Buyer landscape
Likely buyers · Software 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 27 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 · 25
Tier 1 · Very High · score 70+
1. TeamSystem PE-backedVery High90
86 acquisitions in Software & IT · 10 in Spain · 28 deals 2024–26
Active in Spain since 2020.
Added on ACD (ACD Finances), 2026 · Software, France
2. Swanlaab Venture Factory SponsorVery High87
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 Junsoft, 2025 · Software, Brazil
3. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High85
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
4. Oakley Capital SponsorVery High84
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 Senef, 2026 · Software, France
5. Alkemia SGR SponsorVery High84
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 Circle Group, 2026 · Software, Italy
6. Isai Gestion SponsorVery High83
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 ProcurePro, 2026 · Software, Australia
7. 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.
Backed Senef, 2026 · Software, France
8. EQT SponsorVery High81
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.
Bought Next One Technology from Monterro, 2024 · Software, Sweden
9. Hg SponsorVery High81
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 Parte, 2025 · Software, Belgium
10. Axcel SponsorVery High81
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 KapitalKontroll, 2026 · Software, Norway
11. Ardian SponsorVery High80
37 platform investments in Software & IT · 27 in Spain · 51 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
12. Via Equity SponsorVery High80
27 platform investments in Software & IT · 8 deals 2024–26
AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M
9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed Robopack Group, 2026 · Software, Denmark
13. Meanings Capital Partners SponsorVery High80
9 platform investments in Software & IT · 7 deals 2024–26
AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M
Accelerating: 6 deals in the last 2 years vs 1.8/yr before.
Backed Instant System, 2026 · Software, France
14. Ardian Clean Energy Evergreen Fund SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
15. Ardian Mid Cap Buyout SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
16. Ardian (Clean Energy Evergreen Fund) SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
17. Ardian (ex-AXA Private Equity) SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
18. Ardian / Crédit Agricole Assurances consortium SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
19. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
20. Ardian and Centerbridge Partners SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
21. Ardian and GoldenTree Asset Management SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
22. Ardian and Latour Capital SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
23. Ardian Expansion SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
24. Ardian Expansion (Fund V) SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
25. Ardian Semiconductor SponsorVery High79
35 platform investments in Software & IT · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Ennov, 2026 · Software, France
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.