BlackRock DIGITAL

Target: BlackRock, Inc.

Research cutoff: 25 October 2026

Scope: Enterprise technology, Israeli-origin technology relationships, surveillance, data processing, cloud infrastructure, defence-sector technology, AI, R&D, technology investments and civil-society scrutiny.

Enterprise Technology Stack & Vendor Relationships

1.1 - Core enterprise platforms

BlackRock’s disclosed technology operations include Aladdin, a proprietary investment-management and risk-analytics platform used by institutional investors and financial institutions, with technology partnerships supporting cloud hosting, investment workflows and data processing; the company describes Aladdin as a centrally maintained service for institutional customers.¹

BlackRock’s technology business also includes eFront, an alternative-investment software provider acquired in May 2019 [pre-2020], whose platform covers investment administration, reporting, analytics and related private-markets workflows; BlackRock’s acquisition announcement described its integration with Aladdin, and the acquired business continues to identify itself as part of BlackRock.^{2, 3}

1.2 - Israeli-origin enterprise technology: AccessFintech

On 24 November 2025, BlackRock announced a strategic partnership with AccessFintech to connect Aladdin users with the AccessFintech Synergy Network, including bilateral connectivity, real-time post-trade collaboration and workflows involving securities, private-market loans and derivatives.⁴

The agreement envisages secure API-based connectivity, exception resolution, transaction-lifecycle visibility and AI-supported predictive analytics across participating capital-markets institutions.⁵

BlackRock separately disclosed a strategic capital investment in AccessFintech, with the investment amount and percentage ownership undisclosed in the announcement.⁴

AccessFintech was founded by Roy Saadon and Steve Fazio and maintains a substantial Tel Aviv presence; Dawn Capital identifies Tel Aviv and New York as headquarters, while Bloomberg’s Legal Entity Identifier registry identifies Access Fintech Ltd as an active Israeli-registered company with its legal and headquarters address in Ramat Gan, Tel Aviv District.^{6, 7}

AccessFintech’s earlier public account of its operations identified offices in Tel Aviv, London, New York and Glasgow and described its financial-services data-collaboration activities.⁸

The relationship was announced after 19 July 2024 and November 2024, establishing post-notice commercial activity, although the cited announcements do not identify Israeli military or settlement customers.⁴

1.3 - Integration depth

BlackRock’s AccessFintech integration is designed to connect the Aladdin institutional client community with a network of more than 250 capital-markets and asset-servicing institutions, indicating a proposed integration into core investment-operations workflows rather than a peripheral office application.⁴

AccessFintech describes its platform as a multi-party transaction-data collaboration network supporting financial-market operations, with more than one billion transaction updates processed monthly in its previously published account of the business.⁸

1.4 - Microsoft Azure

On 7 April 2020, BlackRock and Microsoft announced a strategic partnership to host Aladdin infrastructure on Microsoft Azure and use Microsoft’s global data-centre network to support investment-management workloads and geographically specific customer requirements.^{9, 10}

The 2020 announcement predates the July 2024 ICJ advisory opinion; BlackRock’s later technology disclosures continue to identify Azure as an available Aladdin cloud-hosting arrangement.¹

1.5 - Snowflake

On 22 February 2021, BlackRock and Snowflake announced Aladdin Data Cloud, combining Aladdin financial data with Snowflake’s cloud data platform and allowing institutional clients to incorporate additional proprietary and third-party datasets.¹¹

Snowflake’s subsequent BlackRock case study describes the platform as a core component of BlackRock’s enterprise data architecture, including ingestion, storage, processing and distribution of investment and risk-related data.¹²

The case study reports that Aladdin processes more than 116 billion data points and describes Snowflake supporting the integration of investment positions, trades, analytics and reporting across internal and client-facing environments.¹²

1.6 - Other Israeli-origin cybersecurity vendors

No public evidence identified establishing BlackRock’s direct procurement of Check Point, Wiz, SentinelOne, CyberArk, NICE, Verint, Claroty or Palo Alto Networks in the examined corporate technology-partner disclosures and named technology relationships.^{13, 1}

1.7 - Systems integrators and technology intermediaries

BlackRock publicly identifies technology and professional-services partners supporting Aladdin implementations, regulatory compliance, market connectivity and data workflows, including AccessFintech, FundApps, Saphyre, Passthrough and Snowflake.¹³

No public evidence identified that a named systems integrator deployed Check Point, Wiz, CyberArk, Verint, NICE or another specified Israeli-origin cybersecurity product into BlackRock’s own infrastructure under an identified BlackRock contract.¹³

