Greek IT and technology groups that have entered the defence tech market – or intend to do so more actively – are increasingly accelerating the pace of their activities in this regard. Acquisitions, strategic alliances, partnerships, technology investments, and other moves come as a consequence of the “alarm” that has been sounded, mainly in recent months, regarding the expected revenues from the defence industry at the international level and the series of participations of several groups in various tenders for projects in the sector.
Among the latest developments is the disclosure by the management of Performance Technologies, among other things, during its analyst briefing, of the listed company’s intention to enter the defense sector, mainly through synergies with other companies.
More specifically, its plan does not involve offering a vertically integrated solution that would ensure its independent growth in this market, as clarified, but rather establishing a presence within an ecosystem of other industry “players,” while leveraging AI and cybersecurity solutions.
QnR, also listed on the Main Market of the Athens Stock Exchange, recently acquired 51% of MTIS, a specialized provider of advanced technological solutions with a strong footprint in maritime technology and defense technology (defence-tech), including dual-use applications. Through this move, it is already participating in two tenders of the Hellenic Center for Defence Innovation (ELKAK) to claim projects, with more expected to follow.
Among the “early movers” is Uni Systems, which has recorded in its portfolio a five-year agreement with NATO’s Communications and Information Agency (NCIA), in a consortium with Cosmote, since mid-October 2024. Similarly, Space Hellas announced last year its participation in three development projects under the European Defence Fund (EDF), focusing on cybersecurity. Other groups, such as Netcompany and Profile, also aim to seize opportunities emerging from the defense industry. Additionally, the IT arm of Ideal Holdings (Byte-Adacom) has been reported to be entering the defense industry through its cybersecurity activities.
Overall, the growing activity around defence tech in Greece is becoming increasingly intense, with related deals multiplying. Geopolitical instability in recent years, combined with the escalation of military operations on multiple fronts, is bringing technology to the forefront—not merely as a supporting tool, but as a critical factor of strategic superiority.
A recent successful foreign-produced film vividly portrays a battlefield scenario that is not far from reality (possibly inspired by similar circumstances), featuring a famous actor in the role of a military drone operator who, from an operations room, remotely guides and supports a special forces team during a mission.
Potential revenues and strong investors
In general, estimates suggest that potential revenues for Greek IT companies from internationally funded defense projects could reach up to €2 billion by 2030, especially for the more outward-looking firms.
This represents a “generous” budget, capable of turning the defense industry into a new “El Dorado” for Greek technology experts.
Not coincidentally, at the end of last year, during the presentation of the annual report FWD Greece: Innovation Pulse 2025–2026 at the National Gallery, by Found.ation in collaboration with 28DIGITAL (formerly EIT Digital) and the Hellenic Development Bank of Investments (HDBI), it was highlighted that defense technology (Defence Tech) is emerging as a new independent sector within startup funding. Venture capital funds, in short, are being “mobilized” into technology—and beyond.
Around the same time, further developments strongly confirmed this trend. Major strategic investors such as Motor Oil (through IREON Ventures) and EOS Capital Partners (via the EOS Hellenic Renaissance Fund II) decided, as announced in December 2025, to acquire equity stakes in EFA Group—a well-established defense industry group—through a €80 million capital increase.
At the same time, new investments exceeding €120 million were announced by EFA Group, along with the creation of four innovative technology clusters (Unmanned & Autonomous Systems, Mission Systems, Simulation & Training, Integrated Services, Sensors & Targeting Systems), incorporating 13 specialized companies.
In early March, another development was added: the joint establishment of Thyreos Cyber by ThreatScene (in which the family office of Giannis V. Vardinogiannis has invested from the outset) and the dual-use defense technology group EFA Group (led by Christian Hadjiminas), marking a new strategic investment in defense cybersecurity.
Startups, funds, and dual-use technologies
In Greece, competitions launched since 2025 by the Hellenic Center for Defence Innovation (ELKAK) alone cover projects with a total value of €88.4 million, involving a large number of technology, IT, and telecommunications companies. Additionally, 12 more projects are scheduled for 2026.
Software for defense applications, cargo drones, unmanned surface vessels, cybersecurity systems, satellite communications, and more are at the center of interest.
Indicatively, upcoming events such as the Defence Tech Summit 2026 in Athens this November aim to promote the use of digital technologies in defense applications, focusing on:
- Mapping and showcasing the Greek defence tech ecosystem
- Highlighting synergies between startups and the defense industry
- Attracting international investors and funds specializing in defence tech
- Strengthening public-private sector collaboration
- Promoting dual-use technologies
In this context, it is noted that many technologies developed for defense applications (AI, autonomy, sensors, space tech, cybersecurity) have significant commercial value, and Greece can leverage defence tech as a driver for the broader technology economy.
Prior to that, the Athens Defence Summit 2026 will take place on May 20–21, under the auspices of the Ministry of National Defence, Hellenic Defence Systems, and the Hellenic Aerospace Industry.
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