ONEtoONE Corporate Finance has advised DARES Technology, a deep-tech company specialising in synthetic aperture radar (SAR), on the sale of 100% of the company to Indra Group.
As a result of the deal, DARES Technology’s 27 specialists are joining Indra’s Radar Centre of Excellence, and its technology will be integrated into Indra’s Tarsis family of drones. This article sets out the key facts of the transaction, explains what SAR technology does and puts the deal in the context of the wider defence technology sector.
What did ONEtoONE Corporate Finance announce?
ONEtoONE Corporate Finance announced that it has advised DARES Technology on the sale of 100% of the company to Indra Group.
The transaction brings together a deep-tech company that develops synthetic aperture radar and one of Spain’s leading technology and defence groups. The table below summarises the key facts.
| Item | Detail |
|---|---|
| Transaction | Sale of 100% of DARES Technology to Indra Group |
| Company sold | DARES Technology, a deep-tech company founded in 2015 in Castelldefels (Barcelona), specialising in SAR and the processing of remote-sensing imagery |
| Buyer | Indra Group, one of Spain’s leading technology and defence groups |
| Technology | High-performance compact radar and advanced SAR processing software |
| Integration | Indra’s Tarsis family of drones; 27 specialists join Indra’s Radar Centre of Excellence |
| Advisor to DARES Technology | ONEtoONE Corporate Finance |
Who is DARES Technology?
DARES Technology is a deep-tech company, founded in 2015 in Castelldefels (Barcelona), that specialises in the development of synthetic aperture radar (SAR) and in the processing of remote-sensing imagery, primarily from satellites and drones.
The company was initially linked to the European Space Agency’s Business Incubation Centre (ESA BIC). Following the transaction, its 27 specialists are joining Indra’s Radar Centre of Excellence.
A compact radar and advanced SAR processing software
DARES Technology has developed a high-performance compact radar and advanced SAR processing software. Together, they are capable of capturing high-precision terrain imagery and detecting centimetre-level changes, regardless of sunlight or weather conditions.
Applications of DARES Technology’s technology
The technology is used in applications such as mining and infrastructure monitoring. It will now be integrated into Indra’s Tarsis family of drones.
What is synthetic aperture radar (SAR) and why does it matter?
Synthetic aperture radar (SAR) is an active remote-sensing technology in which an instrument sends out a pulse of energy and records the energy reflected back after it interacts with the Earth’s surface, according to NASA.
Because SAR is an active system, it can create high-resolution imagery night or day, regardless of weather conditions, according to NASA Earthdata. This makes it valuable for observing terrain from satellites and drones when cloud cover or darkness would limit conventional optical imagery.
DARES Technology’s technology follows the same logic: it is capable of detecting centimetre-level changes regardless of sunlight or weather conditions.
According to the deal announcement, SAR is also a market segment with a limited supply of highly sophisticated solutions, which helps explain the strategic value of this capability.
How will DARES Technology’s technology be used within Indra Group?
DARES Technology’s radar and SAR processing software will be integrated into Indra’s Tarsis family of drones, which are Class I unmanned aircraft (under 150 kg) designed for the Armed Forces within the Special Modernisation Programme.
The Tarsis drones are aimed at intelligence, surveillance and reconnaissance (ISR) missions.
Applications Indra Group will be able to develop in-house
The new capability will expand the group’s technological expertise and enable the internal development of these systems for applications such as:
- Maritime patrol
- Border surveillance
- Critical infrastructure protection
- Earth observation from space platforms
Why is the acquisition strategic for Indra Group?
For Indra Group, the acquisition of DARES Technology strengthens its global leadership position in the design, development and manufacture of all types of radars, while granting access to the synthetic aperture radar market.
Indra Group is one of Spain’s leading technology and defence groups, with offices in 46 countries and commercial operations in over 140 markets.
Why is defence technology attracting so much M&A activity?
Defence technology is attracting growing M&A activity as European defence budgets rise and investors back defence tech companies, according to recent data from the European Defence Agency and White & Case.
