M&A advisory services in Spain
Spain has become one of the most active M&A markets in Southern Europe, with Madrid and Barcelona producing exits across SaaS, marketplaces, fintech and logistics that attract both PE houses and US strategic acquirers.
Exits and acquisitions involving Glovo, Wallapop, idealista and TravelPerk have demonstrated the range of outcomes available to Spanish founders, with Factorial, Devo and Jobandtalent among those drawing the next wave of acquirer interest.
We run lean, end-to-end sale processes for bootstrapped and venture-backed Spanish companies alike - drawing on a strong PE and strategic acquirer network, leading KPI-driven preparation and positioning each business to achieve the best outcome for its shareholders.
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Spain tech M&A deals in the last 12 months
$165M
Spain median tech M&A valuation
1.7x
Spain median tech M&A revenue multiple
$2.2B
Spain biggest tech acquisition in the last 12 months
Selling your tech company in Spain
Spanish M&A follows European mid-market patterns with country-specific overlays around the participation exemption (Art. 21 IS), the foreign investment screening regime and Spanish company-law formalities. Notarised closings are standard practice.
Locked-box and completion accounts
Spanish private M&A uses both locked-box and completion accounts, with locked-box increasingly dominant in tech and PE-led processes. The choice has material cash-flow consequences for the founder and matters for closing-day mechanics.
W&I insurance is now common
Warranty & indemnity insurance is increasingly standard in Spanish private equity and tech transactions above roughly €25M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow.
Foreign investment screening
Royal Decree-Law 8/2020 (as extended) requires authorisation for non-EU investors acquiring 10%+ stakes in Spanish companies in sensitive sectors - defence, dual-use, critical infrastructure, AI, biotech, energy. The review can add 1 to 3 months to closing in scoped sectors.
Capital gains tax for founders
Spanish tax residents are taxed on disposal gains via the savings income (rentas del ahorro) scale: 19% up to €6k, rising to 28% above €300k (rates subject to change). Specific structures (holding company under Article 21 IS, reinvestment relief) can defer or reshape the tax bill - worth planning ahead of a sale.
Article 21 IS participation exemption
Sales of shares by a Spanish corporate seller can be 95% exempt from corporate income tax under Article 21 of the Corporate Income Tax Law (IS) - requires 5%+ holding for 12 months and a qualifying trading subsidiary. Often drives whether a transaction is structured as a share or asset deal, particularly in carve-outs.
CNMC merger control and notarisation
CNMC merger control applies above the relevant turnover thresholds (€240M global / €60M Spanish combined or 30% market share). Most tech transactions don't trigger but always worth checking. All share transfers and capital increases require notarisation in Spain - a recurring closing-day cost.
Recently acquired tech companies in Spain
Biggest M&A recently in Spain was a $2.2B acquisition of Adevinta Spain by EQT in July 2025.
See all M&A deals in Spain| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | Adevinta Spain | | Adevinta Spain is a Madrid-based operator of digital classifieds sites including Milanuncios, Fotocasa, and Coches.net. The platforms facilitate transactions in second-hand goods, property rentals, vehicle sales, and job searches across Spain. As part of the Adevinta group, it leverages pan-European expertise for mobile-first user experiences and monetization tools. | EQT | $2.2B | - | |
Jun-25 | vLex | | - | Clio | $1.0B | - | |
Feb-26 | Ayesa | | Ayesa is a Seville-headquartered technology and engineering firm providing infrastructure design, digital transformation, and supervision services. Spun off from Sener in 2021, it employs 2,500 staff across Spain, UK, and Middle East, delivering projects like Adif rail systems and Saudi smart cities. Ayesa generates €300 million in revenue from transport, defense, and energy sectors. | Colliers International | $700M | 1.9x | |
