The Spanish technology company Invelon has acquired a majority stake in the Portuguese byAR, specialised in musealisation and immersive experiences. Baker Tilly Tech M&A has advised on the operation, which marks Invelon's direct entry into Portugal.
The Spanish technology company Invelon, specialised in virtual, augmented, and mixed reality, has completed the acquisition of a majority stake in the Portuguese company byAR, dedicated to musealisation and the development of interactive and immersive spaces for the cultural and heritage sectors. The operation was closed in September 2026, according to capital-riesgo.es.
Baker Tilly Tech M&A acted as the exclusive financial advisor to Invelon in the operation, led by Diego Gutiérrez, a partner specialised in the technology sector.
With this acquisition, Invelon directly enters the Portuguese market and incorporates a team with experience in cultural digitalisation, along with its projects, technology, and capabilities in immersive experiences. The operation strengthens Invelon's proposition in tourism, heritage, and culture, providing a platform to expand its activities in Portugal into other verticals such as industry, education, robotics, and Physical AI.
Pedro Pereira, until now CEO of byAR, will continue as a partner of the company and will take on the role of General Manager of Invelon in Portugal.
byAR is a Portuguese company with a presence in Lisbon and Porto, specialised in creating digital and immersive experiences. Its activities include the design of museographic projects, the production of physical and digital spaces, cultural dissemination, interactive videomapping, immersive audiovisuals, as well as augmented and virtual reality.
Among its projects are the Museum of Archaeology and Ethnography of Elvas, the Museum of the Côa Parque Foundation, the Wine Interpretation Centre of Talha in Vidigueira, the Islamic Baths of Loulé, the Nuri Sardine Tour in Matosinhos, and the Faro Story Spot. The company has also produced temporary exhibitions such as Arte Sem Limites, presented at the National Archaeological Museum of Madrid.
Invelon develops turnkey software for sectors such as industry, education, health, tourism, architecture, logistics, and marketing. The purchase of byAR is its first corporate operation in Portugal and is part of its strategy for organic and inorganic growth to expand geographical presence and strengthen technological capabilities.
Baker Tilly has participated in other cross-border operations with Portuguese technology companies in 2026, such as the acquisition of CodeOne by Lyngsoe. The firm has a Tech M&A Advisory area that has ranked in the Top 3 of the mid and small market technology sector in Iberia, with a presence in over 145 territories and more than 50,000 professionals.
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