Izertis, a Spanish listed technology consultancy, is looking for acquisitions in Europe, M&A and capital markets director Fernando Belda told Mergermarket.

The company is interested in acquiring companies in those countries where it is already present – Spain, Portugal, Switzerland and the UK – and in Europe in general, he said.

Izertis looks for technology consultancies that generate up to EUR 50m revenues, Belda said. The company does not rule out evaluating bigger opportunities should they arise, he added.

Preferred targets should be companies similar to Izertis, offering advanced technology services to big businesses, he said. They should also be active in Izertis’ business areas: software engineering, consultancy and governance, customer experience (CX) and business solutions, cloud and infrastructure, cybersecurity, and artificial intelligence (AI) and data, he added.

Targets should expand Izertis’ capabilities and complement its areas of expertise, Belda explained. Following the acquisition and subsequent integration of targets, Izertis aims to preserve their know-how and leverage synergies, he added.

Management is currently analysing possible acquisitions, the director said, adding that the company does not have a specific number of deals in mind per year.

Izertis has an in-house M&A team that scouts the market and analyses dozens of opportunities every year, Belda said. The company also handles legal issues in-house, he added. However, it receives approaches from advisors and continues to be interested in receiving further approaches, he added.

Izertis takes an international approach to M&A, Belda said. Around two-thirds of the company’s revenues last year came from Spain, while one-third was generated abroad, he added. Management wants to change this ratio to 50/50 by 2030, he noted.

The company aims to hit EUR 500m revenues and EUR 65m normalised EBITDA by 2030 and sees acquisitions as a way to help it reach these figures, Belda said.

Izertis has closed 44 deals since 1998, with the last four coming in 2025, when it bought one Spanish firm, two in the UK and one in Panama, Belda said.

Izertis closed a EUR 54m rights issue at the end of January, the CEO said, although demand topped EUR 74m, he added. Anchor investors included the Spanish family offices Onchena and Grupo Anémona, Italian management firm Alkemia Capital, and British manager Janus Henderson Investors, he added.

The company plans to use cash, shares and other financing options such as bank loans to finance deals, the executive said.

Izertis offers services and solutions to big corporates and institutions in more than 25 countries, he added.

The company has a market capitalisation of EUR 307m. It generated EUR 77.97m revenues and EUR 10.97m normalised EBITDA in 1H25 compared with EUR 65.6m revenues and EUR 10.05m normalised EBITDA in 1H24. In full-year 2024, Izertis delivered EUR 138.1m revenues and EUR 20.7m normalised EBITDA. Between 2021 and 2024, revenues experienced a CAGR of 26.6%, while normalised EBITDA recorded a CAGR of 38%.

At the end of 1H25, the company had an adjusted net financial debt/normalised EBITDA ratio of 2.5x. Following the rights issue, the company’s net debt has been reduced to near-zero levels, Belda said.

Izertis has subsidiaries in the US, the UK, Switzerland, Portugal, Mexico and Colombia; and offices in Peru, Panama, Guatemala, El Salvador and India, the executive said.

The company was founded in 1996, has more than 2,500 employees and is based in Gijon, he added.