The Software sector continues to consolidate its position as one of the pillars of M&A activity in Spain, driven by sustained interest from both international and financial investors.
During the third quarter of 2025, a total of 28 transactions were recorded, maintaining the strong momentum of the Spanish technology market.

🌍International Investors and Financial Capital Drive Growth

The Spanish M&A Software market was once again dominated by foreign investors, who led around 70% of all transactions this quarter.
Countries such as the United Kingdom, France, and the United States continue to expand their footprint in the Spanish tech ecosystem, attracted by the maturity and innovation capacity of domestic digital companies.

At the same time, private equity funds continue to play a key role in consolidation. Firms such as Bain Capital, PSG, and Nazca have been particularly active, focusing on SaaS platforms, applied AI, and enterprise software.
This dynamic reflects the strength of the Spanish technology ecosystem and its alignment with global trends in digital transformation and automation.

💡 Key Trends: AI, Cybersecurity, and Vertical Software

The report highlights the strong concentration of M&A activity in high-value technological subsectors, including:

• Artificial Intelligence applied to data analysis and operational efficiency.

• Cybersecurity and LegalTech, driven by the growing European regulatory framework.

• EdTech and PropTech, supported by the digital transformation of education and real estate.

Although the number of vertical software transactions slightly decreased compared to the previous quarter, the sector continues to show a mature, consolidated structure, positioning Spain as a key player in European tech M&A.

📊 Spain: A European Benchmark in Tech M&A

The Spanish M&A Software market remains above the quarterly average of the last two years, exceeding 23 transactions per quarter.
This consistency reinforces the attractiveness of Spanish M&A companies for international investors seeking access to innovation, scalability, and specialized talent.

According to Albia IMAP’s team of financial advisors in Madrid and Barcelona, the technology sector will remain one of the main growth engines of mid-market M&A in Europe throughout 2026, with strong activity expected in industrial software, data analytics, and artificial intelligence.

🤝 Albia IMAP: Leaders in M&A and Financial Advisory

With over 170 domestic transactions and more than 230 global deals per year, Albia IMAP stands among the leading M&A and financial advisory firms in Spain, with offices in Bilbao, Madrid, and Barcelona.

Our Technology and Software M&A team provides strategic and global insight to both companies and investors, guiding them through growth, sale, and acquisition processes in an increasingly competitive and fast-evolving market.

📄 Read the full report:
https://albiacapital.com/informe/informe-de-ma-software-q3-2025/