Buyer landscape
Likely buyers · Cybersecurity in Spain.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 98 verified exits: 17% to sponsors, 81% to corporates and platforms, 1% via IPO, 1% other routes. Route shift since 2020: sponsors 21% (was 21%), corporates and platforms 75% (was 73%), IPO 3% (was 6%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 12 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 24
Tier 1 · Very High · score 70+
1. Swanlaab Venture Factory SponsorVery High86
12 platform investments in Software & IT · 24 in Spain · 18 deals 2024–26
Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying
Accelerating: 15 deals in the last 2 years vs 1.3/yr before.
Backed Nymiz, 2024 · Cybersecurity, Spain
2. Queka Real Partners SponsorVery High84
8 platform investments in Software & IT · 14 in Spain · 8 deals 2024–26
AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M
Accelerating: 7 deals in the last 2 years vs 1.5/yr before.
Bought Datos101 from Faraday Venture Capital, 2025 · Cybersecurity, Spain
3. EQT SponsorVery High83
40 platform investments in Software & IT · 13 in Spain · 51 deals 2024–26
AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B
53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed ReliaQuest, 2025 · Cybersecurity, US
4. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High83
15 platform investments in Software & IT · 6 in Spain · 19 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Bought Bridewell from Growth Capital Partners, 2025 · Cybersecurity, UK
5. Oakley Capital SponsorVery High82
15 platform investments in Software & IT · 7 in Spain · 20 deals 2024–26
AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M
10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Assured Data Protection, 2024 · Cybersecurity, UK
6. Hg SponsorVery High80
48 platform investments in Software & IT · 2 in Spain · 22 deals 2024–26
AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M
24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed A-LIGN, 2025 · Cybersecurity, US
7. Sophora Unternehmerkapital SponsorVery High80
5 platform investments in Software & IT · 5 deals 2024–26
Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M
Accelerating: 4 deals in the last 2 years vs 0.8/yr before.
Backed Argos Security, 2025 · Cybersecurity, Germany
8. Alkemia SGR SponsorVery High79
8 platform investments in Software & IT · 1 in Spain · 8 deals 2024–26
AUM €270M · Food Excellence I · 2025 vintage · deploying
6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.
Backed Ermes Browser Security, 2023 · Cybersecurity, Italy
9. TeamSystem PE-backedVery High78
86 acquisitions in Software & IT · 10 in Spain · 28 deals 2024–26
Active in Spain since 2020.
Bought Muscope Cybersecurity from Primo Capital SGR, 2024 · Cybersecurity, Italy
10. Deutsche Beteiligungs SponsorVery High78
13 platform investments in Software & IT · 10 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
11. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High78
18 platform investments in Software & IT · 15 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy
12. Maguar Capital SponsorVery High78
5 platform investments in Software & IT · 1 in Spain · 7 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain
13. Maguar Capital Partners SponsorVery High78
4 platform investments in Software & IT · 1 in Spain · 6 deals 2024–26
AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M
7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain
15. Deutsche Beteiligungs AG SponsorVery High77
12 platform investments in Software & IT · 9 deals 2024–26
AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M
9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.
Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland
16. Waterland Private Equity SponsorVery High76
18 platform investments in Software & IT · 3 in Spain · 39 deals 2024–26
Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M
48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.
Backed dacoso, 2024 · Cybersecurity, Germany
17. Apax Partners SponsorVery High76
35 platform investments in Software & IT · 2 in Spain · 21 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Bought Vitaprotech from Eurazeo, 2022 · Cybersecurity, France
18. Permira SponsorVery High76
27 platform investments in Software & IT · 2 in Spain · 17 deals 2024–26
AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B
17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed BioCatch, 2024 · Cybersecurity, Israel
19. Axcel SponsorVery High76
20 platform investments in Software & IT · 14 deals 2024–26
Axcel VII · 2023 vintage · deploying · check €26-194M
15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.
Backed BullWall, 2022 · Cybersecurity, Denmark
20. Apax Partners (with NewAlpha) SponsorVery High75
30 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed Vitaprotech, 2022 · Cybersecurity, France
21. Apax Partners and Inova Capital SponsorVery High75
29 platform investments in Software & IT · 3 in Spain · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed Vitaprotech, 2022 · Cybersecurity, France
22. Apax Partners and JMI Equity SponsorVery High75
29 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed Vitaprotech, 2022 · Cybersecurity, France
23. Apax Partners SAS SponsorVery High75
29 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed Vitaprotech, 2022 · Cybersecurity, France
24. Bregal Milestone SponsorVery High75
16 platform investments in Software & IT · 2 in Spain · 7 deals 2024–26
AUM €1.3B · Bregal Milestone Fund III · 2026 vintage · deploying · check €18-137M
2 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.
Backed TitanHQ, 2025 · Cybersecurity, Ireland
25. Isai Gestion SponsorVery High74
61 platform investments in Software & IT · 30 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed datadome, 2023 · Cybersecurity, France
Strategic buyers · 1
Tier 1 · Very High · score 70+
14. ThreatModeler CorporateVery High78
3 acquisitions in Software & IT · 3 in Spain · 3 deals 2024–26
Active in Spain since 2026.
Bought Irius Risk from Inveready Asset Management, 2026 · Cybersecurity, Spain
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.