EUR 2.9B+60%
VC investment 2024
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Sectors / Technology
Technology. Buyers, multiples and sector-specific value drivers.
SaaS, technology services, vertical software, integrators and businesses with recurring revenue.
Sector focus
We do not apply a generic template. We adapt the narrative, buyer selection and price defence to the real logic of the sector.
300+
Public transactions 2024
4-8x
SaaS ARR multiple
Top 5
European ecosystem
Market
Context before discussing multiples.
The Spanish technology ecosystem combines mature Madrid and Barcelona hubs, consolidating B2B software and international buyers looking for product, talent and recurring revenue.
B2B software concentrates a large part of buyer appetite.
Cybersecurity, AI and digital infrastructure receive valuation premiums.
Buyers focus on NRR, churn, gross margin and sales efficiency.
Defensive M&A and add-ons remain active in IT services.
Drivers
What we review before speaking with buyers.
ARR and retention
We read this driver with financial, operational and market data before approaching buyers.
Churn and expansion
We read this driver with financial, operational and market data before approaching buyers.
Technical team
We read this driver with financial, operational and market data before approaching buyers.
Growth multiples
We read this driver with financial, operational and market data before approaching buyers.
Specialisation
Subsegments where the value reading truly changes.
Software and SaaS
Platforms with recurring revenue, subscriptions and customer expansion.
- ARR/MRR
- NRR
- CAC payback
IT services
Integrators, technology consultancies and managed service providers.
- Recurrence
- Technical team
- Contracts
Cybersecurity
Digital protection services and products with structural demand.
- Certifications
- SOC
- Retention
AI and deep tech
Assets where intellectual property and talent explain a large part of value.
- IP
- Roadmap
- Scalability
Sector method
What changes in a technology mandate.
01
Technology metrics
ARR, NRR, churn, LTV/CAC, gross margin and cohorts to separate healthy growth from expensive growth.
02
Technical due diligence
Architecture, technical debt, security, IP, key-person dependence and roadmap.
03
Buyer map
Software groups, integrators, tech private equity and corporates with product or channel synergies.
FAQ
Frequently asked questions for this sector.
How is a SaaS company valued?
Usually through an ARR multiple adjusted for growth, net retention, gross margin, sales efficiency, customer concentration and product quality.
Does a tech company need to be profitable to sell?
Not always. Revenue quality and growth matter a lot, although the market increasingly values efficiency and cash visibility.
Which buyers look for Spanish tech companies?
European software groups, specialist private equity, integrators, corporates buying product or talent and buy-and-build platforms.