M&A advisory services in Portugal
Portugal's M&A market has matured alongside the startup ecosystem, with Lisbon-founded companies attracting strategic acquirers and PE buyers from the US, UK and continental Europe across software, fintech and digital health.
Farfetch's acquisition history, Talkdesk's investor-driven growth trajectory and the internationalisation of OutSystems and Feedzai have put Portuguese tech firmly on the radar of global acquirers.
Bootstrapped and venture-backed Portuguese companies both benefit from our lean, end-to-end advisory approach - we use our strong PE and strategic acquirer network to run competitive processes, lead KPI-driven preparation and deliver outcomes that reflect the full value of the business.
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Portugal tech M&A deals in the last 12 months
$18M
Portugal median tech M&A valuation
4.9x
Portugal median tech M&A revenue multiple
$7.5B
Portugal biggest tech acquisition in the last 12 months
Selling your tech company in Portugal
Portuguese M&A follows European mid-market conventions with country-specific overlays around the participation exemption regime and notarised closings for share transfers.
Completion accounts and locked-box
Portuguese private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors. Choice driven by sector convention.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Portuguese deals above roughly €20M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
Foreign investment review
Portugal has limited general FDI screening; sector-specific approvals apply in defence, telecoms and critical infrastructure. Worth checking specifically for deals involving non-EU acquirers in scoped sectors.
Capital gains for founders
Portuguese individuals are taxed on share disposal gains at 28% (capital gains flat tax) for unlisted-share gains. Specific reinvestment relief and holding-company structures used to defer or reshape the tax bill - worth planning 12+ months ahead of a sale.
Participation exemption
Sales of subsidiary shares by a Portuguese corporate seller can be exempt from corporate income tax under the participation exemption - typically requires 10%+ holding for 12 months and the subsidiary being a qualifying entity. Often drives whether a transaction is share or asset-structured.
Merger control
AdC (Autoridade da Concorrência) reviews transactions where parties' combined Portuguese turnover exceeds €100M and at least two parties each have €5M+ Portuguese turnover, or where market shares exceed certain thresholds. Most tech deals don't trigger.
Recently acquired tech companies in Portugal
Biggest M&A recently in Portugal was a $7.5B acquisition of Novo Banco by Groupe BPCE in June 2025.
See all M&A deals in Portugal| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | Novo Banco | | Novo Banco is a Lisbon-headquartered Portuguese bank offering personal loans, mortgages, credit cards, savings accounts, and business financing. Customers access online account openings and digital banking via mobile apps supporting iOS and Android. The institution publishes quarterly financial reports on its website and operates branches across mainland Portugal, Azores, and Madeira. Novo Banco adheres to European Central Bank regulations and provides tailored products for SMEs in retail and services sectors. | Groupe BPCE | $7.5B | 4.9x | |
Mar-26 | Cargofive | | Cargofive is a SaaS platform digitizing freight quoting and rate management for forwarders, automating carrier rate sheet imports and API integrations with ERPs. Tel Aviv-headquartered, it enables instant quote generation from multiple providers for ocean and air shipments, serving small to mid-sized logistics firms in Europe and the Middle East. | cargo.one | $20M | - | |
Oct-25 | Lift Media Digital | | Lift Media Digital is a Portugal-based digital out-of-home advertising network deploying screens inside residential and commercial building elevators. The firm manages ad placements to reach captive urban audiences nationwide. | Icaro Media Group | $15M | - | |
Nov-25 | Goma Gaming | | Goma Gaming is a provider of software solutions for online gambling and sports betting operators. The company develops the Goma Sportsbook platform and API integrations for mobile apps, websites, and third-party systems. Malta-based, it offers white-label betting interfaces, payment processing, and risk management tools to casinos and bookmakers worldwide. Goma Gaming focuses on iGaming compliance in regulated markets across Europe and Latin America. | EveryMatrix | $600K | - | |
Feb-26 | Shortcut | | Shortcut is a Portugal-based software developer serving e-government, telecom, and HR sectors. | Magnify Partners | - | - | |
Feb-26 | Ten Twenty One | | Ten Twenty One is an IT consulting firm delivering cloud engineering and strategic advisory services. | Claranet | - | - | |
Jan-26 | RIS 2048 | | RIS 2048 is an engineering firm providing management tools, custom application development, and ERP implementations for industrial clients. Lisbon-based in Portugal, it supports operational efficiency through tailored software solutions. | Bechtle | - | - | |
