Monday.com Economic Audit

1. Executive Intelligence Summary

This forensic audit report has been commissioned to map the economic footprint of Monday.com Ltd. (“the Target” or “the Company”) and to aggregate evidentiary data sufficient to determine its “Economic Complicity” standing. The scope of this investigation mandates a rigorous examination of the Target’s leadership, ownership structures, operational behaviors, and ideological alignments to determine if they materially or ideologically support the State of Israel, the occupation of Palestinian territories, or related systems of militarization and surveillance.

The investigation utilizes a “follow the money” and “follow the talent” methodology, adapting traditional supply chain audit techniques (typically applied to agricultural or industrial goods) to the digital economy. While the initial intelligence requirements sought evidence of agricultural sourcing (e.g., Medjool dates, avocados) or settlement industrial laundering, the Target acts as a Software-as-a-Service (SaaS) provider. Consequently, the “Aggregator Nexus” and “Settlement Laundering” vectors have been re-calibrated to analyze the aggregation of dual-use human capital, the laundering of military-grade intellectual property into the civilian market, and the digital infrastructure support provided to state and military bodies.

1.1 Summary of Key Forensic Indicators

The audit identifies multiple high-confidence data points that align the Target with the upper bands of the Economic Complicity Scale. These indicators are summarized below and detailed in the subsequent sections:

• Indigenous Capital Structure: The Target is not a subsidiary of a foreign multinational but is an Israeli “national champion” incorporated in Tel Aviv.¹ Its global revenue streams are repatriated to the Israeli jurisdiction, contributing directly to national capital accumulation and tax revenues that fund the state apparatus.³
• Military-Industrial Integration: Co-CEO Eran Zinman is a confirmed veteran of Unit 81, the elite technological unit of the Military Intelligence Directorate.⁴ This evidences a direct pipeline from the military intelligence apparatus to the Target’s executive leadership and R&D culture.
• Operational Resilience & Reserve Duty: During the “Iron Swords” war commencing October 7, 2023, approximately 7% of the Target’s global workforce (approx. 100 employees) were mobilized into the IDF reserves.⁵ The Company’s ability to maintain operations suggests a workforce deeply integrated with the national defense infrastructure.
• Critical Digital Infrastructure: The Target was selected by the Israeli government to construct and operate the National COVID-19 Control Center dashboard.⁶ This project integrated civilian ministries with the IDF Home Front Command, establishing the Target as a provider of critical national infrastructure during emergencies.
• Ideological & Logistical Support: The Target serves as the operational platform for the Hostages and Missing Families Forum, a civil organization central to the national war narrative and logistics.⁸
• Verified Commercial Exclusion: The Target has already been subject to successful boycott action. The Residential Tenancies Board (RTB) in Ireland declined to renew its contract with the Target following internal staff protests regarding the Company’s tax contributions to the IDF and its support of the occupation.⁹

2. Corporate Identity, Legal Domicile, and Indigenous Capital

To determine the level of complicity, it is essential to distinguish between a “local branch” of a foreign entity and a company that serves as an engine of “Indigenous Capital.” The forensic evidence confirms that Monday.com Ltd. falls into the latter category, representing a primary node of value creation within the Israeli economy.

2.1 Jurisdictional Anchoring and Incorporation

The Target is legally incorporated in the State of Israel. This is a fundamental distinction from multinational technology firms (e.g., Google Israel or Microsoft Israel) which often operate as R&D subsidiaries. Monday.com Ltd. is the parent entity.

• Legal Name: Monday.com Ltd. (formerly daPulse Labs Ltd. until November 2017).²
• Registered Office: 6 Yitzhak Sadeh Street, Tel Aviv, 6777506, Israel.¹
• Registration Number: The Target operates under Israeli Company Number 514744887.²
• SEC Filing Status: Despite trading on the Nasdaq (Ticker: MNDY), the Company files as a “Foreign Private Issuer” using Form 20-F rather than the domestic US Form 10-K.¹¹ This status legally codifies its identity as a non-US, Israeli-centric entity.

