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Radware V-ECON

ECONOMIC AUDIT UPDATED 2026-06-02
V-ECON Score 7.43 /10 C Radware — BDS-1000 550
V-ECON 7.43

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Domain Audit: Radware Ltd

Supply Chain & Sourcing Relationships

Radware Ltd. is a cybersecurity and application delivery networking company headquartered in Israel. Its product portfolio comprises software-defined networking appliances, cloud-delivered DDoS mitigation services, web application firewalls (WAF), and bot management platforms 1. This is a technology-component-focused supply chain encompassing semiconductors, hardware chassis, and software licensing, with no operations in agriculture, food distribution, fresh produce, or consumer goods supply chains 1.

No public evidence identified of any commercial relationship with Israeli agricultural aggregators or exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors 1. Product categories including Medjoul dates, avocados, citrus, fresh herbs, and potatoes fall entirely outside Radware’s business domain 1.

Radware operates wholly-owned subsidiaries across multiple jurisdictions, including Radware Inc. (USA) and entities in Europe and Asia-Pacific 12. These subsidiaries function as legal import and distribution entities for hardware products in their respective markets 1. No public evidence identified of a dedicated import-of-record entity structured for Israeli agricultural or consumer goods 12.

No public evidence identified of Israeli-origin consumer or agricultural products reaching any distribution channel via Radware, as the company does not operate retail, wholesale grocery, or food distribution channels 1.

Product Origin, Labeling & Regulatory Compliance

No public evidence identified of settlement-origin products in Radware’s business, as the company does not sell agricultural produce or consumer goods 13. No NGO report has documented Radware in connection with settlement-origin produce labeling 1.

No public evidence identified of any DEFRA advisory, customs audit finding, or regulatory enforcement action against Radware regarding country-of-origin labeling of settlement-produced goods 1. This sub-section is structurally inapplicable to Radware’s technology product category 1.

No public evidence identified of any publicly stated corporate policy on sourcing or labeling of goods from occupied or contested territories, consistent with Radware’s status as a technology hardware and software company without consumer goods operations 1.

Investment, Capital & Financial Exposure

Radware’s primary operational investment within Israel is its headquarters campus at 22 Raoul Wallenberg Street, Tel Aviv 6971917, which houses its principal R&D, engineering, product management, and executive functions 12. This address is within pre-1967 Israeli territory and is not a settlement location 1. The company has not announced relocation, closure, or material reduction of its Israeli operational base as of the most recent filings 1.

Radware has executed several technology acquisitions, including SecurityDAM (2021) acquiring cloud security assets, ShieldSquare (2019) acquiring a bot management company in Bangalore, India, and Cerbero Networks (approximately 2017) acquiring smaller network security assets 1. No public evidence identified of Radware-specific acquisitions of factories, agricultural land, data centers in occupied territories, logistics hubs in the West Bank/Gaza/Golan, or real estate in internationally recognized occupied territories 1.

Radware’s principal R&D center is located at its Tel Aviv-area headquarters, and the overwhelming majority of Radware’s engineers and product developers are Israel-based 12. Under Israel’s Law for the Encouragement of Capital Investments, Radware holds “Approved, Privileged and Preferred Enterprise” status, which reduces the effective corporate tax rate on qualifying IP-derived income 145.

Radware has historically received grants from Israel’s Office of the Chief Scientist, now operating under the Israel Innovation Authority (IIA) 56. These grants impose restrictions on the transfer of IP developed with grant support outside Israel without IIA approval, and royalty repayment obligations on revenues from products incorporating grant-supported technology 56. Standard IIA terms include a 3-5% royalty rate on revenues from funded products, capped at grant amount plus SOFR-based interest 6.

Radware Ltd. is a publicly traded company (NASDAQ: RDWR; TASE: 694429) and does not have a corporate parent in the traditional sense 1. The Zisapel family — specifically Yehuda Zisapel (deceased March 2024) and Roy Zisapel — are the co-founders and historically the principal beneficial owners 4. Yehuda Zisapel held approximately 4.56% beneficial ownership at death in March 2024, and Roy Zisapel (CEO) holds approximately 4.56% beneficial ownership as of March 2024 47. Following Yehuda’s death, the company states “no controlling shareholder” as of 2024/2025 4.