Aug-25 | Wallapop | | Wallapop is a Barcelona-headquartered mobile marketplace connecting over 15 million users for secondhand goods trading across Spain, France, Italy, and the US. Launched in 2013, the app leverages geolocation to enable hyper-local buying and selling of clothing, electronics, furniture, and vehicles, facilitating over 180 million item transactions. Wallapop integrates shipping via Correos partnerships and in-app payments, while its sustainability focus promotes circular economy practices through verified seller badges and anti-fraud AI detection. | NAVER | $699M | 6.0x | |
Dec-25 | Ayesa Digital | | Ayesa Digital is the digital transformation division of Ayesa, a Spanish global engineering and technology services company founded in 1966 in Seville. Ayesa employs over 13,000 people across 24 countries in Europe, the Americas, Africa, Asia, and Oceania. Ayesa Digital specializes in IT consulting, software development, cybersecurity, cloud services, and digital strategy for both public and private sector clients. | Kutxabank | $535M | 0.8x | |
Aug-25 | ONUM | | Onum is a data observability platform providing real-time monitoring and automated remediation for cloud infrastructure across AWS, Azure, and GCP. It correlates metrics from 1,000+ sources to detect anomalies, trigger playbooks, and optimize costs, serving SaaS companies with multi-tenant isolation. | CrowdStrike | $290M | - | |
Mar-26 | Beta10 | | Beta10 is a Spanish software company that builds ERP systems for fire protection, private security, and surveillance sectors, including tools for budgets, work orders, CRM, invoicing, inventory, and mobile access. | Asolvi | $279M | - | |
Sep-25 | fotocasa | | fotocasa is a Barcelona-based online real estate portal operating in Spain since 2000. It lists over two million properties including flats, houses, offices, garages, and land for sale or rent. Acquired by Schibsted in 2007 and later Adevinta, fotocasa serves 20 million monthly users with search filters, virtual tours, and mortgage calculators. The platform covers all Spanish provinces with mobile apps. | Scout24 | $178M | 2.6x | |
Sep-25 | Habitaclia | | Habitaclia is a Mataró-based online real estate portal covering Catalonia, Balearic Islands, Valencia, and Andorra with over 200,000 property listings for rentals and sales. It offers search tools, market insights, and decision-support features for homebuyers. | Scout24 | $165M | 2.5x | |
Oct-25 | Teyame | | Teyame is a marketing agency providing lead generation, telemarketing, and consulting services to B2B clients. Operating from Canada, the company executes outbound campaigns using predictive dialing and CRM integration with HubSpot and Salesforce. Teyame specializes in appointment setting for SaaS providers and financial services firms. Its services include email nurturing sequences and A/B testing for conversion optimization across North American markets. | Healthcare Triangle | $50M | 1.6x | |
Mar-26 | Altim Tecnologias De Informacion | | Altim Tecnologias De Informacion is a technology consulting firm that implements enterprise software for business process management. The company deploys and integrates ERP systems, especially SAP platforms including S/4HANA migrations to cloud environments. Services cover finance, supply chain, procurement, and analytics. | Telefonica Panama | $35M | 1.7x | |
Dec-25 | C | CORUS Consulting | | CORUS Consulting is a Madrid-headquartered consultancy delivering technology implementation and business intelligence solutions with a global footprint including offices in Europe, the Americas, and Asia. | Alten | $21M | 1.0x |
Feb-26 | Trenes.com | | Trenes.com is a Spanish online platform specializing in booking discounted train tickets, including AVE high-speed and international routes, with user-friendly search and management features. | Ixigo | $14M | 1.7x | |
Sep-25 | MK Solutions | | MK Solutions is a São Paulo-based developer of vertical ERP software platforms integrating real-time performance indicators, automated alerts, sales pipeline tracking, and integrated financial management tools for industry-specific operations in Brazil. | Nuvini | $7.0M | 0.2x | |
Oct-25 | Vitaance | | Vitaance is a Paris-headquartered employee wellbeing platform offering personalized benefits selection via mobile app. The service includes mental health coaching, fitness subsidies, and team challenges for remote workers, deployed by European corporations to cut HR admin time. | PIB Group | $5.8M | - |
Who is buying tech companies in Spain?
Scout24, Good Rebels and Eiffage are the most active acquirers in Spain.
