Activist investor Third Point LLC has acquired a stake in Spanish technology and defense company Indra Sistemas SA, signaling confidence in the firm's strategic direction. The New York-based hedge fund is backing Chairman Ángel Escribano's plan to pursue a merger with a smaller rival, according to sources familiar with the matter.

Third Point's investment comes as Indra seeks to consolidate its position in the competitive Spanish defense and technology sector. The company, which provides IT solutions and defense systems, has been exploring ways to expand its market share and capabilities. Chairman Escribano has been vocal about the need for strategic acquisitions to drive growth.

This move by Third Point adds pressure on Indra's board to move forward with the proposed acquisition. The activist investor's involvement could accelerate the deal-making process and potentially influence the terms of any merger agreement. With Third Point's backing, Escribano's strategy appears to have gained significant momentum in the ongoing consolidation efforts within Spain's technology and defense industry.