Telefónica has taken another step in its strategy to grow in the enterprise business with the purchase of the Madrid-based technology consultancy AltimThe deal is valued at around €30 million. The company specializes in the implementation and configuration of... SAP business management software, a key area for large companies that want to accelerate their digital transformation.
The transaction has been structured through Telefónica Spain and involves the acquisition of 100% of the capital of Altim Tecnologías de la Información. With this move, the operator seeks to strengthen its position as comprehensive technology partner for companies and public administrations in Spain, at a time when it is becoming increasingly difficult to gain traction in the residential telecommunications market.
Details of the transaction and economic valuation
According to various market sources, the agreement sets the purchase of Altim at a certain figure. close to 30 million eurosThis amount puts the transaction at around 2,1 times the consultancy's sales. The price is practically doubles the revenue recorded by the company in 2024, an indicator of the strategic value that Telefónica places on this asset.
In 2024, Altim achieved a turnover of 14,3 millones de eurosThis represents a 16,3% annual increase compared to 12,3 million in the previous year. Various reports also indicate that In 2025, its revenue increased again by around 20%.consolidating an upward trajectory in the specialized technology consulting market.
The deal has been finalized after several months of negotiation and is part of the policy of prioritize investments with a clear return in the B2B segmentwhere the telecom sees more room for growth than in purely connectivity services. In the company's view, the investment is justified by access to expert SAP talent, proprietary intellectual property, and a diversified customer base in high-value sectors.
Sources close to the transaction indicate that this purchase is perceived internally as a key piece in strengthening Telefónica's value proposition in consulting, integration and management of business applicationsareas where demand remains strong even in more uncertain economic environments.
This acquisition also represents Telefónica's first acquisition in Spain under the executive chairmanship of Marc Murtrawho took over at the beginning of last year. The deal thus serves as an introduction to his time leading the group in the domestic market.
Who is Altim and what does he bring to Telefónica?
Altim is a Technology consulting firm with over two decades of experience, based in Las Rozas (Madrid), which has focused from its beginnings on the implementation, parameterization and maintenance of solutions based on SAPIn his own corporate presentation, he highlights having accompanied more than 300 companies from multiple industries in their digital transformation processes.
The company has a workforce of around 125 highly specialized professionalsand has positioned itself as one of SAP's leading partners in the Spanish market. Altim holds the certification SAP Gold Partner, an accreditation reserved for partners with high business volume, high technical level and projects of significant complexity.
Among its lines of work, the following stand out: SAP ERP systems implementation in modules critical to the daily management of companies, such as finance, human resources, purchasing, logistics, supply chain, production, and sales. Their proposal involves adapting the SAP platform to the specific needs of each sector, combining proprietary accelerators with agile methodologies to reduce deployment times.
In recent years, the consultancy has focused a large part of its activity on SAP S/4HANA migration projectsthe latest generation of the German firm's ERP system, as well as solutions related to public cloud, cybersecurity, and data governance. All of this with the aim of enabling companies to making decisions with real-time information and more automated processes.
Altim operates with a customer base spread across financial services, insurance, industry and public administrationThis provides Telefónica with an entry or reinforcement in segments where the demand for SAP solutions and data integration is particularly intense.
Continuity of the management team and organizational fit
One of the key elements of the operation is the continuity of the current Altim management teamwho will remain in charge of management after the integration into the group. The firm is led by Adriana Sola, who serves as managing partner or CEO, accompanied by Alberto Gómez (Director of Technology), Paco Sola (responsible for Altim AM) and Julio Trevejo (managing partner of the group).
Telefónica has stressed that the operation does not aim for a simple absorption of resources, but incorporate a specialized team that already operates profitably and under its own brandIn fact, Altim is expected to continue operating with a certain degree of operational autonomy within Telefónica Spain, while taking advantage of the group's commercial, channel, and infrastructure synergies.
The telecom company emphasizes that the objective is to strengthen the capabilities of Telefónica Empresas and Telefónica Tech in business application services, advanced analytics and data management, adding the vertical knowledge that Altim brings in sectors intensive in SAP technology.
Telefónica's management has also insisted on the cultural and business vision complementarity Between both companies: orientation towards long-term relationships with clients, commitment to the professionalization of teams and focus on applied innovation, rather than on large image campaigns.
On behalf of Altim, its top executive, Adriana Sola, has expressed his satisfaction with joining the group, highlighting that the operation will allow scale projects and guarantee clients measurable returns on their investments in digital transformation, while maintaining the level of specialization that distinguishes them from more generalist consultancies.
Why is SAP so strategic for Telefónica?