2.2 The Nexus of Value Creation and Taxation

The “High (Upper End)” complicity band is defined by “Indigenous Capital / Beneficial Ownership,” where global profits are repatriated. The audit confirms this structure.

• Revenue Repatriation: The Target reported revenues of $972.0 million in 2024.¹ Unlike a subsidiary that might operate on a “cost-plus” basis (paying taxes only on local operating costs), Monday.com Ltd. recognizes its global intellectual property and revenue in Israel.
• Tax Contribution: As an Israeli tax resident, the Company is subject to the Israeli Corporate Tax regime. Revenue generated from customers in the UK, US, or EU is ultimately funneled back to Tel Aviv, where it is taxed. These tax revenues are fungible contributions to the Israeli state budget, of which defense spending is the largest component. The Irish Residential Tenancies Board (RTB) explicitly cited this flow of funds—”pays taxes that fund the Israeli Army (IDF)”—as a rationale for their divestment.³
• Government Grants and Incentives: The Target’s filings indicate participation in the Israel Innovation Authority (formerly Office of the Chief Scientist) programs. Snippet ¹³ references “expenditures are approved by the relevant Israeli government ministry” for R&D tax deductions. This demonstrates a reciprocal financial relationship: the State invests in the Target’s R&D, and the Target generates returns for the State.

2.3 Strategic FDI vs. Sustained Trade

The “Investment Flows” intelligence requirement asks to distinguish between “Sustained Trade” and “Strategic FDI.”

• Finding: Monday.com is not merely a recipient of Sustained Trade; it is an active agent of Strategic FDI into Israel. By attracting foreign institutional capital (from firms like WCM Investment Management and T. Rowe Price ¹⁴) and investing it into Tel Aviv real estate and local wages, the Target acts as a conduit for foreign capital to enter the Israeli economy.
• Real Estate Footprint: The Company occupies significant real estate at 6 Yitzhak Sadeh Street, Tel Aviv ¹¹, and has expanded this footprint to accommodate over 2,500 employees.¹ This constitutes a tangible, physical investment in the local infrastructure.

3. Leadership Human Capital: The Military-Intelligence Pipeline

A critical vector for mapping complicity in the Israeli high-tech sector is the “revolving door” between the Israel Defense Forces (IDF) intelligence units and corporate leadership. This “Human Capital Aggregator Nexus” replaces the agricultural aggregator nexus found in traditional supply chains. Instead of sourcing produce from occupied land, the target sources talent from the military apparatus.

3.1 Co-CEO Eran Zinman: The Unit 81 Connection

The audit has isolated specific intelligence regarding Co-Founder and Co-CEO Eran Zinman’s military service, which places him in the highest tier of the military-technical elite.

• Service Record: Zinman served in the Intelligence Corps (Aman) from 2001 to 2005.⁴
• Specific Unit: He served as a Team Leader and R&D Manager in Unit 81.⁴
• Unit Profile: Unit 81 (The Technology Unit of the Intelligence Directorate) is often described as even more exclusive and secretive than the better-known Unit 8200. It is responsible for developing advanced special operations technologies, cyber warfare tools, and covert hardware.
• Implication: Zinman explicitly leverages this background in his professional biography.⁴ The skills, methodologies, and networks developed during his service in Unit 81 were directly transferred into the civilian sector to build Monday.com (formerly daPulse). This represents a commercialization of military R&D. The “Work OS” concept itself—a centralized dashboard for managing complex, fast-moving operations—mirrors the command-and-control (C2) systems prevalent in military intelligence.

3.2 Co-CEO Roy Mann: The Ecosystem Veteran

Co-Founder Roy Mann is also deeply embedded in the “Silicon Wadi” ecosystem, a network heavily populated by veterans of the intelligence services.

• Background: Mann previously worked at Wix, another major Israeli tech firm founded by Unit 8200 alumni.¹⁵
• Ecosystem Linkages: The research indicates that the Monday.com founding team emerged from a tight-knit circle where military service is a primary credential.¹⁵ While Mann’s specific unit is less publicized in the snippets than Zinman’s, his integration into this “Unit 8200 alumni” network is cited as a key factor in the company’s early growth and funding.¹⁵

3.3 Workforce Mobilization: The “Reserve Army” in the Office

The concept of “Operational Presence” (Moderate-Mid Complicity) is elevated to “High” when the workforce serves a dual function as an active military reserve.

