Wolters Kluwer buys Spain's Marosa, ending Aquiline's two-year bet
What's the deal? AquilineDealroom has a profile for this one. Try Dealroom → has sold its stake in Marosa, a Vigo, Spain-based VAT compliance and e-invoicing company, to Dutch multinational Wolters KluwerDealroom has a profile for this one. Try Dealroom →. The exit ends Aquiline's first investment in Spain, after a two-year holding period.
What each side brings. Marosa serves enterprise and e-commerce clients across Europe, with software that centralises e-invoicing, VAT registration, and reporting. For Wolters Kluwer, it adds European VAT and e-invoicing capability to an existing strength in US sales tax and VAT determination.
Why now? Europe's regulatory environment is tightening, driven by the VAT in the Digital Age (ViDA) reforms, real-time reporting rules, and e-invoicing mandates spreading across the continent. Compliance is getting harder for enterprises — the gap Aquiline set out to exploit when it built its thesis in 2020.
The backstory. Aquiline tracked Marosa for several years before becoming its first outside investor in 2024. Founder and chief executive officer Pedro Pestana da Silva had bootstrapped the profitable business from his apartment to serving global enterprises.
What's the endgame? Over two years, Aquiline helped institutionalise Marosa's go-to-market function and expand its product across the tax value chain. It introduced Marosa to Wolters Kluwer after talks began in June 2025, positioning the combined business to build a global indirect tax platform.
What they said. "We leveraged our strategic network to position Marosa for a successful exit," said Giovanni Nani, Aquiline's head of European venture, calling the deal "a validation of the thesis." Pestana da Silva said Aquiline's support "proved instrumental in accelerating our growth."
The signal: As Europe's e-invoicing mandates multiply, indirect tax compliance is consolidating into fewer, larger platforms. Buyers like Wolters Kluwer — already holding roughly $11 billion in AUM — are acquiring niche regional specialists to assemble global coverage, turning a fragmented regulatory headache into a scaled software market.
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