See all acquirers in Spain| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Scout24 | | Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany. | fotocasaHabitacliaImmounited | 2 | |
Good Rebels | | Good Rebels is a Barcelona-headquartered digital agency blending data, design, creativity, and technology for agile marketing solutions. It serves global brands with campaigns integrating social media, apps, and analytics across Europe and Latin America. | Asesoresok,zeStudio34 | 2 | |
Eiffage | | Eiffage is a leading French infrastructure concessions operator and construction business. It operates four business lines: construction, infrastructure, energy, and concessions. Its concession assets include 2,635 kilometers of toll roads (88% of which belong to APRR and AREA), two airports, and numerous public/private partnerships in France. The concessions segment accounts for 16% of group revenue but generates 66% of group adjusted EBIT. Eiffage’s contracting division currently benefits from a record backlog, providing good visibility on sales growth and margin expansion. | InmotechniaM3i ControlsEntreprise Pichenot Bouillé S.A. | 2 | |
Capacity | | Capacity is a St. Louis-based AI platform automating support for customer service and internal teams. It features intelligent virtual agents, agent assist tools, and conversational AI across email, chat, voice, and messaging channels. The system unifies knowledge bases and integrates with over 250 business applications including Salesforce, Zendesk, and Microsoft Teams. Capacity handles ticket routing, response generation, and workflow orchestration for enterprises. | Lang.aiVerbioDevRefactory+1 | 2 | |
Nazca Capital | | Nazca Capital is a Madrid-headquartered private equity firm targeting mid-market companies in Spain with annual sales between €30 million and €200 million. The firm acquires minority and majority stakes through share purchases and capital increases in sectors such as consumer goods, services, industrials, and healthcare. Active in the Spanish market since 2001, Nazca Capital manages over €1 billion in assets across multiple funds including Nazca Capital V. It has completed over 50 investments and realized more than 25 exits, partnering with management teams to drive operational improvements and international expansion for portfolio companies like Idoven and Amadita. | RavenloopClustagTeltronic | 2 | |
Izertis | | Izertis SA is a technology consulting company. The company is specialized in providing strategic digital transformation consulting services in areas like AI, Data & Intelligence, Cyber Security, Blockchain, Business solutions, and Smart Software labs. | AckstormGrupo SADEMBC | 2 | |
TietoEVRY | | TietoEVRY Corp is a Finland-based digital services and software company. It serves thousands of enterprise and public sector customers in more than 90 countries. Tietoevry Group is comprised of Four operating segments: Tieto Tech Consulting, Tieto Banktech, Tieto Caretech, and Tieto Indtech. The maximum revenue is derived from the Tieto Tech Consulting segment. Tieto Tech Consulting is an accelerator for digital innovation and cloud-native development, providing business advisory and design, data engineering and specialized software R&D services across a range of industry sectors. | Grupo OnetecOpenSpringMentorMate | 2 | |
Loomis–Pay | | - | Central CashSighore | 2 | |
Nexxus Iberia | | Nexxus Iberia is a Madrid-based private equity firm that partners with management teams to accelerate growth in mid-market companies across Spain and Portugal. The firm emphasizes operational enhancements and strategic acquisitions over leveraged buyouts, targeting sectors such as industrials, consumer products, and business services. | SkinClinicCreaciones MarsanzShop and Roll+1 | 2 | |
Zvoove Group | | Zvoove Group is a German software provider for personnel management and event services. Based in Berlin, it offers cloud-based platforms for shift planning, applicant tracking, time tracking, and event staffing solutions. Zvoove serves hospitality, retail, and event industries across Europe with mobile apps for employee self-service and analytics for workforce optimization. | Nivel IVFreematicaKleanApp+2 | 2 |
Public tech companies in Spain
Amadeus is Spain's largest publicly listed tech company, with a market cap of $26B.