Surveillance, Biometrics & Retail Technology

2.1 - Facial recognition and biometric identification

No public evidence identified that BlackRock has procured Trigo, BriefCam, AnyVision/Oosto, Trax or comparable Israeli-origin facial-recognition, gait-analysis or retail biometric-surveillance systems for its own operations in the reviewed technology disclosures.^{13, 1}

2.2 - Predictive analytics and transaction monitoring

BlackRock’s November 2025 AccessFintech partnership includes AI-driven predictive analytics for transaction-processing risks and operational exceptions, with the published applications focused on capital-markets workflows.^{4, 5}

AccessFintech’s public description of its technology identifies transaction-data normalisation, collaboration, risk reduction and financial-market processing as core commercial applications.⁵

The disclosed predictive analytics concern investment operations and transaction exceptions; the reviewed announcement does not identify predictive policing, population surveillance or law-enforcement intelligence applications.⁴

2.3 - Behavioural monitoring and workforce surveillance

No public evidence identified establishing that BlackRock employs an Israeli-origin social-media monitoring, workforce-surveillance, sentiment-analysis or predictive-policing platform under a specifically disclosed procurement arrangement.^{13, 1}

2.4 - Third-party delivery

AccessFintech represents a documented third-party technology integration into the Aladdin ecosystem, through which participating clients can access transaction-data collaboration functions and related analytics.^{4, 5}

No public evidence identified that this arrangement delivers facial-recognition, population-surveillance or biometric-identification capabilities to BlackRock or its clients.^{4, 5}

2.5 - Data exposure

AccessFintech’s platform processes and shares financial-market transaction and workflow data; its documented Israeli corporate connection creates a specific question concerning data residency, processing locations and administrative access, although the reviewed announcements do not establish that BlackRock customer data is stored or processed in Israel.^{5, 7}

Snowflake describes BlackRock’s enterprise platform as ingesting large volumes of first-party and third-party financial data and making governed datasets available to Aladdin users, with customer environments supported across cloud regions.¹²

No public evidence identified showing that identifiable BlackRock client data, investor identity records or transaction datasets are accessible to Israeli state agencies through the disclosed AccessFintech or Snowflake arrangements.^{5, 12}

Cloud Infrastructure, Data Residency & Sovereign Cloud Participation

3.1 - Microsoft cloud infrastructure

BlackRock’s April 2020 Azure partnership expressly concerns hosting Aladdin infrastructure, with Microsoft’s cloud platform intended to provide resilience, global scale and support for local data-location requirements.^{9, 10}

BlackRock’s description of Aladdin identifies centrally maintained technology infrastructure and cloud partnerships as part of its service-delivery model.¹

3.2 - Amazon Web Services

On 1 December 2025, BlackRock and AWS announced a strategic partnership providing Aladdin clients with an additional cloud-hosting option, extending the platform’s deployment choices beyond existing arrangements.¹⁴

The announcement describes AWS as infrastructure for the general-purpose Aladdin investment-management platform, without identifying an Israeli government or military customer.¹⁴

3.3 - Snowflake cloud data architecture

BlackRock and Snowflake’s February 2021 announcement states that Aladdin Data Cloud provides individual institutional clients with centrally managed data stores containing investment-management datasets that can be combined with additional customer and external data.¹¹

Snowflake’s subsequent BlackRock case study describes support for cloud and regional deployment choices, data governance and integration with client-specific environments.¹²

3.4 - BlackRock’s physical presence in Israel

BlackRock states that it has operated in Israel since 2016 and provides investment-management products and services to institutions, advisers and individual customers in that market.¹⁵

Its corporate office directory identifies a Tel Aviv location at 94 Yigal Alon Street, Alon 1 Tower, 20th Floor.¹⁶

The Israeli business page identifies Anath Levin as Country Head for Israel.¹⁵

3.5 - Israeli data centres

No public evidence identified demonstrating that BlackRock owns, leases or operates a dedicated data centre in Israel, or that its publicly disclosed Tel Aviv office is a data-processing facility.^{15, 16}

3.6 - Project Nimbus

The United Nations Special Rapporteur’s 2025 A/HRC/59/23 report describes Project Nimbus and the involvement of major cloud providers in Israeli state digital infrastructure, but the report’s identified BlackRock connection concerns financial investment rather than naming BlackRock as a Nimbus technology contractor.¹⁷

No public evidence identified establishing that BlackRock is a direct Project Nimbus contractor, subcontractor or technology operator.^{17, 9, 14}

3.7 - Data sovereignty and resilience services

BlackRock’s Aladdin cloud partnerships provide infrastructure options supporting local hosting and geographic requirements for institutional financial-services customers.^{9, 14}

