Spain is embroiled in a debate over the future of its tech companies: while Euskadi is actively reclaiming iconic IT brands, Andalucía is readily parting with its own assets. This time, the spotlight is on a high-profile deal — the acquisition of Ayesa’s technology division by a Basque consortium for €480 million. The controversy surrounding this story is stirring passions not only in the two regions, but across the entire country.
In Euskadi, government involvement in business is seen as a means of protecting strategic interests. Here, authorities make no secret of intervening in the fate of companies they consider core to regional identity. With Ayesa, it is about regaining control of the historic Ibermática brand, which until recently was seen as a symbol of Basque technological prowess.
Two different approaches
The situation in Andalucía is quite the opposite. The regional government, led by Juanma Moreno, not only did not oppose the sale of Sadiel — a former state-run IT company — but actually initiated its privatization at the height of the economic crisis. Founded in 1984 to digitalize the regional administration, Sadiel was long a source of pride for the Andalusian high-tech sector. At its peak, it employed over 3,500 people, with its headquarters in the heart of Sevilla.
However, in 2011, the controlling stake in Sadiel was sold to the private engineering group Ayesa, founded by José Luis Manzanares. This proved to be a turning point for Ayesa: the company shifted its focus from traditional engineering to digital services and began expanding beyond Spain. The integration of Sadiel, however, was not without challenges — different corporate cultures and labor agreements led to considerable internal friction.
Power Struggle
In 2015, Ayesa fully acquired all Sadiel shares, with the state completely exiting the company’s capital. From that point on, the Andalusian IT firm became part of a private holding, and its future depended entirely on the decisions of its new owners. In 2021, the investment fund AMCE became a shareholder, acquiring a 67% stake to finance large-scale growth. In just a short period, Ayesa bought about a dozen technology firms, and its digital division became a key driver of the business.
Among these acquisitions, Ibermática stood out — a company founded in 1973 in San Sebastián, long regarded as a flagship of the Basque IT sector. In 2013, Ibermática’s shareholders changed: banks exited and the ProA Capital fund stepped in. When control of Ibermática passed to Andalusian Ayesa in 2022, it sparked outrage among politicians and business leaders in the Basque Country. Many saw it as a loss of regional identity.
Politics and Economics
The recent developments have been a logical continuation of this struggle for influence. After AMCE exited Ayesa’s capital, the Basque Country government decided to bring Ibermática back “home.” To achieve this, they mobilized funds from the former savings banks — BBK, Kutxa, and Vital — as well as the bank Kutxabank. However, not all participants supported the deal: the Kutxa foundation declined to participate, citing doubts about profitability, while Vital adopted a wait-and-see approach. As a result, the company Teknei, linked to entrepreneur Joseba Lekube, who has close ties to the ruling PNV party, joined the consortium, though its contribution was minimal compared to the overall deal.
In Andalusia, questions are mounting for the regional authorities: why didn’t the government try to retain control over such a strategic company? Officials only offer general statements about “preserving talent” and assure that jobs will remain in the region. Meanwhile, Ayesa Digital employees are increasingly concerned: of the company’s 11,000 staff, only 2,000 are Basque, while about 3,500 are from Andalusia. Unions are demanding a more proactive stance from the government, but so far to no avail.
The cost of decisions
This entire story clearly illustrates how different regions of Spain have contrasting views on the role of the state in the economy. In the Basque Country, the government is willing to invest hundreds of millions to maintain control over key companies. Meanwhile, Andalusia focuses on privatization and welcoming foreign investors, even at the cost of losing national assets. Time will tell which approach is right, but it is already clear that Spain’s economic strategies can be radically different from region to region.
As RUSSPAIN.COM previously reported, the sale of Ayesa Digital to the Basque consortium became the largest IT deal in recent years. The return of Ibermática to the Basque Country is expected to bring new investments and create more jobs. Read more about the details and implications of this deal in our article Biggest IT Deal of the Year Basque Consortium Acquires Ayesa Digital for €480 Million.
