Narayan AmmachchiSpanish multinational Telefonica has acquired a 3% stake in technology services provider Indra Sistemas,which has a wide presence across Latin America.
The news comes barely a day after Abril-Martorell replaced the IT giant’s veteran boss Javier Monzon. As per the deal, Telefonica can increase its stake to 6% by using stock options.
With a share of more than 20%, the Spanish government is the largest stakeholder in Indra. Reports say the IT firm is a priceless asset for Spain because it supplies technology to the nation’s state-run defense departments.
Another big stakeholder in Indra is SEPI, which has about a 20% share, and U.S. fund Fidelity Management and Research, which came into Indra in 2010 buying more than 3%. Today the U.S. fund controls nearly a 10% stake in the IT firm.
Founded in 1993 with the merger of four companies (Inisel, CESELSA, Eritel and Disel), Indra provides technology services to a wide range of sectors, including transport and traffic, energy and industry, government and healthcare, financial services, security and defense, telecommunications and media.
Indra posted a net profit of US$88 million for the first nine months of 2014, an 18% increase from the same period in 2013.
Latin America represents 28% of Indra’s revenue, and the company is said to have employed 14000 people in the region, where it runs eight software labs and 17 Centers of Excellence.
Indra grew into a large player in Latin American IT sector when it acquired a 100% holding in Politec, one of the most prominent IT companies in Brazil. A year ago, Indra won a $10.3 million contract to upgrade and streamline information and communications systems at Chile’s Port of Valparaiso. The Spanish firm is carrying out similar projects in Panama.
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