INDEX / DIRECTORY / ADOBE / ECONOMIC

Adobe ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-22
Economic Score 1.82 /10 D Adobe - BDS-1000 268
Economic 1.82

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

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Supply Chain & Sourcing Relationships

Adobe’s evidenced Israel-facing activity in the reviewed record concerns software licensing, subscriptions, deployment, support, and reseller channels rather than physical-goods procurement.1, 2, 3, 4, 5 no public evidence identified of Adobe sourcing Israeli agricultural exports, using an Israeli importer-of-record for goods, undertaking recurring or counter-seasonal Israeli-origin procurement, or obtaining Israeli goods through white-label distribution arrangements.1, 2, 3, 4, 5

A September 2007 Ynet report described Quicksoft as Adobe’s Israeli representative, while stating that remarks by Quicksoft’s chairman were not coordinated with or approved by Adobe globally.6 This historical report does not establish that Quicksoft remained an Adobe intermediary after 2007.6

Adobe’s March 2025 Digital River transition notice identifies Digital River as an authorized Adobe reseller and states that subscriptions could be renewed directly with Adobe from February 2025.5 That notice does not identify an Israeli importer entity, physical-goods distribution, settlement activity, or a role for Adobe Systems Israel Ltd.5

Product Origin, Labeling & Regulatory Compliance

Adobe’s reviewed Israel-facing offerings are software licences, subscriptions, and related deployment services, rather than identified physical consumer or industrial goods.2, 3, 7, 4, 5 no public evidence identified of Adobe marketing settlement-origin products, country-of-origin labelling issues, customs findings, DEFRA findings, suspected settlement-origin goods, or a policy specifically governing settlement-produced goods.1, 2, 3

Investment, Capital & Financial Exposure

Adobe Inc. is a Delaware corporation with principal executive offices at 345 Park Avenue, San Jose, California.1 Adobe’s fiscal-2025 filing reports regional revenue, assets, facilities, and investment categories rather than Israel-specific amounts, and does not separately disclose attributable Israeli investment, revenue, tax payments, an R&D centre, factory, data centre, or real-estate holding.1

Adobe’s fiscal-2025 Exhibit 21.1, dated 28 November 2025, lists Adobe Systems Israel Ltd. under Middle East subsidiaries and states that all listed subsidiaries were wholly owned directly or indirectly by Adobe.8 This establishes direct-or-indirect 100% group ownership as of that date, but does not identify the intermediate holding chain, acquisition terms, operations, assets, employees, or financial contribution.8

Adobe’s 2010 Exhibit 21 listed Adobe Systems Israel Ltd. among Middle East subsidiaries and stated that listed subsidiaries were wholly owned directly or indirectly unless specifically marked as majority owned, with Adobe Systems Israel Ltd. not so marked.7 Adobe’s 2019 and 2020 Exhibit 21 schedules listed Adobe Systems Israel Ltd., Marketo Solutions Ltd., and Shopial Ltd. as Israeli-incorporated subsidiaries and stated that all listed subsidiaries were wholly owned directly or indirectly by Adobe.9, 10 These schedules establish historical group ownership, but do not independently establish the current ownership, activity, acquisition terms, or financial contribution of Marketo Solutions Ltd. or Shopial Ltd.9, 10, 8

Marketo Solutions Ltd. and Shopial Ltd. are absent from Adobe’s FY2025 subsidiary schedule.8 Their omission does not by itself establish whether either entity was dissolved, merged, sold, or omitted as a non-material subsidiary.8 A commercial record reports Marketo Solutions Ltd. as voluntarily dissolved, with company liquidation dated 24 February 2022, and identifies Marketo, Inc. as shareholder in information dated 27 August 2020; this was not verified through an official Israeli company extract.11 A commercial profile reports Shopial Ltd. as voluntarily dissolved, without providing a dissolution date; this likewise was not verified through an official extract.12

A third-party directory describes Marketo Solutions Ltd., formerly Insightera, as a Herzliya R&D centre affiliated with Marketo Inc. and reports that it ceased operating in Q2 2019, with a historical workforce figure of 23.13 This is commercial-directory evidence rather than a primary corporate or registry record and does not establish its later legal status, successor, assets, or current Adobe relationship.13

A USPTO assignment record reflects assignment of a Marketo-incorporated interest to Adobe Inc., effective 20 November 2018, after a 2018 assignment from Marketo Solutions Ltd. to Marketo, Inc.14 This patent-chain evidence does not establish that Adobe Systems Israel Ltd. succeeded to Marketo Solutions Ltd.’s operations or assets.14 A 2017 Bois Capital announcement reported Magento’s acquisition of Shopial, while Adobe’s later 2019 and 2020 schedules listed Shopial Ltd. as an indirect wholly owned subsidiary.15, 9, 10 The reviewed evidence establishes historical group ownership of Marketo Solutions Ltd. and Shopial Ltd., not a separately disclosed direct Adobe acquisition of either Israeli entity.9, 10, 8

