Project IRONCLAD: Pre-Acquisition Threat Neutralization

MISSION REPORT: OPERATION IRONCLAD

Target Entity: Logistics SaaS Provider (Eastern Europe Operations)
Transaction Value: 450M EUR
Threat Classification: State-Sponsored Advanced Persistent Threat (APT)

The Strategic Context

Our client, a London-based Private Equity firm, was entering the final phase of a high-speed acquisition. The target company provided critical logistics software to NATO-aligned transport fleets. While the EBITDA looked healthy, the geopolitical location of the target's development center (bordering a conflict zone) raised "Sovereignty Risks" that standard Big-4 financial audits had failed to quantify.

The Investment Committee needed absolute assurance: Are we buying a software asset, or are we buying a compromised network?

The Intervention: "Red Flag" Protocol

Intarmour executed a 72-hour Deep-Dive Technical Due Diligence, operating under strict NDA and "Clean Team" protocols.

Phase 1: Passive Reconnaissance (OSINT) Before engaging the target, our analysts mapped their external attack surface. We discovered a "Ghost Server" - a legacy VPN gateway that was not listed in the official asset register. This gateway was running firmware that had been End-of-Life for two years and was a known vector for Russian-affiliated threat actors.

Phase 2: Dark Web Intelligence We scoured underground marketplaces. We located a "Combo List" containing valid credentials for 400+ admin accounts of the target's platform. These credentials had been exfiltrated via an InfoStealer malware on a developer's home laptop and were being sold for 500 USD.

Phase 3: Code & Architecture Review Upon gaining authorized access to the Data Room, we analyzed the software's update mechanism. We found a hardcoded "Backdoor" access path. The target's CTO claimed it was for "maintenance." Our analysis confirmed it was a persistence mechanism likely planted by a state actor to monitor logistics data.

The Operational Outcome

We delivered a "Deal Risk Memo" exactly 48 hours before the signing deadline.

• Valuation Impact: The PE firm used our findings to successfully negotiate a 12M EUR price reduction (Price Adjuster). This capital was ring-fenced specifically for post-merger remediation.
• Remediation: We oversaw the immediate "Sterilization" of the environment post-closing. The compromised VPNs were decommissioned, and the codebase was sanitized.
• Compliance: We prevented a potential national security violation, as the "Backdoor" would have triggered Golden Power restrictions in Italy and Germany.

Strategic Lesson: In modern M&A, technical debt is financial debt. Never sign the SPA without a Cyber Audit.