Defence spending by the EU’s 27 Member States reached €418 billion in 2025, a 20% increase on 2024, and is projected to rise to €454 billion in 2026, according to the European Defence Agency (July 2026). The agency also expects defence research and development spending to increase from €17 billion in 2025 to €20 billion.
White & Case reports that venture capital investment in defence tech reached a record US$49.9 billion globally in 2025, up 83% on the prior year, and that European defence tech M&A deal volume rose 85% year on year to 24 transactions, with deal value more than doubling to US$1.3 billion (May 2026, based on PitchBook, Mergermarket and Dealogic data).
| Indicator | Figure | Source |
|---|---|---|
| EU-27 defence spending, 2025 | €418 billion (+20% vs 2024) | European Defence Agency, July 2026 |
| EU-27 defence spending, 2026 (projected) | €454 billion | European Defence Agency, July 2026 |
| EU defence R&D spending | From €17 billion (2025) to €20 billion (expected) | European Defence Agency, July 2026 |
| Global venture capital in defence tech, 2025 | US$49.9 billion (+83%) | White & Case, May 2026 |
| European defence tech M&A, 2025 | 24 deals (+85%); value US$1.3 billion (more than doubled) | White & Case, May 2026 |
Against this backdrop, DARES Technology’s SAR technology, already used in applications such as mining and infrastructure monitoring and now being integrated into drones for the Armed Forces, illustrates how specialised deep-tech capabilities can become strategic assets.
What does this transaction mean for ONEtoONE Corporate Finance?
With this transaction, ONEtoONE Corporate Finance continues to support tech companies and their shareholders through sales and growth processes, consolidating its ability to advise on M&A transactions across strategic, high-tech sectors.
The deal team
The deal team leading this transaction comprised José Ramón Cos, Javier Toro and Ximena Fernández from ONEtoONE Corporate Finance Spain, supported by Fabio Lupo and Alejo Baran Simone from the ONEtoONE M&A Development team.
Frequently asked questions about the DARES Technology and Indra Group transaction
What is synthetic aperture radar (SAR)?
SAR is an active remote-sensing technology that sends out a pulse of energy and records the energy reflected back from the Earth’s surface, enabling high-resolution imagery night or day, regardless of weather conditions (NASA Earthdata).
DARES Technology has developed a high-performance compact radar and advanced SAR processing software capable of capturing high-precision terrain imagery and detecting centimetre-level changes regardless of sunlight or weather conditions.
Who advised DARES Technology on its sale to Indra Group?
ONEtoONE Corporate Finance advised DARES Technology on the sale of 100% of the company to Indra Group.
The deal team comprised José Ramón Cos, Javier Toro and Ximena Fernández from ONEtoONE Corporate Finance Spain, supported by Fabio Lupo and Alejo Baran Simone from the ONEtoONE M&A Development team.
What does DARES Technology do?
Three: what each party really wants to achieve, what each will contribute and what happens if circumstances change.
These conversations are most valuable before negotiations become dominated by valuation, ownership percentages and legal wording.
How will Indra Group use DARES Technology’s technology?
DARES Technology’s technology will be integrated into Indra’s Tarsis family of drones, which are Class I unmanned aircraft (under 150 kg) designed for the Armed Forces and aimed at ISR missions.
The new capability will also enable Indra Group to develop SAR systems internally for applications such as maritime patrol, border surveillance, critical infrastructure protection and Earth observation from space platforms.
What does the acquisition of DARES Technology bring to Indra Group?
It strengthens Indra Group’s global leadership position in the design, development and manufacture of all types of radars, while granting access to the synthetic aperture radar market.
SAR is a segment with a limited supply of highly sophisticated solutions. The capability will expand the group’s technological expertise and enable the internal development of these systems.
About ONEtoONE Corporate Finance
ONEtoONE Corporate Finance is an M&A Advisory Network specialising in mergers and acquisitions for mid-market companies. With a presence in more than 50 countries, we support business owners and executives through the most important corporate decisions of their careers.