Jan-26 | Cleanwatts Digital | | Cleanwatts Digital is a UK-based provider of AI-driven digital energy solutions for optimizing consumption, grid integration, and renewable management in commercial settings. | Magnify Partners | - | - | |
Dec-25 | Cleanwatts Digital | | Cleanwatts Digital is a UK-based provider of AI-driven digital energy solutions for optimizing consumption, grid integration, and renewable management in commercial settings. | Celtis Venture Partners | - | - | |
Nov-25 | Meight | | Meight is a Tel Aviv-headquartered mobility analytics firm that uses AI to analyze vehicle data for urban safety improvements. The company deploys edge-computing devices on fleets to monitor driver behavior, road conditions, and emissions in real time. Meight serves logistics operators in Europe and Israel, integrating telematics with city traffic systems to reduce accidents by identifying fatigue and harsh braking patterns. Its platform processes data from thousands of vehicles daily, supporting greener fleet management. | Mondevo Group | - | - | |
Sep-25 | SecuritySide | | SecuritySide is a cybersecurity provider focusing on multifactor authentication, risk analysis, and application security for mobile and cloud platforms. The company delivers adaptive access controls and threat intelligence to protect enterprise apps. Based in France, it integrates with identity providers like Okta for seamless deployment in hybrid environments. | ebankIT | - | - | |
Aug-25 | Unbabel | | Unbabel is a Lisbon-headquartered AI translation platform combining neural machine translation with human post-editing for enterprises. It processes content across websites, apps, support tickets, and marketing materials in over 200 languages. Unbabel serves global brands like Airbnb, Samsung, and Lenovo, enabling real-time multilingual customer interactions through its API integrations. | TransPerfect | - | - | |
Jul-25 | Siscog | | Siscog is a Lisbon-headquartered software provider integrating AI and operations research for crew rostering, workforce scheduling, and fleet management in rail, aviation, and public transport sectors across Europe and beyond. | Modaxo | - | - | |
Jun-25 | Climber RMS | | Climber RMS is a Lisbon-based revenue management software provider for independent hotels and small chains. The platform automates dynamic pricing by analyzing historical reservations, market demand from air traffic and events, weather patterns, and online reviews. Climber integrates with property management systems and channel managers, deploying machine learning models operated by a multicultural team from its Portuguese headquarters. | Revenue Analytics | - | - | |
May-25 | MagicalStage | | - | Threedium | - | - |
Who is buying tech companies in Portugal?
Magnify Partners, Snyk and Explorer Investments are the most active acquirers in Portugal.
See all acquirers in Portugal| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Magnify Partners | | Magnify Partners is a New York-based advisory firm offering financial consulting and fund management services to financial institutions and investors. | ShortcutCleanwatts Digital | 2 | |
Snyk | | Snyk is a developer security platform that scans code, containers, and infrastructure for vulnerabilities. Used by enterprises including Google, Salesforce, and MongoDB, it integrates into CI/CD pipelines and IDEs. Headquartered in London with Boston offices, Snyk supports open-source fixes and was named to the Forbes Cloud 100 in 2021. | ProbelyReviewpadInvariant Labs+1 | 2 | |
Explorer Investments | | Explorer Investments is a Luxembourg-headquartered alternative asset manager overseeing $1.5 billion in real estate and private equity funds across Europe. The firm targets opportunistic investments in commercial properties and distressed assets, with holdings in office buildings in Paris and logistics centers in Berlin. It has completed 25 transactions since 2008, delivering average returns above 15 percent. Explorer Investments serves institutional clients like pension funds. | ExaktusDevScopeBIOGERM+2 | 2 | |
CoreMedia | | CoreMedia is a Hamburg, Germany-headquartered content management system provider with offices in the U.S., Asia, and Europe. CoreMedia Content Cloud powers digital experiences for brands like Pandora, Luxottica, PVH Corp., Finnair, Continental, and Emerson. The API-first platform combines a headless CMS with real-time preview tools and omnichannel delivery for web, mobile, in-store kiosks, and digital signage. It enables editors to orchestrate personalized content across channels using composable architectures. | BySideSMARKIO | 2 | |
Amadeus | | Founded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits. | Vision-BoxIDEMIASkyLink+2 | 2 | |
Threedium | | Threedium is a London-based platform delivering interactive 3D and AR experiences for eCommerce, digital advertising, and social media. Brands use its cloud-based tools to convert static images into lightweight 3D models compatible with web, mobile, and VR devices. The platform supports real-time customization, virtual try-ons, and immersive product views, bridging online and physical retail. Clients such as L'Oréal and IKEA leverage Threedium to enhance customer engagement across channels. Founded in 2017, it powers thousands of product experiences globally, focusing on high-performance rendering without plugins. | MagicalStage | 1 | |
