Technology - Software & IT
We drive expansion and innovation in the software sector by accelerating growth and market reach through strategic M&A.
M&A Consultants specializing in business services
M&A Advisors in Business Services, Experienced in Showing Where the Value Lies
We advise on the sale, purchase and valuation of specialized service companies, from the first analysis to the closing of the transaction.
Some of our latest M&A transactions in business services
2026
Indra Group acquires a 30% stake in cybersecurity company TRC
Sell-side financial and legal advisor
2026
Aurica Capital acquires a minority stake in Fiabilis Consulting Group
Sell-side financial advisor
2026
Aiblu, a portfolio company of Stellum Growth, acquires Complylaw from Aranzadi LA LEY, a subsidiary of Karnov Group (Sweden)
Sell-side financial and legal advisor
2025
Wilmington PLC acquires 100% of Conversia
Sell-side Co-Financial Advisor
2025
Tutore Group acquires Grupo Vaughan
Buy-side financial advisor
2023
The Chilean multinational group Tecno Fast acquires the Navarre firm Balat
Buy-side financial advisor
2023
Stellum Growth acquires an stake in Informa Consulting
Sell-side financial and legal advisor
2023
CED's Spanish subsidiary acquires Fopertek
Sell-side advisor
2022
French multinational Kiloutou acquires Portuguese company Vendap
Sell-side advisor
2022
GPF acquires Demoliciones Lezama
Financial advisor
2022
Randstad acquires training and development company Avanzo
Sell-side advisor
2022
EPowerlabs closes financing round
Sell-side financial and legal advisor
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First independent M&A boutique in Spain by number of transactions.
We closed 2025 with 15 M&A transactions, 14 of which are included in the Bloomberg ranking.
The increasing role of international investors (30%) and Private Equity (53%) supports our ability to execute in a competitive environment.
Bloomberg - Financial Advisors Ranking
Total M&A transactions during 2025
1. PwC
113
2. EY
42
3. BNP Paribas
21
4. JP Morgan
19
5. Alantra Partners SA
18
6. Banco Santander
17
7. Goldman Sachs
15
8. Lazard
15
9. Rothschild & Co
15
10. NORGESTION
14
10. BBVA
14
10. KPMG Corp Finance
14
“We aim to help companies professionalize by creating opportunities and adding value for both the business and the business owner.”
Mario Senra
Partner
Crossborder:
More than 30% of our closed transactions are international
Local presence in the world's main markets.
Mergers Alliance has proprietary tools that enable a high level of collaboration and integration among all its partners, currently present in more than 20 countries with more than 30 offices worldwide.
Operating 22 countries, 39 offices
International outlook
Local presence in key markets through Mergers Alliance
Amsterdam, Bangkok, Barcelona, Beijing, Bengaluru, Bilbao, Bogotá, Chicago, Stockholm, Gurgaon, Hamburg, Helsinki, Ho Chi Minh City, Hong Kong, Cologne, Lima, London, Madrid, Miami, Milan, Montreal, Mumbai, Munich, Navarre, New Delhi, New York, Palo Alto, Pamplona, Paris, Rio de Janeiro, San Sebastián, Santa Monica, Santiago, São Paulo, Seville, Shanghai, Singapore, Sydney, Tokyo, Toronto, Utrecht, Warsaw, Zug, Zurich
Global experience and reach through our international partners.
“Working alongside NORGESTION, we've supported several large French groups in their cross-border transactions, and their local expertise combined with the reach and trust of Mergers Alliance has made all the difference.”
Jean-René Griton
Aurignac Finance
“Being part of Mergers Alliance means our clients benefit from local expertise wherever their deals take them, and NORGESTION's knowledge of the Spanish market has made that difference time and again.”
Marcos Quiroz
EFIC Partners
“Through Mergers Alliance, Singhi Advisors has successfully offered clients a truly global reach, and NORGESTION has been a strong and dependable partner on opportunities involving Spanish companies and we've worked seamlessly together as One Team.”
Ajoy Lodha
Singhi Advisors Pvt. Ltd.
“Mergers Alliance is what allows Proventis Partners to support clients seamlessly across borders, and NORGESTION's professionalism and market insight make Spain a market where we always feel well represented.”
Jost Hartmann
Proventis Partners
“Mergers Alliance gives Ethica Group direct access to trusted partners across Europe, and NORGESTION has consistently proven to be one of the most reliable in the Iberian market.”
Stefano Pastore
Ethica Group
“Mergers Alliance allows NORGESTION to offer our clients the reach and expertise of a truly global organization, while keeping the close, hands-on approach that defines our way of working.”
Igor Gorostiaga
NORGESTION
Specialized business services M&A firm
Business services through an M&A lens
In a services company, value lies in the method and also in specialization. It is years of work turned into specific processes, proprietary information and a client relationship that no one can replace overnight.
Demonstrating this value during the negotiation means putting forward the contracts and their recurrence, the documented processes, the know-how reflected in the track record of projects, the information that exists only in-house, and a team that can ensure operational continuity without the founder.
An owner considering selling, buying or bringing in a partner needs to arrive with all of this ready. That is where an advisor specialized in the sector comes in, someone who knows what a buyer looks at and in what order.
Drivers of transactional activity in the sector
Buyers pay for the revenue they can predict
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Automatically renewing contracts and recurring fees are the foundation of value in this sector. So are services that are already part of the client's day-to-day operations. The more indispensable the service, the more predictable the revenue.