RAD Group (Rad-Bynet) is the privately held parent consortium of over 20 companies, headquartered at 24 Raoul Wallenberg St, Tel Aviv 8. Four RAD Group companies trade on NASDAQ: Radware (RDWR), Ceragon Networks (CRNT), RADCOM (RDCM), and Silicom (SILC) 8. RAD Group subsidiaries provide extensive services to Israeli governmental bodies including COGAT, Israeli Civil Administration, Israeli Police, and Israel Prison Service 8. Legal & General Group Plc holds 5% or more in Radware as of February 2025 per SEC Schedule 13G 9.

Radware’s institutional shareholders include major US-based asset managers, consistent with its NASDAQ listing 1. No public evidence identified of Radware itself holding Israeli sovereign bonds, Israeli-domiciled equity portfolios, or Israel-focused investment funds 1.

NBIM (Norwegian Government Pension Fund) exclusion checks: NBIM has excluded multiple Israeli companies (Bezeq, Paz Retail and Energy) in 2024-2025 but no Radware exclusion has been identified 101112. ISIF (Irish Strategic Investment Fund) divestment in April 2024 covered six Israeli banks and Rami Levy supermarket chain; no technology companies including Radware were excluded 13. CDPQ has paused new investments in Israel/OPT but maintains holdings in complicit companies; no specific Radware exclusion found 14.

Operational Presence & Market Activity

Legal domicile and operational headquarters is Tel Aviv, Israel — 22 Raoul Wallenberg Street, Tel Aviv 6971917 (greater Tel Aviv metropolitan area) 12. Radware maintains offices globally, including in the United States (New York/New Jersey area), Europe (including Limerick, Ireland), and Asia-Pacific 1. No public evidence identified of offices, warehouses, or operational facilities within the West Bank, Gaza Strip, or Golan Heights as internationally defined occupied territories 1. Radware’s Israeli presence is concentrated in pre-1967 Israeli territory (Tel Aviv district) 1.

Global workforce is approximately 1,377 employees (December 2025) per Revelio Labs data, with LinkedIn listing 1,001-5,000 employees 152. The majority of employees are based in Israel — principally in R&D and engineering — representing the largest single-country workforce concentration 152. Radware is registered under Israeli law and is subject to Israeli corporate tax with Preferred Enterprise status 14.

Radware’s 20-F risk factors explicitly acknowledge that a portion of its Israeli workforce is subject to Israeli Defense Forces (IDF) reserve duty call-up obligations, and that the October 2023 Hamas attack and subsequent conflict resulted in employee call-ups that could disrupt operations 1. Israel functions as Radware’s home market and primary operational base, not a named export destination in geographic revenue reporting 1. In 20-F filings, Radware reports geographic revenue by region (Americas, EMEA, Asia-Pacific) rather than singling out Israel as a standalone revenue line 1.

Corporate Structure & Foundational Ties

Radware Ltd. was founded in Israel in 1997, spun off from the RAD Group (the Zisapel family’s technology holding group), and incorporated under Israeli law 1. The company was listed on NASDAQ in 1999 and subsequently cross-listed on the Tel Aviv Stock Exchange (TASE) 1. Radware’s origins are entirely Israeli — it is not an acquired entity with external origins later brought under Israeli control 1.

Legal domicile is the State of Israel (incorporated under Israeli Companies Law) 1. Operational headquarters is Tel Aviv (Petah Tikva/greater Tel Aviv metro area), Israel 12. No dual-headquarters structure with a co-equal non-Israeli HQ has been identified; the US office functions as a regional commercial and sales hub 1.

Radware has received R&D grants from the IIA, imposing restrictions on the transfer of developed IP outside Israel without IIA approval and royalty repayment obligations 561. This constitutes a documented structural linkage between Radware’s IP assets and the Israeli state apparatus 1. No public evidence identified of an Israeli government equity stake, golden share, or board appointee representing the Israeli state within Radware’s governance structure 1. Radware is a member of IATI (Israel Advanced Technology Industries), the principal Israeli technology trade association 1.