No public evidence identified that BlackRock separately markets a sovereign-cloud platform specifically for the Israeli Ministry of Defence, Israeli intelligence agencies or Israeli military institutions.^{15, 14, 1}

3.8 - Israeli legal jurisdiction and access

BlackRock’s documented commercial presence in Israel and its strategic relationship with the Tel Aviv-connected AccessFintech business establish identifiable Israeli corporate and operational connections, but the reviewed sources do not identify the physical locations of all customer-data processing or administrator-access arrangements.^{15, 4, 7}

No public evidence identified establishing that Aladdin or Synergy Network data belonging to BlackRock clients is held within Israeli jurisdiction or made available to Israeli intelligence authorities under a disclosed access arrangement.^{5, 12}

Defence, Intelligence & Security Sector Technology Relationships

4.1 - Direct military and intelligence contracts

No public evidence identified of a direct BlackRock technology contract with the Israeli Ministry of Defence, Israel Defense Forces, Mossad, Shin Bet or another Israeli military or intelligence organisation in the reviewed corporate technology disclosures and named partnership announcements.^{15, 13, 1}

4.2 - Financial exposure to technology and defence suppliers

The United Nations Special Rapporteur’s July 2025 report, A/HRC/59/23, identifies BlackRock as a major institutional investor in companies including Palantir, Microsoft, Amazon, Alphabet and IBM.¹⁷

The report attributes to BlackRock institutional shareholdings of approximately 8.6% in Palantir, 7.8% in Microsoft, 6.6% in Amazon, 6.6% in Alphabet and 8.6% in IBM, using market ownership information referenced to 13 May 2025.¹⁷

These reported stakes are institutional investment positions; A/HRC/59/23 does not establish that BlackRock procured the investees’ surveillance products or itself supplied those products to Israeli security agencies.¹⁷

AFSC Investigate separately documents technology and defence companies it identifies as involved in Israeli military operations and occupation-related activities, including Palantir and IBM, but its supplier profiles do not establish a BlackRock software-supply agreement with the Israeli military.¹⁸

4.3 - Israel government financing

Paragraph 74 of A/HRC/59/23 reports approximately $68 million of BlackRock investment in Israeli government bonds, referring to investment activity following the outbreak of war in October 2023.¹⁷

The UN report discusses such holdings as financial-sector activity, without describing the purchase of government bonds as a direct contract to provide cybersecurity, surveillance or military software.¹⁷

4.4 - Dual-use technology

BlackRock’s Aladdin platform provides portfolio analytics, risk management, financial-data processing and investment operations technology, while its AccessFintech integration provides financial-market transaction and workflow processing.^{4, 1}

No public evidence identified showing that the Aladdin platform or the announced AccessFintech integration has been deployed as an Israeli military intelligence-processing, population-surveillance or operational targeting system.^{4, 13, 1}

4.5 - Offensive cyber capabilities

No public evidence identified of BlackRock directly developing, selling or licensing zero-day exploits, offensive spyware, intrusion platforms or offensive cyber systems to Israeli state actors.^{13, 1}

4.6 - Controlling principals

BlackRock identifies Laurence D. Fink as Chairman and CEO and Robert S. Kapito as President, with both among the firm’s founders.^{19, 20}

Its current governance disclosures include directors whose professional backgrounds involve major technology and industrial businesses, but the examined board disclosures do not establish personal controlling investments by those directors in a named Israeli offensive-cyber or military-surveillance business.¹⁹

4.7 - Continued activity after July and November 2024

The BlackRock–AccessFintech partnership and strategic investment were announced on 24 November 2025, after both the ICJ advisory opinion of 19 July 2024 and the ICC arrest warrants issued in November 2024.⁴

The corporate announcement provides no explanation of whether those legal developments were considered in BlackRock’s decision to enter or expand the AccessFintech relationship.⁴

AI, Algorithmic & Autonomous Systems

5.1 - General-purpose financial AI

BlackRock’s Aladdin technology supports investment analytics, portfolio management, risk assessment, accounting, trading workflows and financial-data processing for institutional customers.¹

The Snowflake partnership supports the collection, management and analysis of structured investment datasets, including calculated risk analytics and financial-market information.¹²

5.2 - Israeli-connected analytics provider

The November 2025 AccessFintech partnership includes AI-driven predictive analytics addressing post-trade exceptions and financial-market operational risk.⁴

AccessFintech’s Israeli corporate and operational footprint is documented by Dawn Capital and Bloomberg’s LEI registry, while BlackRock’s partnership announcement establishes the specific Aladdin integration.^{4, 6, 7}