No public evidence identified in the reviewed disclosures of Adobe portfolio holdings in Israeli sovereign or war bonds, Israel-focused funds, OHCHR-listed companies, Israeli arms firms, or settlement-active companies.1 no public evidence identified of an Adobe-controlled Israeli manufacturing, consumer-brand, infrastructure, cyber, or defence operating subsidiary within the bounded sources reviewed.1, 7, 8

Operational Presence & Market Activity

Adobe maintains a Hebrew-language Israel page offering Creative Cloud purchasing for government customers, describing three-year enterprise licence agreements, offline deployment for secure environments, and purchase through Adobe-authorized distributors.2 This evidences an Israel-facing government-sales channel, but does not identify a customer, reseller, contract value, responsible Adobe legal entity, or occupied-territory location.2

Adobe’s Israel Help Centre stated in March 2025 that customers of authorized reseller Digital River could renew subscriptions directly with Adobe from February 2025.5 Adobe’s Israel ordering-and-payment FAQ, updated 8 April 2026, identifies purchases through Adobe’s product catalogue and authorized resellers.4 These materials establish ongoing online/direct and reseller-channel availability in Israel, but do not establish local facilities, personnel, settlement use, or a local Adobe Systems Israel Ltd. sales or support function.4, 5

Israel Police published Tender 157/2023 on 23 November 2023 for the purchase and renewal of Adobe Creative Cloud licences, with a submission deadline of 24 December 2023.3 The accessible record does not identify an awardee, executed contract, quantity, value, reseller, or delivery location, so it evidences a procurement process rather than a confirmed Adobe–Israel Police contract.3

Knesset tender documentation from 2021 sought the purchase, installation, upgrades, and updates of Adobe software and licences.16 The accessible documentation does not identify an award or direct contractual counterparty and therefore evidences a procurement process rather than a confirmed Adobe–Knesset contract.16

Adobe’s Creative Cloud availability matrix lists Israel as available for Creative Cloud and related team and enterprise offerings.17 Product availability does not establish a physical office, workforce, local revenue, importer entity, or activity in occupied territory.17

Adobe’s FY2025 filing lists countries containing “local field offices,” and Israel is not among those listed countries; the filing does not state that its list is exhaustive.1 Current commercial-directory records report Adobe Systems Israel Ltd., company no. 514194463, as an active Israeli private company incorporated on 12 October 2008, with annual-report activity in 2026 and an address at Sapir 7, Herzliya.18, 19 Dun & Bradstreet Israel reports the same address and Israeli telephone details, and classifies the entity under computer services, software, software development, and software services.20 These commercial records support a publicly reported local legal entity, address, and claimed software-development/services classification, but do not independently establish a staffed office, occupied facility, workforce, R&D output, floor space, customers, revenue, or specific services performed there.18, 20, 19

No official entity-specific Israeli Corporations Authority extract was retrieved for Adobe Systems Israel Ltd., Marketo Solutions Ltd., or Shopial Ltd.; the Authority’s service confirms that basic company information and paid extracts are available.21 Accordingly, commercial-directory status and address information should not be treated as equivalent to primary registry confirmation.18, 20, 11, 12, 21

No public evidence identified of a current Adobe Israeli factory, data centre, warehouse, logistics hub, research campus, or other confirmed physical operating facility.1, 18, 20 no public evidence identified in the reviewed primary disclosures of Adobe Systems Israel Ltd.’s FY2024–2026 workforce, R&D programme, sales, support, distribution, tax registration, assets, local customers, revenue, intercompany payments, or service-delivery role.1

No public evidence identified in the reviewed records of an Adobe IDF or Israeli Ministry of Defense contract, a defence-specific Adobe reseller or integrator, Adobe products or services at a settlement location, or sales or service provision to West Bank, East Jerusalem, or Golan Heights settlements.3 The Israel Police tender concerns civilian-policing procurement and should not be characterised as an IDF or Ministry of Defense contract.3

The supplied document-scoped pre-scan found no Adobe mention in the specified OHCHR, Albanese, DBIO, PAX, Who Profits, HRW, Amnesty, Al-Haq, KLP, BDS, and insurance-sector reports.1 This finding is limited to the identified documents and does not establish absence from all databases, activities by group entities or principals, or absence of settlement-related activity generally.1

Corporate Structure & Foundational Ties

Adobe Inc. is the SEC registrant, is incorporated in Delaware, and lists its principal executive offices at 345 Park Avenue, San Jose, California.1 Adobe filed its fiscal-2024 Form 10-K on 13 January 2025 and its fiscal-2025 Form 10-K for the year ended 28 November 2025 on 15 January 2026.22, 1

As of 21 February 2025, Adobe’s proxy reported beneficial ownership of more than 5% by The Vanguard Group at 9.26% and BlackRock, Inc. at 8.73%, without identifying either as a controlling shareholder.23 Shantanu Narayen was Chair and CEO as of 15 January 2026, and Adobe’s proxy described an independent Lead Director structure.1, 23

