Between Networks and National Systems: Indra Expands Its Cybersecurity Reach Through a New Partnership With TRC

Spain’s cybersecurity sector is entering another stage of consolidation after Indra Group agreed to acquire a 30% stake in Madrid-based technology company TRC through its subsidiary IndraMind. The agreement was announced on September 30.

The transaction also includes an option allowing Indra to progressively increase its ownership to 100% of TRC over the next two years. The value of the initial transaction was not disclosed, and completion remains subject to customary conditions, including regulatory approvals.

TRC is a Spanish-owned technology company specializing in the protection of information systems and networks. Its activities cover areas including data protection, critical infrastructure, emergency systems and cybersecurity services for strategic environments.

The company recorded more than €120 million in revenue during 2025 and has more than 400 specialists, according to information provided by Indra. Those capabilities are expected to complement IndraMind’s existing technology portfolio.

Indra said the combination could expand its cybersecurity offering across several stages of the security process. These include identifying and preventing risks, operating systems that detect and respond to incidents, recovery services and digital-identity solutions.

For TRC, the agreement represents a new phase after more than three decades of development as a Spanish technology company. The company has built expertise around protecting systems and networks used in areas where uninterrupted digital operations are particularly important.

The transaction comes at a time when cybersecurity has become closely linked to the reliability of everyday infrastructure. Businesses, public institutions and critical services increasingly depend on interconnected digital systems, creating demand for technologies that can detect unusual activity and respond when systems are threatened.

Indra’s planned investment is also part of a wider effort to develop technology capabilities within Spain. The company described the transaction as a way to strengthen the country’s cybersecurity ecosystem and expand cooperation between two Spanish technology businesses.

The regulatory process will determine when the agreement can formally proceed. Until the necessary approvals are obtained, the proposed ownership structure remains subject to those conditions, while both companies continue operating within their existing organizations.

The immediate transaction concerns 30%, but the longer-term possibility reaches further. If Indra exercises the option described in the agreement, its ownership could eventually rise to the entirety of TRC over the following two years.

For Spain’s technology industry, the deal illustrates how cybersecurity capabilities are becoming increasingly integrated into larger technology groups. Networks may remain invisible to most people, but the systems protecting them are becoming a more visible part of the business landscape as digital infrastructure continues to expand.