• Draft Statistics: Following the October 7, 2023 attacks and the onset of the “Iron Swords” war, approximately 100 Monday.com employees were drafted into the IDF reserves.⁵
• Proportion: This constituted roughly 7% of the Company’s global workforce at the time.⁵
• Corporate Stance: The Company’s leadership expressed full support for this mobilization and confidence in business continuity.⁵
• Forensic Conclusion: The Target’s workforce is not purely civilian. It functions as a reservoir of trained personnel for the IDF. The Company’s ability to absorb the loss of 100 staff members to military service suggests that the organizational structure is designed to support the state’s military needs without economic collapse. This resilience is a form of economic defense for the state.

4. Operational Footprint and Aggregator Nexus

The original intelligence requirements sought to identify an “Aggregator Nexus” for fresh produce (Medjool dates, avocados) or settlement goods. As Monday.com is a digital platform, we must interpret this requirement through the lens of the Digital Aggregator Nexus.

4.1 The Digital Aggregator Nexus

Instead of aggregating agricultural produce, Monday.com aggregates and validates Israeli Intellectual Property (IP).

• Acquisitions Strategy: The Target actively acquires or invests in other Israeli startups, thereby keeping capital circulating within the national ecosystem.
  • “Blocks” Investment: Monday.com led a $10 million Seed round for the Israeli AI startup Blocks.¹⁶ This was the Target’s first external startup investment, signaling a strategic shift to becoming a capital allocator within the domestic tech sector.
  • “GitMCP” Acqui-hire: The Company hired the Israeli team behind GitMCP (Liad Yosef and Ido Salomon) to integrate their AI capabilities.¹⁷
• Mechanism: By acquiring these smaller entities, Monday.com prevents them from needing to exit to foreign buyers immediately, thus strengthening the local “startup nation” infrastructure. This validates the “Core R&D” (High-Lower) and “Indigenous Capital” (High-Upper) bands.

4.2 Importer Status and High Proximity

The intelligence requirement asks to identify if the target utilizes a wholly-owned subsidiary to act as the “Importer of Record.”

• Subsidiary Structure: Monday.com Ltd. operates wholly-owned subsidiaries in key markets, such as Monday.com Inc. (USA), Monday.com UK Ltd. (London), and entities in Australia, Poland, and Brazil.¹²
• Forensic Flow: These subsidiaries act as the sales arms (“Importers of Record” for the service). However, the value—the software license—is “exported” from Tel Aviv. The revenue collected by Monday.com Inc. (USA) is consolidated into the financial statements of Monday.com Ltd. (Israel).
• High Proximity: This structure establishes “High Proximity.” There is no third-party distributor buffering the relationship. When a US or UK company buys Monday.com, they are effectively contracting with the Tel Aviv headquarters, with the local subsidiary merely facilitating the transaction.

4.3 Settlement Laundering (Digital)

While there is no “Produce of Israel” labeling issue for physical goods, the audit scanned for evidence of the platform being used to support settlement activities or being marketed specifically to settlement municipalities.

• Findings: There is no explicit evidence in the snippets of a specific “Settlement Edition” of the software. However, the nature of SaaS is that it is location-agnostic. The “Settlement Laundering” in this context is jurisdictional blurring. By operating as an Israeli company without distinguishing between the Green Line and the Occupied Territories in its service provision (a standard practice for Israeli tech firms), the Target normalizes the economic integration of the settlements.
• NGO Citations: The snippets reference Corporate Occupation and BDS movements calling for boycotts based on the general principle that Israeli tech companies pay taxes to the state that funds the settlements.³

5. Governmental Contracts and Critical Infrastructure

This section addresses the “Extreme (Lower End)” complicity band: “Critical Infrastructure” and “State-Linked” operations. The evidence suggests Monday.com has crossed the threshold from a purely commercial vendor to a provider of essential state infrastructure during national emergencies.