Modaxo | | Modaxo is a Vancouver-headquartered collective of software companies delivering fleet management and mobility solutions worldwide. It includes brands like Trapeze Group, Hecterra, and AEP Ticketing, serving 3,000+ transit agencies and utilities across 60 countries with tools for scheduling, ticketing, and intelligent transport systems since its 2022 formation. | SiscogAerivoCammax Limited+1 | 1 | |
EveryMatrix | | EveryMatrix supplies iGaming platforms including OddsMatrix for sports betting and CasinoEngine for online slots. Isle of Man-headquartered, the company operates in 20 regulated markets with aggregation from 15,000 games. Founded in 2008, EveryMatrix equips operators like Betsson with payment gateway PaymentScale and affiliate software Affiliate Journey. | Goma GamingLeapbit | 1 | |
Bechtle | | Bechtle AG is an information technology provider with operations in Germany, Austria, Switzerland, and other European countries. The company's customers are mainly in the industrial, trade, financial, and public sectors. Bechtle operates through two segments: IT System House and Managed Services, and IT E-commerce. The IT System House and Managed Services segment consist of IT strategy consulting, hardware and software sales, project planning and roll-out, system integrations, IT services and training, and client management, among others. The IT E-commerce segment includes e-procurement services, software solutions, and product marketing through the Internet and telemarketing. | RIS 2048DriveWorksQolcom+1 | 1 | |
Icaro Media Group | | Icaro Media Group is a technology provider for broadcasters and publishers that integrates AI-driven tools for real-time content analytics, targeted advertising, and e-commerce monetization. Based in Tel Aviv, it delivers products like ICARO.tv for automated video production and ICARO Engage for audience interaction across TV, web, and mobile. The company supports over 100 media outlets worldwide, including major networks in Europe and Latin America, with features for personalized playlists and live event enhancements. Established in 2009, Icaro partners with platforms such as AWS and Google Cloud for scalable deployments. | Lift Media DigitalRioVerde OOH | 1 |
Public tech companies in Portugal
Sonaecom is Portugal's largest publicly listed tech company, with a market cap of $1.0B.
See all public companies in Portugal| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Sonaecom | Sonaecom SA provides consultancy services in the area of information systems. Its business portfolio includes the Software and Technology area, with Bright Pixel Capital, the Online & Media area and the Telecommunications area. The company's main business segments include Media; Technologies; and Holding activities. It derives maximum revenue from Media Segment. | $3.39 | +22.6% | $1.0B | $846M | - | ||
Novabase | Novabase SGPS is engaged in holding and managing financial holding in other companies. The company operates in two business segments, namely, Next-Gen, which develops IT consulting and services targeting mainly the financial services and Telecommunications industries. The Value Portfolio segment provides IT consulting and services to the government, transportation, energy industries, and IT staffing. It generates maximum revenue from the Next-Gen segment. | $10.39 | -8.6% | $392M | $374M | - | ||
Samba Digital | Samba Digital SGPS SA is an international sports and entertainment marketing agency. The company specializes in sports brands digital internationalization. | $17.21 | - | $172M | $172M | - | ||
Glintt Global | Glintt Global SA, formerly Glintt - Global Intelligent Technologies SA along with its holding provides Information Technology and related consulting services. It offers business consulting, management of IT infrastructures and solutions, physical design & automation, software solution, and support services. The company serves healthcare, pharma, financial services, and public sector. It operates in Portugal, Spain, Angola, Brazil, the United Kingdom, and Ireland. | $1.44 | +35.8% | $125M | $157M | - | ||
IMPRESA | IMPRESA SGPS SA is a media group with three business areas: SIC, IMPRESA Publishing, and IMPRESA Digital, with interests that cover television, cable channels, newspaper Expresso, magazines, internet properties, and distribution. The company operates an online platform, Impresa Media Criativa, that gathers all of its creative outlets. Geographically operations are carried out through the Portugal region. The operating segment of the group is Television, Publishing, and others. | $0.206 | +37.2% | $35M | $182M | - | ||
Raize-Instituicao | Raize-Instituicao De Pagamentos SA is a payments institution. The company operates a comprehensive loan servicing platform for companies and individuals and is the owner of a marketplace lender focused on SME lending. The company is authorized and regulated by the Bank of Portugal. | $1.52 | +88.5% | $7.6M | $7.7M | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Portugal and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Portugal.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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