No public evidence identified in the reviewed materials that Adobe was founded in Israel, is Israeli tax-resident, has its principal place of management in Israel, is controlled by Israeli capital, has Israeli state ownership, or has governance mechanisms structurally tying it to the Israeli state.1, 8 no public evidence identified of a current dual or legacy Israel headquarters, Israeli Preferred Technology Enterprise status, state-board appointments, critical-national-infrastructure designation, golden shares, or comparable governance devices.1, 2, 8

No public evidence identified in the reviewed corporate materials of material personal or family-office investments in Israeli companies by Adobe’s founder, Chair/CEO, directors, executive officers, or disclosed greater-than-5% shareholders.1, 23 This conclusion is bounded by the corporate disclosures and targeted entity searches reviewed.1, 23

Profit Repatriation & Economic Contribution

Adobe’s fiscal-2025 filing reports EMEA revenue of $6.289 billion for fiscal 2025, $5.554 billion for fiscal 2024, and $4.881 billion for fiscal 2023.1 Israel is not separately reported, so these regional figures cannot be attributed to Israel and do not permit calculation of Israeli revenue, profits, or Israel-to-parent profit repatriation.1

Adobe’s FY2025 filing reports EMEA net property and equipment of $101 million and describes owned and leased EMEA facilities used for research, product development, sales, marketing, and administration, without country-level allocation.1 Adobe’s May 2026 Form 10-Q likewise reports consolidated results without Israel-specific metrics.24

No public evidence identified of disclosed Israeli workforce size, Israeli tax contribution, Israel-specific revenue, assets, R&D expenditure, local operating address in Adobe’s SEC reporting, intercompany payments, profit-repatriation arrangements, or an industry or government designation of Adobe as a key Israeli-sector employer or infrastructure provider.1, 24 The commercial Herzliya address does not establish the magnitude of Adobe’s current Israeli economic presence.18, 20

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23

  2. https://www.adobe.com/il_he/creativecloud/buy/government.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  3. https://mr.gov.il/ilgstorefront/ar/p/4000578725 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  4. https://helpx.adobe.com/il_he/account/individual/billing-and-payments/payment-methods/online-order-and-payment-faq.html ↩ ↩2 ↩3 ↩4 ↩5

  5. https://helpx.adobe.com/il_he/x-productkb/policy-pricing/digital-river-deprecation-adobe.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  6. https://www.ynet.co.il/articles/0,7340,L-3445875,00.html ↩ ↩2

  7. https://www.adobe.com/content/dam/cc/en/investor-relations/pdfs/ADBE-10K-FY10-FINAL.pdf ↩ ↩2 ↩3

  8. https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbeex211fy25.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  9. https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex21fy19.htm ↩ ↩2 ↩3 ↩4

  10. https://www.sec.gov/Archives/edgar/data/796343/000079634321000004/adbeex21fy20.htm ↩ ↩2 ↩3 ↩4

  11. https://www.checkid.co.il/company/%D7%9E%D7%90%D7%A8%D7%A7%D7%98%D7%95-%D7%A4%D7%AA%D7%A8%D7%95%D7%A0%D7%95%D7%AA-%D7%91%D7%A2~%D7%9E-514241637 ↩ ↩2

  12. https://www.kycisrael.com/companies/514699255/shopial-ltd/ ↩ ↩2

  13. https://www.ivc-online.com/Google-Card?id=59c64a92-3379-e311-9814-80c16e7d3632 ↩ ↩2

  14. https://patents.google.com/patent/US9569785B2/en ↩ ↩2

  15. https://www.boiscapital.com/news ↩

  16. https://m.knesset.gov.il/About/KnessetWork/Tender/2450-1.pdf ↩ ↩2

  17. https://www.adobe.com/content/dam/acom/en/products/creativecloud/cc/pdfs/cc-availability-matrix.pdf ↩ ↩2

  18. https://en.checkid.co.il/company/ADOBE%2BSYSTEMS%2BISRAEL%2BLTD-LOxPVQe-514194463 ↩ ↩2 ↩3 ↩4 ↩5

  19. https://www.checkid.co.il/company/%D7%90%D7%93%D7%95%D7%91%D7%99-%D7%9E%D7%A2%D7%A8%D7%9B%D7%95%D7%AA-%D7%99%D7%A9%D7%A8%D7%90%D7%9C-%D7%91%D7%A2~%D7%9E-514194463 ↩ ↩2

  20. https://www.dunsguide.co.il/en/C10be583675b71a1a53d5b3967231e265_adobe_systems_israel/ ↩ ↩2 ↩3 ↩4 ↩5

  21. https://www.gov.il/en/service/company_extract ↩ ↩2

  22. https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/0000796343-25-000004-index.htm ↩

  23. https://www.sec.gov/Archives/edgar/data/796343/000079634325000048/adbe-20250227.htm ↩ ↩2 ↩3 ↩4

  24. https://www.sec.gov/Archives/edgar/data/796343/000079634326000112/adbe-20260529.htm ↩ ↩2