This establishes a commercial link between BlackRock’s financial-technology platform and an Israeli-connected financial-data analytics business.^{4, 7}

5.3 - AI supplied to Israeli government bodies

No public evidence identified of BlackRock supplying AI models, computer-vision systems, automated intelligence-analysis products or machine-learning services directly to Israeli military, intelligence or security institutions.^{4, 13, 1}

5.4 - Surveillance-derived model training data

No public evidence identified establishing that BlackRock or its disclosed Aladdin technology partners trained BlackRock-operated AI systems on intercepted Palestinian communications, biometric-surveillance datasets or Israeli military intelligence records.^{4, 12, 1}

5.5 - Autonomous target generation

No public evidence identified that BlackRock developed or supplied autonomous target-generation, automated fire-control, lethal decision-support or other purpose-built military targeting systems.^{13, 1}

5.6 - Domain distinction

BlackRock’s documented AI and data partnerships concern financial analytics, investment decisions, transaction operations and general-purpose data processing, as described in its partner disclosures.^{4, 12, 1}

No specific BlackRock system designed primarily to generate kinetic targeting decisions or weapons effects was identified in those disclosures.^{4, 13, 1}

Technology Ecosystem & R&D Footprint

6.1 - Israeli operating presence

BlackRock’s Israeli business page states that the company began operating locally in 2016 and identifies continuing services to the Israeli investment market.¹⁵

The company maintains a Tel Aviv office, although its public office directory does not classify that location as an engineering or research laboratory.¹⁶

6.2 - Acquisition of Kreos Capital

BlackRock announced the completed acquisition of Kreos Capital on 2 August 2023, bringing a venture and growth debt manager with significant technology and healthcare financing activity in Europe and Israel into the BlackRock group.²¹

The acquisition announcement states that Kreos’s London-based team would enter BlackRock’s European Private Debt platform and that its existing investment leadership would continue managing the strategies.²¹

BlackRock’s current Kreos business page confirms continued operation as part of BlackRock’s private-markets business.²²

6.3 - Israeli technology financing through Kreos

Kreos’s investment strategy encompasses Israeli technology companies operating in areas including cybersecurity, artificial intelligence, enterprise software, semiconductors and financial technology.²²

The IVC database identifies 48 Israeli portfolio companies associated with Kreos in its retrieved record, including Akeyless, and describes the business as BlackRock EMEA Venture and Growth Lending.²³

Individual IVC investment records may refer to financing originated before the August 2023 BlackRock acquisition and therefore do not, by themselves, establish a new investment decision by BlackRock or a currently outstanding exposure.^{21, 23}

Independent reporting published in June 2023 described Kreos as having financed more than 100 Israeli companies during its history.²⁴

6.4 - Strategic investment in AccessFintech

On 24 November 2025, BlackRock announced a separate strategic capital investment in AccessFintech alongside the companies’ Aladdin integration agreement.⁴

AccessFintech is identified by Dawn Capital as a fintech and vertical-software company with headquarters in Tel Aviv and New York.⁶

The companies did not disclose the investment’s financial terms or BlackRock’s resulting ownership percentage.⁵

6.5 - Other acquisitions

BlackRock completed the acquisition of eFront in May 2019 [pre-2020], bringing an established alternative-investment technology business into the Aladdin ecosystem; the documented transaction does not establish that eFront was an Israeli-origin company.^{2, 3}

6.6 - Israeli engineering and development facilities

No public evidence identified conclusively establishing that BlackRock directly operates a dedicated Aladdin AI research laboratory, cybersecurity development centre or comparable engineering facility in Israel under its own corporate name.^{15, 16}

The BlackRock–AccessFintech relationship provides a separate, documented connection to an Israeli technology company, without establishing that AccessFintech personnel are employees of a BlackRock-owned Israeli engineering centre.^{4, 7}

6.7 - Patents and academic collaboration

No public evidence identified of a specified BlackRock patent jointly developed with the Technion, Hebrew University of Jerusalem or Weizmann Institute, or of a named research-licensing agreement between BlackRock and those institutions in the reviewed corporate technology disclosures.^{13, 1}

6.8 - Controlling-person investments

BlackRock’s corporate disclosures identify Laurence Fink and Robert Kapito as senior controlling figures in management, while the documented Kreos and AccessFintech transactions were undertaken through BlackRock corporate activities.^{19, 4, 21}

No public evidence identified establishing a separate, personally controlled investment by a named BlackRock director or executive in NSO Group, Cellebrite, Carbyne, Oosto, Wiz or a comparable Israeli surveillance or military-technology company.^{19, 20}

