One of the most high-profile tech sector deals in recent years has concluded in Spain. A Basque consortium including Kutxabank, Fundación BBK, the regional government, and Teknei has officially announced the acquisition of Ayesa Digital for €480 million. This marks the return of the historic Ibermática brand to the region, sparking interest among local professionals and investors.
The deal is not yet fully finalized—regulatory approval is still pending. In the coming months, another potential participant may join the consortium: Fundación Vital from Álava is considering investing in the project. Despite Fundación Kutxa from Gipuzkoa deciding not to take part, all other parties managed to sign the necessary documents within the required timeframe.
New owners and strategy
The consortium is made up of Indar Kartera (the investment arm of Kutxabank), Fundación BBK, the Basque Government via Finkatuz, and technology partner Teknei. They have confirmed there are no plans to change the current management: the CEO of Ayesa Digital, José Luis Manzanares, will continue to lead the company through the transition period.
According to consortium representatives, stable shareholders will enable Ayesa Digital to become fully independent by 2026. The company plans to focus on key areas such as artificial intelligence, cybersecurity, cloud technologies, and quantum computing. The goal is to strengthen its position in the European market and become one of the leading digital service providers for businesses and government institutions.
Ibermática returns to Bilbao
This deal carries special significance for the Basque Country. The decision-making center for Ibermática, once one of the region’s most prominent tech companies, is returning to Bilbao. Recall that in 2013, Ibermática was acquired by Ayesa, and in 2022, control of the group passed to the Manzanares family and the British fund AMCE.
Today, Ayesa Digital brings together not only Ibermática, but also other recent acquisitions — M2C, Proxya, Emergya. In the Basque region alone, the company employs more than 2,000 people. Management emphasizes its commitment to innovation and to creating high-value-added jobs.
Growth and international expansion
Since the arrival of A&M Capital Europe investors in 2022, Ayesa Digital’s revenue has tripled and exceeded 569 million euros. EBITDA has nearly reached 50 million. Besides Spain, the company operates actively in the UK, USA, Mexico, Colombia, Peru, and Chile, allowing it to compete globally.
Authorities in the Basque Country believe the deal will serve as a model for successfully combining the region’s financial and technological resources. According to Finance Minister Noël d’Anjou, the consortium demonstrates how joint efforts can boost the growth of leading companies. Industry Minister Mikel Jauregi emphasized that the local industry needs strong technology partners to succeed in digital transformation.
Future plans
Both sides expect regulatory approval for the deal in the near future, including from antitrust and other authorities. If Fundación Vital decides to join the consortium, the shareholder structure may change. However, it is already clear: relocating Ayesa Digital’s management center back to the Basque Country opens up new opportunities for the region’s IT sector and Spain as a whole.