RAD Group subsidiaries (Bynet Data Communications, Bynet Systems Applications, Binat Business) provide extensive services to COGAT and Israeli Civil Administration in the West Bank, including checkpoint infrastructure at Hashmonaim, Bitunya, Gilboa, and Reihan; biometric projects at Beit El settlement; and work at Jerusalem Envelope near Ma’ale Adumim 8. Total contract value from 2016-2023 is NIS 3 million or more 8. Bynet Data Communications provides biometric project services to Israeli Civil Administration in Beit El settlement (NIS 73,494 in 2023) 8. Bynet received a certificate of appreciation from Israeli Ministry of Defense in 2014 for work during a Gaza operation 8. These are RAD Group operations, not direct Radware Ltd. operations; the distinction is material as Radware is a spun-off NASDAQ-listed entity, while these contracts involve other RAD Group subsidiaries 8.

Profit Repatriation & Economic Contribution

Radware does not publicly disclose a standalone Israel revenue figure; in its geographic revenue reporting, Israel is either included within the EMEA segment or classified under corporate/eliminations 1. As an Israeli-domiciled holding company with an Israeli-majority engineering workforce, the primary direction of value creation and profit origination is Israel — where R&D, product development, and core operations reside — with revenues collected globally through subsidiary entities and repatriated or retained at the Israeli parent level 1.

Dividends, if declared, flow to shareholders including Zisapel family holding vehicles (Israeli-domiciled) and institutional shareholders (US/global domicile) 1. Radware has not consistently paid dividends; retained earnings are reinvested into operations primarily located in Israel 1. The IIA grant structure ensures that royalties on certain product lines flow back to the Israeli state upon commercialization, representing an additional profit-flow channel to Israeli public institutions, confirmed ongoing through FY2024 56.

Radware authorized a new $80 million share repurchase plan in February 2026, expiring March 15, 2027, with repurchases via open market 5. The TASE-side buyback activity constitutes capital flows into the Israeli securities market 5.

Radware is cited in Israeli technology industry reports as a significant employer in the Israeli cybersecurity and network security sector, anchoring skilled engineering workforce in the Tel Aviv metropolitan area 1. IATI and Israeli government export promotion bodies have cited Radware as a representative Israeli cybersecurity exporter 1.

No public evidence identified of Radware issuing any public statement acknowledging, addressing, or responding to the ICJ Advisory Opinion (July 2024) or ICC arrest warrants (November 2024) in a human rights due diligence context 1. No public evidence identified of Radware being named in the UN OHCHR settlement enterprise database through the 2023-2025 iterations; RAD Group subsidiaries may warrant separate database checks 3.

End Notes

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/1094366/000117891326001923/zk2634899.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25 ↩26 ↩27 ↩28 ↩29 ↩30 ↩31 ↩32 ↩33 ↩34 ↩35 ↩36 ↩37 ↩38 ↩39 ↩40 ↩41 ↩42 ↩43 ↩44 ↩45 ↩46 ↩47 ↩48

  2. https://www.radware.com/investor-relations/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. https://www.ohchr.org/en/hr-bodies/hrc/sessions/database-business-enterprises ↩ ↩2

  4. https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata%2F1094366%2F000117891324001040%2Fzk2431148.htm ↩ ↩2 ↩3 ↩4 ↩5

  5. https://www.globenewswire.com/news-release/2026/02/13/3237958/8980/en/radware-announces-new-80-million-share-repurchase-plan.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  6. https://innovationisrael.org.il/en/royalties-intellectual-property ↩ ↩2 ↩3 ↩4 ↩5

  7. https://simplywall.st/stocks/us/software/nasdaq-rdwr/radware/management ↩

  8. https://www.whoprofits.org/companies/company/6526 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  9. https://www.sec.gov/Archives/edgar/data/764068/000076406825000007/ ↩

  10. https://www.nbim.no/en/the-fund/responsible-investment/exclusion-and-observation/ ↩

  11. https://nordsip.com/2025/08/20/nbim-excludes-another-6-israeli-companies ↩

  12. https://www.opensanctions.org/datasets/no_nbim_exclusions ↩

  13. https://www.irishtimes.com/business/2024/04/05/state-investment-fund-pulls-out-of-israeli-companies-operating-in-illegal-settlements ↩

  14. https://www.lacaisse.com/en/news/perspectives/caisse-conflict-gaza-clarification ↩

  15. https://www.reveliolabs.com/companies/radware/employees ↩ ↩2