’s acquisition of Insyte in the defence and advanced electronics sector. The deal reflects growing investor interest in companies involved in technological sovereignty, autonomous systems and critical capabilities for the defence and aerospace sectors.
Venture capital and applied artificial intelligence
Although April was clearly dominated by M&A and private equity deals, venture capital activity also remained significant.
The most notable funding round was the €115 million raised by Xoople. The company is developing a continuous data layer covering the physical environment, in line with one of the most compelling investment theses in today’s market: artificial intelligence underpinned by differential data infrastructures.
In today’s technological landscape, AI is no longer seen merely as a disruptive technology, but as a cross-cutting layer that requires reliable, structured and actionable data to generate real value.
También destacaron Several sessions focusing on automation and productivity through the application of artificial intelligence also stood out, such as those by Punto, Hirevoice or Centinel. They all follow a very clear pattern: solving specific operational problems through efficient automation.
The market is increasingly favouring technological models that demonstrate traction, efficiency and real-world applicability over overly generic offerings.
Key trends in technology M&A in Spain
The analysis from April 2026 highlights several structural trends within the Spanish market for the sale and purchase of technology companies.
- The first one is the rise of transactions driven by industrial and strategic considerations. Buyers are looking for specific capabilities in cloud computing, cybersecurity, vertical-specific software, payments, logistics, applied artificial intelligence and automation.
- The second one is the ongoing prominence of private capital as a driving force behind sectoral consolidation. Los fondos siguen apostando por estrategias buy-and-build para construir plataformas tecnológicas más escalables y especializadas.
- The third one is the growing internationalisation of Spain’s technology ecosystem. Spain continues to attract international buyers, but at the same time is producing companies capable of leading acquisitions abroad.
- And the fourth factor is greater market sophistication. Valuations remain attractive for niche assets, but buyers are far more selective than they were a few years ago. It is no longer enough simply to grow; companies must demonstrate recurring revenue, differentiation, integration capabilities and operational sustainability.
Strategies for a more selective market brimming with opportunities
April 2026 confirms that the technology M&A market in Spain continues to evolve towards a more mature and sophisticated phase.
Technology companies with specialised software, recurring revenue streams, robust intellectual property, scalability and a strong market position continue to attract significant interest from both strategic buyers and private equity funds. At the same time, the market environment is becoming increasingly demanding. The process of buying and selling technology companies requires thorough preparation, a clear strategic narrative, consistent financial metrics and the ability to demonstrate sustainable value creation.
From the perspective of a technology M&A adviser, the current market continues to offer significant opportunities both for companies seeking to grow through acquisitions and for shareholders considering the sale of all or part of their businesses .
The conclusion is clear: capital remains readily available, buyer interest remains high, and technology continues to play a central role in business growth strategies. However, the most successful businesses will be those capable of combining growth, specialisation, strategic integration and genuine differentiation in increasingly competitive markets.
By Paul von Kessel,Baker Tilly
- By Baker Tilly
- 16/05/2026
- technology M&A deals in Spain