5.1 The National COVID-19 Control Center

The most significant evidence of state integration is the Target’s role in the National COVID-19 Control Center.

• Project Scope: In 2020, the Israeli government engaged Monday.com to build the central operating dashboard for its national pandemic response.⁶
• Civil-Military Fusion: The snippet explicitly states that the Control Center “brought together civilian and military agencies, for the first time, to manage the crisis”.⁷ The IDF Home Front Command was a key stakeholder in this response.
• Operational Role: Monday.com was not just a tool; it was the connective tissue (“one powerful, centralized and flexible platform”) that allowed four disparate government agencies to collaborate.
• Complicity Assessment: This demonstrates that the Target’s technology is considered “dual-use” or at least “government-grade” by the Israeli state. It validates the platform’s utility for large-scale command and control (C2) operations, which has direct applicability to military logistics.

5.2 “Iron Swords” War Support

Following the October 7 attacks, the Target’s involvement with the state apparatus intensified.

• Civil Defense: “Civil defense forces rapidly adopted monday’s software to coordinate operations overnight”.¹⁹ This is a direct operational usage of the tool by paramedical and security forces during active combat operations.
• Civilian-Led Projects: The Company supported “360 different civilian-led projects,” including logistical coordination for displaced persons.⁵ While humanitarian, in the context of a total war economy, these efforts relieve pressure on the state’s logistics, allowing government resources to be focused on the kinetic war effort.

5.3 Clarification on “Special State Share” (Golden Share)

A thorough review of the research material was conducted to determine if Monday.com Ltd. is subject to a “Special State Share” (Golden Share), a mechanism often used by the Israeli government to retain control over strategic assets.

• Comparative Finding: The snippets confirm that ZIM Integrated Shipping ²⁰ and El Al Israel Airlines ²³ are subject to Special State Shares, giving the government veto power over certain decisions.
• Monday.com Status: There is no evidence in the provided material or SEC filings ¹¹ that Monday.com Ltd. is subject to a Special State Share.
• Implication: The Target is a private sector entity. Its alignment with state interests is voluntary and structural (via the military-tech ecosystem) rather than statutory. This places it in the High (Upper) band of “Indigenous Capital” rather than the Extreme (Mid) band of “State-Linked” enterprise.

6. Financial Ecosystem and Investment Flows

The “Investment Flows” intelligence requirement demands a distinction between passive investment and strategic capital accumulation.

6.1 Institutional Shareholder Profile

The Target’s ownership structure is dominated by foreign institutional capital, yet the beneficial control and operational dominance remain Israeli.

• Major Shareholders:
  • WCM Investment Management: 7.30%.¹⁴
  • T. Rowe Price: 5.02%.¹⁴
  • Sonnipe Limited: 3.96%.¹⁴ (Note: “Sonnipe Ltd” appears to be a holding vehicle; typically, in Israeli tech structures, such entities often mask early founders or angel investors. Further investigation is recommended to identify the Beneficial Owner of Sonnipe).
  • BlackRock, Inc.: 3.73%.¹⁴
  • FMR LLC (Fidelity): 3.48%.¹⁴
• Implication: While the capital is global, the asset is Israeli. These funds are investing into the Israeli jurisdiction. This validates the “Strategic FDI” classification. The success of Monday.com enriches these foreign investors, but the operational expenditure of that capital (salaries, rent, taxes) occurs in Tel Aviv.

6.2 Risk Factors as Admissions of Complicity

In its own SEC filings (Form 20-F), the Target admits to the geopolitical risks inherent in its domicile.

• Risk Disclosure: “Risks relating to our incorporation and location in Israel”.¹¹
• Insurance Limitations: The Company admits that “commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism” and relies on the Israeli government’s Property Tax and Compensation Fund.¹³
• Dependence on Government: This reliance on the Israeli government for war damage compensation creates a financial tether; the Company has a vested financial interest in the solvency and stability of the Israeli state.

7. Ideological Alignment and Corporate Social Responsibility (CSR)

The audit examined the Target’s “Ideological Support” for the state and the occupation/war effort.