Companies that do not depend on their founding team attract investors
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Professionalization over recent years is what makes a company less dependent on its founder. Documenting the method and distributing authority takes two or three years, so it starts well before any transaction is in sight. Once that is done, the buyer sees that the company stands on its own.
Consolidation moves in the market
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For some time now, capital has been grouping highly fragmented services, from accounting and administrative firms to insurance brokerage and corporate training, into groups with scale. For a mid-sized company this opens two paths: leading the consolidation of its niche or joining a larger group on good terms. The market sets the timing.
The artificial intelligence advantage
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Artificial intelligence has opened the debate on which part of the work remains irreplaceable. Preparing a company for sale means demonstrating with facts where its value lies, usually its own method, certifications or ownership of accumulated data. A level of AI integration that shows up in measurable performance is an advantage that still sets some companies apart from others.
A sector perspective on Spain
Professional and business services contributed more than €130 billion in gross value added in 2024, around 9% of the entire Spanish economy. They employ close to 2.9 million people, roughly 13% of the total. As of 1 January 2025, Spain had more than 415,000 companies in professional, scientific and technical activities, 12.6% of the business base. Only trade accounts for more, and such a fragmented sector leaves room for consolidation. Size starts to matter as clients keep getting bigger.
Subsectors we work in
Comprehensive transaction management strategy
2. Consulting, architecture and engineering
They generate frequent projects with the same client portfolio and depend on technical teams that are hard to replace.
3. Human resources and training services
They work for companies that come back every year. Demand is recurring because recruitment and training are ongoing needs.
4. Outsourced professional and administrative services
Accounting and administrative firms, insurance brokerage and administrative services for companies: a highly fragmented segment and one of the most active in transactions.
5. Technical and maintenance services
Long-term contracts with industrial and infrastructure clients, with predictable recurrence that buyers particularly value.
6. Specialized niche services
Companies with proprietary information, credentials or authorizations that are hard to replicate, and consolidated specialist expertise.
1. Certification, inspection and testing
They verify that a product or facility complies with a standard. Accreditation requires technical specialization and can take years, which limits the entry of new competitors.
M&A in specialized business services
Specialized M&A advisory for specialist services
NORGESTION advises services companies on corporate transactions, company sales and purchases, the entry of financial partners, acquisitions, mergers and restructurings. We work with owners, business families and investment funds operating in Spain and abroad.
Valuation tailored to the sector
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The price is decided by the argument that backs the multiples and the EBITDA figure.
Sell-side preparation
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The value of a transaction is decided before it begins: a documented method, contracts in order, clear data ownership and normalized EBITDA.
Due diligence and process management
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A buyer looks closely at client concentration, the small print of the contracts and the key team. The process is managed with care for timing and confidentiality, which are worth as much as the negotiated price.
Buyer identification and competitive process management
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The best buyer is usually the one for whom the company is a strategic fit. Putting that buyer in competition with similar profiles is where the best price comes from, in Spain and abroad.
50 years of experience and international reach in M&A
Business Services M&A Consulting
There are four cross-cutting pillars that define our way of working in Mergers & Acquisitions, and they are what have made us the benchmark firm we are today.
Commitment
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We manage each transaction meticulously and with full commitment, aligning decisions with the company's strategic and financial objectives.
Confidentiality
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We safeguard the integrity of the transaction and the interests of all parties, understanding the high sensitivity of the information involved and its potential repercussions.
Transparency
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We provide a clear perspective on each stage, with proactive and accurate communication, strengthening the alignment of expectations and objectives between consultants and clients.
Experience
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We have spent years advising on transactions involving specialized service companies. We know where a fund looks, where an industrial buyer looks, and what both ask when the value is not on the balance sheet.
Contact us
Other sectors
Our expertise spans complex transactions across a wide range of sectors and subsectors. Here are a few highlights.
Financial Sector - Financial institutions, private equity and private investment
We advise financial institutions, private equity firms, and private investors on their M&A transactions with analytical rigor, independence, and complete discretion.
Logistics and Supply Chain
We integrate innovative solutions and optimize supply chains for an increasingly connected world.
Real Estate - Construction
We provide advisory services to the real estate and construction sectors, covering everything from capital entry to corporate restructuring, with the prudence required by an asset- and cycle-intensive business.
Education
We drive the consolidation of educational groups, capital investment, and the expansion of long-term educational projects.
Energy and energy transition
We connect capital, technology, and projects in energy and the energy transition to accelerate a more sustainable and competitive model.
Healthcare
We support the consolidation of the healthcare sector by combining regulatory expertise with the sensitivity that its impact on people demands.
Media
We support the media sector in its digital transformation, consolidation, and the development of new content-based business models.
Fashion and Textiles
We drive the internationalization of the fashion and textile industry, the integration of its value chain, and the building of brands with a global reach.
Leisure - Tourism and leisure
We support the consolidation and reinvention of tourism, leisure, and entertainment—a sector currently undergoing a complete transformation of the guest experience.
Others
Our expertise extends to complex operations in other sectors, such as the chemical industry and waste management, among others.
Experience and vision in M&A: General service
We turn the complexity of mergers and acquisitions into a controlled process that places your company in a favorable position, guided by reputable experts with extensive experience in M&A transactions.
Corporate Finance
We provide expert advice on mergers, acquisitions and financial restructurings, along with detailed analysis and financing strategies to maximize the value and growth potential of companies.
Our offices