MADES

Name

MADES

Legal name

Málaga Sistemas Aeroespaciales, de Defensa y Electrónica, S.A.U.

Website

https://mades.es

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Málaga

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Electronic Manufacturing Services (EMS): MADES provides electronics manufacturing services including printed circuit boards (PCB) and full box build for high reliability applications. Revenue is generated through manufacturing contracts with defense contractors, aerospace companies, and industrial clients.
2. Design and Industrialization Services: Design activities providing advice to clients and guiding them towards operational excellence in manufacturing. Engineering services for product development and process optimization.
3. Testing and Integration Services: Process control, highly complex parametric and functional tests, specific environmental tests, and system integration services that guarantee required reliability levels.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

MADES provides integrated Electronic Manufacturing Services (EMS) for high-reliability electronic systems, covering the full product lifecycle: Development, Industrialisation, Manufacturing, Testing, Integration, and lifecycle Support. The company specializes in printed circuit boards (PCB) and full box build for mission-critical defense, aerospace, new space, and industrial applications, with capabilities including SMT lines, wave soldering, system assembly, custom testing equipment, and Six Sigma quality processes.

Product overview

MADES is an Integrated Electronic Manufacturing Services (EMS) provider offering a comprehensive suite of services covering the full product lifecycle: Development, Industrialisation, Manufacturing, Testing, Integration, and Support with the product life cycle. The company specializes in high-reliability electronic systems across defense, aerospace, new space, industrial, medical, and automotive sectors. Key product lines include Space-Borne Systems (microsatellites 35-40kg, OBC, Payload, Communications, PDM, PCM), Defense Electronic Systems (surveillance, telemetry, radar, RF, power electronics, electro-optics, target identification), and Aerospace Electronic Systems (actuation, communications, control electronics, sensors, mission systems).

Differentiator

Problem solved

Functional benefit

Products and services

• Integrated Electronic Manufacturing Services (EMS) End-to-end EMS covering Development, Industrialisation, Manufacturing, Testing, Integration, and lifecycle Support for high-reliability electronic systems including PCBs and full box builds, for defense, aerospace, new space, and industrial customers.
• Defense Electronic Systems Manufacturing of critical electronic systems for defense applications including surveillance, telemetry, radar, radio-frequency, power electronics, electro-optics, target identification, and missile subsystems.
• Aerospace Electronic Systems Manufacturing of on-board electronic systems for aerospace applications including actuation systems, communications, control electronics, sensors, and mission systems, meeting EN 9100 and Nadcap 7120 standards.
• Space-Borne Systems Microsatellite electronics manufacturing for space applications with payload capacity of 35-40 kg, including On-Board Computers (OBC), Payload systems, Communications, Power Distribution Modules (PDM), and Power Control Modules (PCM).
• Industrial Electronic Systems Manufacturing of electronic systems for industrial applications requiring high reliability and on-time delivery, including fleet management systems, marine radar scanners, prepaid electronic measuring devices, and rail traffic control.

Quantifiable outcome

• On-time delivery metrics exceed industry standards
• +3 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• KONGSBERGcoreStrategic or Co-development Partner · 19 February 2026KONGSBERG selected MADES to manufacture critical missile subsystems for the NSM (Naval Strike Missile) system. This represents a significant program win for MADES within the defense sector, positioning them as a trusted supplier for complex missile electronics.
• General Atomics Aeronautical SystemscoreStrategic or Co-development Partner · 6 November 2020MADES is a key part of General Atomics' European Regional Sustainment Network (ERSN), working closely with General Atomics Europe in Dresden. MADES contributes to the MQ-9 Reaper program support in Europe, a relationship that developed over approximately six years of collaboration.
• Safran Electronics & DefensecoreStrategic or Co-development Partner · 19 June 2019MADES and Safran Electronics & Defense signed collaboration agreements for the Euroflir TM 610 electro-optical/infrared platform project for Europe's future MALE drone. This strategic partnership positions MADES in a major European defense program.
• HENSOLDT OptronicscoreStrategic or Co-development Partner · 19 June 2019MADES and HENSOLDT Optronics signed collaboration agreements alongside Safran for the Euroflir TM 610 electro-optical/infrared platform project. This tripartite partnership strengthens MADES' position in European defense electronics.
• EuropaviaminorGTM or Marketing Partner · 1 January 2019MADES signed a strategic agreement with Europavia primarily focused on reinforcing MADES' commercial position in France. This partnership supports MADES' market expansion objectives in the French aerospace market.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Latécoère: French-listed aerospace group and MADES's former owner (Dec 2021–Apr 2025), with adjacent EWIS, aerostructures and interconnection activities. Latécoère's divestiture shows how MADES-style A&D electronics units are increasingly carved out and consolidated by pure-play EMS buyers.
• Asteelflash (USI): Global EMS platform (Asteelflash brand under USI) with strong European footprint in industrial, automotive and A&D. Different scale and customer mix than MADES, but overlaps on European high-reliability EMS and represents the upper end of where MADES could go as part of Cicor.
• Cicor Group: Swiss-listed parent company that acquired MADES in April 2025 to build a pan-European A&D EMS platform. As parent, Cicor sets MADES's strategic context and is the most relevant listed comp for understanding valuation and growth runway.

Direct peers

• TTM Technologies: U.S.-listed global PCB and EMS provider with a large aerospace & defense franchise. TTM competes head-to-head with MADES for high-reliability PCB assembly and backplane work at defense primes and is a useful benchmark for valuation in the A&D electronics subsegment.
• Mercury Systems: U.S.-listed mission-critical defense electronics provider specializing in RF, microwave, sensor processing and secure processing subsystems. More specialized than MADES, but competes for the same defense prime dollars on mission-critical subsystems where MADES manufactures boards.
• Scanfil: Finnish-listed EMS provider serving industrial, energy, automation and aerospace customers from European and Asian sites. Comparable in scale, customer mix and high-mix complexity, and a benchmark for a public European mid-cap EMS.
• Benchmark Electronics: U.S.-listed EMS provider with aerospace & defense, medical and complex industrial as primary verticals. Like MADES, Benchmark focuses on high-mix, low-volume, high-reliability build-to-print work and targets defense primes — directly comparable in services and customer profile.
• NOTE AB: Swedish EMS specialist with a deliberate focus on high-reliability industrial and defense customers. Closely mirrors MADES's positioning on complex, long-lifecycle products with strict quality requirements and small-to-medium batch sizes.
• Neways: Dutch mid-cap EMS with automotive, industrial and semiconductor OEM customers; recently expanding in defense and aerospace. Overlaps directly with MADES on industrial EMS scope and European mid-cap profile, though Neways retains more automotive.

Emerging players

• GPV: Danish EMS provider owned by EQT with a high-mix electronics model across industrial, medtech and cleantech. Smaller and earlier in defense than MADES but operates on similar high-mix low-volume mechanics and serves as a benchmark for European private EMS M&A multiples.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MADES_Systems
• LinkedInlinkedin.com/company/mades

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MADES