This analysis explores the corporate structure and operations of Intellexa, a mercenary spyware vendor. It reveals new companies likely tied to Intellexa's network, particularly within a Czech cluster, and examines their roles in product shipment and potential infection vectors. The report traces Intellexa's activities across multiple countries, including new evidence of Predator spyware deployment in Iraq. It highlights the challenges in tracking such operations due to complex corporate structures and evolving techniques. The analysis also discusses broader trends in the spyware ecosystem, including geopolitical fragmentation, persistent facilitators, and expanding targeting beyond traditional victims to include corporate leaders.