From Certus, Blue Mountain's technology division, we share our data investment thesis: why we believe data is the infrastructure of the 21st century.
Certus was born with a clear premise: technology is both a sector to invest in and a lever that transforms all other sectors in our portfolio. Within this approach, our firmest investment thesis centres on data — not as an abstract concept, but as real economic infrastructure with tangible business models, verifiable barriers to entry, and quantifiable value generation.
Our thesis is structured in three levels: collection and generation (companies generating proprietary data through their operations), processing and enrichment (companies transforming raw data into useful information), and distribution and application (platforms delivering data-driven decisions to clients).
What we seek in a data company: proprietary data (exclusivity is the most valuable asset), recurrence (subscription models with high revenue predictability), scalability (marginal cost per additional client is negligible), and multi-sector applicability (natural diversification).
The Spanish data ecosystem is nascent but promising. Companies have built valuable data assets — often as a by-product of their main activity — without being fully aware of their value. For Certus, this market immaturity is an opportunity: we can identify undervalued companies, help them monetise data assets, and connect them with Blue Mountain’s 80+ portfolio companies that are simultaneously data generators and consumers.
This feedback loop between technology investment and traditional investment is a virtuous cycle few investors can replicate. We do not pursue the next unicorn startup — we invest in profitable companies with proven models and defensible data assets that can grow sustainably. Technology investment with feet on the ground.
The intersection of traditional business and technology represents one of the most compelling investment opportunities in the Spanish middle-market. While the narrative around technology investment is dominated by venture capital and startups, the reality is that the greatest value creation potential lies in applying technology to established businesses with proven economics.
The typical middle-market company in Spain has been operating for two or three decades. It has a loyal client base, experienced employees, and established market positions. What it often lacks is the technological infrastructure to compete effectively in the coming decade. This gap between established business fundamentals and technology capability is precisely where we see the opportunity.
Our approach is pragmatic rather than ideological. We do not pursue technology for its own sake. Every technology investment must demonstrate a clear return — reduced costs, improved margins, better decision-making, or enhanced competitive positioning. The projects that generate the most value are typically not the most technologically sophisticated but the most operationally relevant: replacing manual processes with automated ones, providing managers with real-time data instead of month-old reports, or enabling pricing decisions based on market analytics rather than intuition.
Implementing technology in traditional businesses requires patience and cultural sensitivity. The resistance to change is real — employees who have done their jobs successfully for years are understandably sceptical of systems that promise to do it differently. The key is involving people in the process, demonstrating quick wins that build confidence, and being honest about what technology can and cannot do.
Data quality remains the single biggest barrier. Companies that have operated with rudimentary information systems for decades cannot implement sophisticated analytics overnight. The preparatory work of cleaning, structuring, and standardising data is unglamorous but essential. We have learned to allocate adequate time and resources to this phase, even when it means delaying the implementation of more visible solutions.
The talent challenge is equally real. Finding professionals who understand both technology and business — who can translate between the language of algorithms and the language of the warehouse floor — is extraordinarily difficult. Building this capability internally, through targeted training and strategic hires, is a long-term investment that pays extraordinary dividends.
If you wish to explore a potential collaboration or present an investment opportunity, we invite you to contact us. We guarantee absolute confidentiality in all our conversations.