Telefónica's bet on Altim is better understood if one takes into account the role it plays SAP in large organizationsThe German multinational's software is an enterprise resource planning (ERP) suite of applications that integrates the management of areas such as [missing information - likely "data management" or "data center"] into a single platform. finance, purchasing, logistics, human resources, sales, or production.
This type of solution allows companies to unify critical business informationAutomating repetitive tasks (such as invoice processing or inventory management) and providing real-time data to support decision-making. For many corporations, ERP is, in practice, the heart of their daily operations.
Positioning itself in the layer that defines, implements, and maintains these systems means that Telefónica can “getting inside the kitchen” of their business clientsIt controls the architecture that supports everything from accounting and supply chain to human resources management. This translates into greater customer loyalty and... higher exit barriers compared to competitorsbecause changing SAP service providers is a complex and costly process.
Furthermore, the integration of Altim allows the operator to strengthen its offering on RISE with SAPThe platform facilitates the migration of on-premises systems to more flexible cloud environments. Through this combination of connectivity, cloud infrastructure, and specialized consulting, Telefónica aims to offer businesses a complete package of digital servicesfrom the network to the application layer.
Another relevant point is Altim's ability to develop predictive algorithms, analytical models, and key process automation tools, such as the management of supplier invoices or the fiscal control of production chains, elements highly valued in sectors subject to intense regulation.
Fit into the Transform & Grow strategic plan
The acquisition of Altim fits with the new strategic plan. Transform & Grow 2026-2030, with which Telefónica intends to gradually shift from the classic telecommunications operator model towards a TechCoThat is, a technology company with an increasing focus on high value-added digital services.
In this context, the priority is no longer so much about growing in the number of mobile lines or converged packages, but about capture operational efficiencies and strengthen cash generation through solutions that provide more margin and a stronger connection with business customers.
The integration of a structure like Altim, already restructured and with a consolidated presence in strategic sectors such as banking, insurance and public administrationThis helps accelerate this transformation. Telefónica can leverage its experience to deploy complex digitization projects in less time and with less risk.
At the same time, the operation helps to strengthen the position of Telefónica in the B2B segment in Spain, one of the four markets considered strategic in the group's roadmap, along with Germany, the United Kingdom, and Brazil. The stated objective is to become the European leader in comprehensive digital solutions for businesses, beyond connectivity.
In a context of consolidation in the European telecommunications sector, moves like Altim's demonstrate Telefónica's desire to gain ground not only through mergers or acquisitions of operators, but also through the acquisition of differential technological capabilities that allow it to compete head-to-head with large consulting firms and global IT services companies.
Other recent Telefónica operations in Europe and Latin America
Although the purchase of Altim is a smaller operation compared to other moves by the group, it is part of a selective investment and divestment strategy that Telefónica has been implementing in recent years to reposition its asset portfolio.
In the United Kingdom, the company, through Virgin Media O2 (VMO2), its joint venture with Liberty Global, has agreed to the acquisition of 100% of NetomniaThe country's second-largest alternative fiber operator. The transaction, valued at around £ 2.000 million (approximately 2.294 billion euros), is channeled through the fiber optic company Nexfibre, owned by Telefónica, Liberty and InfraVia Capital.
Furthermore, VMO2 has boosted the merger of its B2B business with Daisy Group, a British provider of communications and IT services for businesses. The resulting new entity starts with pro forma revenues exceeding 1.600 billion euros and a shareholding structure in which VMO2 maintains a majority position, thus reinforcing its presence in the corporate segment in the British market.
In Brazil, Telefónica has also taken significant steps. In 2025, it acquired the remaining 50% of [unclear - possibly "company name" or "company name"]. FiBrasil to the Canadian fund CDPQ for some 850 million reaisthus gaining complete control of this fiber optic infrastructure platform. With this, the company consolidates a key position in next-generation networks in one of its priority markets.
Meanwhile, the group has continued with its exposure reduction strategy in Latin AmericaIn the last year, it has completed its exit from countries such as Colombia and Chile, adding to previous divestments in Argentina, Peru, Uruguay, and Ecuador. Only the operations related to Venezuela and Mexico remain in process.
This set of moves shows a pattern: concentrating resources in markets considered strategic (Spain, Germany, the United Kingdom and Brazil) and in assets that provide scale, technology or differential profitability, such as fiber, digital platforms and now also specialized SAP consulting.
The acquisition of Altim thus adds to this corporate puzzle as a medium-sized piece but with a strong strategic component: It strengthens the B2B business in Spain, brings in expert SAP talent, expands the corporate customer base, and fits with Telefónica's ambition to evolve into a more technology-driven company., capable of supporting companies and administrations not only in their connectivity, but also in the in-depth management of their processes and data.