KLTR · CIK 1432133
What Kaltura, Inc. told the SEC could break it.
Kaltura's risks are largely about where its work gets done. Its primary R&D and significant operations are based in Israel, exposing it to regional instability and to boycott, divestment and sanctions campaigns against the country. It compounds that by outsourcing core software development, QA and operations to third-party contractors with staff in geopolitically sensitive parts of Eastern Europe — including Ukraine and Belarus, sites of active conflict and sanctions — creating quality-control and business-continuity risk for its engineering. With about 47% of revenue earned outside the U.S., it also faces a rising tax burden from digital services taxes in jurisdictions like the UK and France that levy on gross local revenue, on top of broader sales and VAT exposure.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Israel-centered operations exposed to BDS and regional riskmedium
Kaltura's primary R&D and significant operations are in Israel; a boycott, divestment and sanctions (BDS) campaign against Israel and restrictive anti-Israel laws/policies could adversely affect its operating results and business expansion.
“A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which could also adversely impact our business.”
Other disclosures
- Outsourced software development concentrated in Eastern Europe (incl. Ukraine, Belarus)medium
Kaltura outsources software development/design, QA, and operations to third-party contractors with staff in Poland, Czech Republic, Ukraine, and Belarus — geopolitically sensitive locations (active conflict/sanctions) — creating quality-control and continuity risk for core engineering.
“we outsource some of our software development and design, quality assurance, and operations activities to third-party contractors that have employees and consultants located in Europe (including Poland, Czech Republic, Ukraine and Belarus) and other locations.”
Regulatory & policy
- Digital services taxes (UK, France) on gross revenuemedium
With ~47% of revenue from outside the U.S., Kaltura is exposed to digital services taxes (e.g., UK and France) levied on gross revenue from local users/customers, plus broader sales/VAT exposure, which could increase its tax burden.
“certain jurisdictions, such as the United Kingdom and France, have recently introduced a digital services tax, which is generally a tax on gross revenue generated from users or customers located in those jurisdictions”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Amazon Web Services (Amazon.com, Inc.)
“Russia and China are among a number of countries that have recently blocked certain online services, including Amazon Web Services (which is one of our”
Cited →
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