7.1 The Hostages and Missing Families Forum

The Target has formed a strategic partnership with the Hostages and Missing Families Forum.

• Operational Support: The Forum utilizes the Monday.com platform to manage its complex logistics, media relations, and family coordination.⁸
• Context: The Forum is a central pillar of Israeli civil society during the “Iron Swords” war. Its activities are deeply intertwined with the national war effort and diplomatic push.
• Evidence of Alignment: Snippets indicate that Monday.com’s platform was integral to the Forum’s ability to “coordinate… by any means necessary”.⁸ This goes beyond charitable giving; it is Operational Enablement of a key actor in the conflict.

7.2 Rhetorical Support

During the conflict, the Co-CEOs issued statements emphasizing resilience and continuity, framing their business success as a form of national defiance. “We remain confident… Our data servers are distributed globally”.⁵ This rhetoric aligns the company’s commercial success with the national interest of surviving the conflict economically.

8. Boycott Risk and Precedent: The Ireland Case Study

A critical component of this audit is analyzing existing “Economic Complicity” backlash. The case of the Residential Tenancies Board (RTB) in Ireland serves as a verified precedent.

8.1 The RTB Divestment

In late 2024/early 2025, the Residential Tenancies Board, a public body in Ireland, declined to renew its contract with Monday.com.

• Trigger: The decision followed “backlash from staff” and “internal anger” regarding the use of the software.⁹
• Specific Grievance: Staff explicitly cited that Monday.com is “an Israeli start-up… based in Tel Aviv” and “pays taxes that fund the Israeli Army (IDF), ultimately contributing directly to the occupation of Palestinian territories”.³
• Outcome: The RTB confirmed it would not renew the contract, citing “business reasons,” though the timing and context strongly linked it to the internal boycott pressure.⁹
• Significance: This is a realized “Boycott Risk.” It demonstrates that for public sector clients in jurisdictions sympathetic to the Palestinian cause (e.g., Ireland, South Africa), Monday.com is considered a “toxic vendor.” This case study validates the “Economic Complicity” hypothesis: the company’s domicile and tax payments are sufficient grounds for exclusion by ethical purchasing bodies.

9. Comprehensive Compliance Matrix

The following matrix maps the forensic findings against the requested “Economic Complicity” bands and the User’s Core Intelligence Requirements.

9.1 Core Intelligence Requirements Status

9.2 Economic Complicity Scale Mapping

Based on the aggregated data, Monday.com Ltd. exhibits characteristics across several high-complicity bands. The evidence supports the following categorization:

Band: Moderate (Upper End) – Strategic FDI

• Evidence: The Company represents a significant capital investment in the Israeli economy. With ~$1 billion in revenue and 2,500+ employees, it is a key employer in the Tel Aviv tech sector. It anchors foreign capital (WCM, BlackRock) into the Israeli jurisdiction.

Band: High (Lower End) – Core R&D

• Evidence: The Company operates its core R&D center in Tel Aviv.¹ It does not merely have a satellite office; the product vision and engineering are driven from Israel.
• Military Link: The R&D culture is shaped by veterans of Unit 81 (Co-CEO Zinman), actively validating and sustaining the local military-tech ecosystem.⁴

Band: High (Mid) – Acquired Identity

• Evidence: While publicly traded on the Nasdaq, the Company’s “operational heart” and brand identity remain tethered to the Israeli economy. It files as a Foreign Private Issuer ¹² and its leadership is deeply embedded in the local “Start-up Nation” narrative.

Band: High (Upper End) – Indigenous Capital / Beneficial Ownership

• Evidence: The Company is beneficially owned/controlled by Israeli capital (Founders hold significant sway, though institutional ownership is high) and is HQ’d in Israel.
• Crucial Factor: Global profits are repatriated to Israel. A subscription paid by a customer in London or New York contributes directly to the Israeli Gross National Product (GNP) and tax base.¹

Band: Extreme (Lower End) – Critical Infrastructure

• Evidence: The National COVID-19 Control Center contract ⁶ demonstrates that the Target has operated essential national infrastructure. By integrating civilian and military data streams for national crisis management, the platform functioned as a critical state asset.

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