BlackRock’s primary regulatory disclosure establishes that the total consideration for its August 2023 acquisition of Kreos Capital was approximately $250 million, including contingent consideration. This figure appears in BlackRock’s 2023 Form 10-K and is reaffirmed in its 2024 Form 10-K, Note 3, “Acquisitions”. It confirms the approximately $250 million consideration stated in Economic and establishes that the $400 million figure appearing in the title of Digital End Note 22 is inconsistent with BlackRock’s disclosed transaction consideration. Digital section 6.2 correctly identifies the acquisition and its completion date but does not state a purchase price; the primary disclosure supplies that missing financial detail. The $400 million figure should therefore be treated as a secondary-source claim rather than BlackRock’s reported transaction consideration.^{25, 26}

Civil Society Scrutiny & Regulatory History

7.1 - United Nations investigation

The July 2025 report A/HRC/59/23, entitled From economy of occupation to economy of genocide, explicitly identifies BlackRock in its discussion of financial institutions investing in Israeli government debt and companies connected to Israeli military and occupation-related activities.¹⁷

The report discusses BlackRock’s institutional stakes in Palantir, Microsoft, Amazon, Alphabet and IBM, alongside its investments in several defence and industrial companies.¹⁷

The report’s technology-related discussion includes Project Nimbus and major technology providers, but its specific findings regarding BlackRock address investment exposure rather than a documented BlackRock contract for Israeli military cloud infrastructure.¹⁷

7.2 - AFSC Investigate

AFSC Investigate identifies numerous technology, defence and surveillance suppliers in its Palestine-related database, including companies whose securities are discussed in the UN report’s account of BlackRock institutional holdings.^{18, 17}

The database’s supplier classifications concern the listed companies’ activities and do not demonstrate that BlackRock itself provides their technology or supervises their deployments.¹⁸

7.3 - OHCHR settlement database

No public evidence identified in the reviewed material establishing that BlackRock is individually named as an operational settlement-services contractor in the OHCHR settlement-business database.^{17, 18}

The separately documented BlackRock relationships with AccessFintech and Kreos establish Israeli commercial and investment activity, without identifying a particular settlement-based technology installation or customer.^{4, 21}

7.4 - Divestment campaigns

An Al Jazeera report dated 30 April 2024 documented student divestment demands at Columbia University and identified BlackRock among the companies named in materials distributed by protesters.²⁷

The article connects those demands to concerns about investment exposure and corporate involvement in Israel’s military operations, rather than identifying a particular BlackRock software contract with the Israeli military.²⁷

7.5 - Company response

BlackRock’s publicly reviewed corporate announcements describe its investment-management role, technology partnerships and commercial activities, but those announcements do not provide a specific response to allegations that the AccessFintech integration supports Israeli military surveillance.^{4, 1}

No public evidence identified of a BlackRock statement acknowledging that it supplies Aladdin or AccessFintech technology to Israeli military intelligence services.^{4, 1}

7.6 - Regulatory actions

No public evidence identified in the examined corporate disclosures, technology announcements and civil-society material of a regulator finding that BlackRock illegally exported surveillance software or offensive cyber technology to Israeli state institutions.^{19, 13, 18}

7.7 - Settlement-specific digital services

No public evidence identified of a named BlackRock-operated software installation, cloud platform, biometric system or digital-surveillance service deployed directly in an Israeli settlement in the occupied West Bank, occupied East Jerusalem or occupied Syrian Golan.^{15, 13, 18}

7.8 - Distinction between investment exposure and technology provision

The UN Special Rapporteur’s documented BlackRock findings principally concern financial investments, while BlackRock’s own technology announcements establish its separate activities as a software provider and purchaser of cloud and financial-data services.^{17, 4, 9, 14}

The BlackRock–AccessFintech agreement provides a specific documented Israeli-connected technology partnership, whereas the reported institutional shareholdings in Microsoft, Palantir, Amazon, Alphabet and IBM establish investment exposure rather than a direct operational technology relationship with the Israeli state.^{17, 4, 7}

The United Nations’ primary record for A/HRC/59/23, From economy of occupation to economy of genocide, gives the official distribution date as 2 July 2025 (“Distr.: General”), confirming the July 2025 dating in Digital’s existing sections 4.2 and 7.1 and End Note 4. It corrects the June 2025 attribution in Economic. The report identifies the Human Rights Council’s fifty-ninth session as running from 16 June to 11 July 2025, which may explain the conflicting month references; the session’s June commencement is distinct from the report’s official distribution date.²⁸