See all public companies in Spain| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
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. | $60.36 | -28.7% | $26B | $29B | 3.7x | ||
Cellnex | Cellnex owns and operates more than 100,000 wireless towers in Europe, the result of continued merger and acquisition activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in France, Italy, Spain, Poland, and the United Kingdom, among others. | $33.84 | -13.0% | $23B | $46B | 9.7x | ||
Indra Sistemas | Indra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific. | $59.89 | +43.2% | $10B | $9.5B | 1.4x | ||
Cirsa Enterprises | Cirsa Enterprises SA Formerly Cirsa Enterprises SAU a gaming operator also has a presence in the leisure sector. The company is available in various countries. It offers customized solutions and provides market, partners, and clients with fast, efficient, and personalized responses. The company operates in Spain, Panama, Colombia, Costa Rica and the Dominican Republic, Italy, Morocco, Mexico, Puerto Rico and Peru, of which maximum revenue is derived from Spain. | $14.95 | - | $2.5B | $4.3B | 1.5x | ||
EV Motors | EBRO EV Motors SA is engaged in designing, developing, and marketing vehicles that integrate technology and sustainability. The group provides services such as After-sales services, Financing, Investors, Connectivity, and Auto+ Plan. Its models are EBRO PHEV Range, EBRO s400 HEV, EBRO s700, EBRO s700 HEV, EBRO s700 PHEV, and Others. | $12.09 | +16.4% | $585M | $544M | 0.9x | ||
Altia Consultores | Altia Consultores SA is engaged in providing consultancy and ICT services in Spain. It consulting services includes study, report, strategic plan preparation, streamlining processes, security, develops computer application and outsourcing services. | $8.25 | +15.4% | $567M | $549M | - | ||
Global Dominion Access | Global Dominion Access SA provides multi-technical services and engineering solutions. The company provides its services and solutions to telecom, banking, education, and the healthcare industry. Its business activity is functioned through three segments namely 360 Projects, Sustainable Services and Stake in infrastructure segments. The group derives the majority of revenue from 360 Projects which involves Engineering and construction of social, industrial and energy transition infrastructures. The company geographically operates in Spain, The rest of Europe and Africa, America and Asia and Oceania. | $3.63 | +2.1% | $544M | $701M | 0.6x | ||
eDreams ODIGEO | Edreams Odigeo SA is an online travel company that uses technology and builds on relationships with suppliers, product know-how, and marketing expertise to attract and enable customers to search, plan, and book a broad range of travel products and services. Its travel solutions content includes flights, hotels, dynamic packages (flight plus hotel), trains, car rentals, and ancillaries (such as seats, bags, and insurance), which are sourced from a wide range of suppliers which include airlines, hotels, GDS aggregators, white label partners, car rental suppliers, train operators, and insurance providers. The company's segments include France; Southern Europe (Spain and Italy); and Northern Europe (Germany, Nordics, and UK). | $3.91 | -56.3% | $410M | $826M | 1.0x | ||
Izertis | Izertis SA is a technology consulting company. The company is specialized in providing strategic digital transformation consulting services in areas like AI, Data & Intelligence, Cyber Security, Blockchain, Business solutions, and Smart Software labs. | $10.04 | -3.3% | $351M | $430M | 2.0x | ||
Azkoyen | Azkoyen SA designs manufactures and sells technological solutions for payment systems, vending machines, security systems, and access control. The company operates through time and security, payment technologies, and coffee and vending systems segments. The company generates maximum revenue from the coffee and vending systems segment. The coffee and vending systems segment offers the consumption of raw materials for product packaging, the generation of non-hazardous waste, and the consumption of water and energy for the operation of the facilities. Geographically, the company derives a majority of its revenue from Germany and also has a presence in Spain; Italy; the United Kingdom; the Rest EU; the Rest of the OECD, and the Rest of the World. | $12.90 | +23.4% | $315M | $305M | 1.2x | ||
Squirrel Media | Squirrel Media SAis a website designing and hosting company and offers a range of great hosting and web-design packages to suit any home or business. | $2.88 | +7.7% | $276M | $318M | 1.0x | ||
Knowmad Mood | Knowmad Mood is an IT service and software development company. It offers innovative solutions, accompanies more than 5oo clients in its digital transformation and works on international projects. | $5.00 | +19.7% | $250M | $260M | 0.7x | ||
Bytetravel | Bytetravel SA is a Spanish company, specializing in the travel tech sector and dedicated to developing ancillary services for tourists and business travelers world-wide. The company aims to provide complementary services, or ancillaries, delivering them efficiently and reliably through the extensive use of technology, automation, biometrics, and artificial intelligence. Its objective is to provide services that help clients save time on administrative tasks and contribute to reducing overall operational costs. | $5.25 | -33.0% | $157M | $155M | - | ||
Sngular | Singular People SA is a software company. The company provides solutions to various industries including Energy & Utilities, Financial Services, Healthcare, Manufacturing, Retail, Museums, and Public services. | $2.67 | +12.5% | $141M | $159M | - | ||
Aeternal Mentis | Aeternal Mentis SA is a technology services company dedicated to providing other businesses with the infrastructure and services needed for the development of AI models and their subsequent implementation for everyday use. Its business activity is centered around the leasing of computational capacity for the generation and training of Artificial Intelligence models, as well as aiding and advising in their development. Its services include Computing Capacity, Model Generation and Training, Development Support, and Consulting. | $9.94 | +0.7% | $131M | $132M | - |
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 Spain and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Spain.
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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Fractional CFO in Spain
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
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We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
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