Devesa & Calvo Lawyers, based in Alicante, provided strategic legal guidance to Substrate AI as it pursued an exit onto BME Growth in Madrid. The move highlighted Substrate AI as a rising force in Spain’s AI software sector and reinforced the firm’s capital markets and corporate law focus. This listing underscored a milestone for the Spanish tech ecosystem and showcased the Alicante legal community’s role in tech-enabled growth.
The transaction marked the second capital markets exit advised by Devesa & Calvo in the current month and the third in the previous year. Alongside Substrate AI’s listing on BME Growth, the firm also advised a drone technology manufacturer from Alicante, signaling the firm’s versatile advisory capabilities. The drone company joined the Euronext Access platform, while Intercity CF SAD became the first Spanish football club to list on a market in the past year, illustrating the firm’s expanding footprint across diverse sectors.
Devesa & Calvo Advises Embention from Alicante During its IPO in Paris
The firm expanded its footprint with a new Madrid office in the Salamanca district to better support clients involved in capital markets and mergers and acquisitions, among other services. The new hub broadens access to Europe-wide finance channels and strengthens connections with lenders, investment houses, and regulators. This step aligns with growing demand from Spanish and regional firms seeking scalable financing options and cross-border opportunities.
With the third operation, Devesa & Calvo reinforces its position as a trusted partner for companies aiming to access the capital markets by listing on BME or Euronext. The firm is actively pursuing additional exits for clients into public markets, helping SMEs overcome hesitation about major listings to finance expansion and international growth.
Substrate AI previously secured a capital increase of €7.6 million, with Deloitte acting as a registered consultant and Renta 4 Banco serving as a liquidity provider in the BME Growth listing. The company was valued at roughly €94.9 million, with an initial share price of €4.30, signaling strong investor appetite for AI-driven software solutions within the European market framework.
Devesa & Calvo Grows 32% and Sets Sights on Madrid Expansion
The technology group operates across Fintech, Human Resources, Industry, Energy, Agricultural Technologies, and Health under the leadership of Lorenzo Serratosa. The plan is to begin operations from the Mining and Communication Center in the coming year, strengthening the firm’s footprint in Spain while pursuing cross-border opportunities that enhance service offerings and revenue streams.
The group recently completed the acquisition of Ibi, a manufacturer of adhesive labels, a move expected to add nearly one million euros in gross operating profit. The acquisition is anticipated to boost reinvestment into innovation and strategic growth, supporting ongoing product development and market diversification.
Citations: Substrate AI funding round and listing details are reported by market observers and the involved law firm team, reflecting the ongoing trend of Spanish tech and corporate finance activity that bridges regional capabilities with European capital markets. The advisory narrative demonstrates the convergence of corporate law, regulatory understanding, and cross-border financing in shaping Spain’s vibrant AI and technology sector.