Technology risk sits across more than the codebase.
In M&A, technical risk rarely sits in one place. A platform may look stable while the team is stretched. A codebase may appear functional while delivery depends on one person. A business may not sell software, but still rely on fragile internal systems to operate.
Lumen looks across the layers that can affect deal value, scalability, cost and post-acquisition execution.
What we look at.
Every engagement is tailored to the context of the transaction - there is no one-size-fits-all assessment. Some common areas we look at include:
Platform & Scalability
The architecture, infrastructure, and operating setup need to support the investment thesis. That may mean more customers, heavier usage, larger data volumes, more complex workflows, or enterprise-grade expectations. This separates theoretical scalability from the practical cost, risk, and work required to grow.
Codebase & Technical Debt
The core codebase often determines how easily the product can be maintained, improved, integrated, or repositioned. This section looks beneath the visible product to identify where legacy choices, fragile code, poor structure, or unsupported technologies could slow execution or increase cost.
Engineering Capability & Delivery
A strong product still depends on the team and delivery process behind it. This section considers whether leadership, roles, release cadence, quality controls, and ways of working are strong enough to support the roadmap without relying on individual heroics.
Security, Resilience & Governance
Deal confidence depends on more than whether the product works today. This section considers whether the business is protected, recoverable, and in control of its technical estate, including security basics, operational resilience, access control, monitoring, recovery, and governance of technical decisions.
Ownership, IP & External Dependencies
Hidden ownership or dependency issues can affect value, continuity, and future flexibility. This section covers code ownership, IP assignment, contractor or agency exposure, open-source licensing, key vendor risk, integrations, APIs, and critical external systems.
AI Defensibility
AI changes the economics of building and competing with software. This section tests whether the product's advantage sits in something durable, such as proprietary data, workflows, integrations, customer lock-in, domain expertise, or network effects, or whether it can be replicated more easily than the thesis assumes.
Clear findings for deal teams.
Lumen translates technical findings into commercial implications. We focus on what matters to the transaction, what could affect the investment thesis, and what may require action before or after completion.
- Executive summary for investors and advisers
- Key risks and commercial implications
- Red / amber / green prioritisation
- Remediation cost and timing considerations
- First 100-day priorities where relevant
Need technical clarity on a deal?
Book a short call to discuss the transaction, the technology context and where Lumen can help.
Book a call