Economic Audit: Radware

Economic Audit: Radware Ltd.

Supply Chain & Sourcing Relationships

Radware is a cybersecurity and application-delivery software/cloud-services vendor rather than an agricultural, food, or consumer-goods importer, and No public evidence identified connects the company to Israeli agricultural aggregators or exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors. No public evidence identified of an importer-of-record structure for produce or physical goods, of seasonal produce-sourcing patterns, or of third-party/indirect sourcing of settlement-origin agricultural or consumer goods attributable to Radware Ltd.¹ The company’s principal inbound-technology transaction on the public record is its February 2022 acquisition of DC Protection Ltd. (formerly SecurityDAM), an Israeli DDoS “traffic-scrubbing” technology firm, for $42.5 million from its founder and sole shareholder, Yehuda Zisapel²³. That transaction was a purchase of an Israeli-incorporated operating company and its technology/personnel (approximately 30 employees at the time), not a physical-goods supply arrangement². Separately, Who Profits documents West Bank checkpoint- and Israeli Civil Administration-related contracting (e.g., at Bitunya, Gilboa, Reihan, Hashmonaim/Ni’ilin, Jab’a and Erez checkpoints, and Israeli Civil Administration offices at the Beit El settlement) as attributable to Bynet Systems Applications and Bynet Data Communications - sibling companies under common Zisapel-family ownership - and not to Radware Ltd. itself, so no evidence places these sourcing/contracting relationships inside Radware’s own supply chain⁴.

Product Origin, Labeling & Regulatory Compliance

Country-of-origin labeling regimes are not conventionally applicable to Radware, whose products are software and cloud-delivered security services rather than physical consumer goods¹. No public evidence identified of DEFRA or customs findings, “Produce of Israel” mislabeling investigations, or NGO product-origin investigations (Who Profits, Corporate Occupation, or equivalents) naming Radware Ltd. directly; the Who Profits organization’s occupation-related findings are attributed to the Bynet operating entities, not to Radware⁴. No public evidence identified of a corporate labeling or sourcing policy specific to occupied-territory goods, consistent with a business model that does not produce or distribute physical products subject to such labeling.

Investment, Capital & Financial Exposure

Radware operates its “global headquarters” in Tel Aviv, Israel, and has made repeated physical-infrastructure investments there: a “next-generation” cloud application-security center opened in Tel Aviv in March 2023, followed by a second such center opened in September 2025 alongside a new center in Bogotá, Colombia⁵⁶¹. Neither announcement disclosed specific investment dollar figures⁵⁶. The company also maintains dedicated R&D “Innovation Centers” in Bangalore and Chennai, India, supporting its global R&D efforts, per a company press release⁷. On ownership, Radware’s FY2025 Form 20-F discloses that “the estate of the late Yehuda Zisapel, along with Nava Zisapel and Roy Zisapel, our President, Chief Executive Officer and a director, may exert significant influence in the election of our directors”⁸⁹. Older (pre-2020) figures reported by Wikipedia placed Roy Zisapel’s stake at 3.4% and Yehuda Zisapel’s at 15% as the largest shareholder, though these figures are dated and may be superseded by current, unretrieved filings¹. Institutional ownership is reported at 63–75% as of mid-2025, with Vanguard Group (~10.99%), BlackRock (~9.44%), and Senvest Management (~9.45%) among the largest disclosed holders¹⁰¹¹. Radware holds “Approved, Privileged and Preferred Enterprise” tax status under Israeli law, a designation carrying reduced corporate tax rates under Israel’s PTE/SPTE regime⁸¹²¹³. The DC Protection acquisition itself represents a discrete $42.5 million capital outlay to an Israeli seller who was the father of Radware’s CEO, and that transaction was, as of January 2025, under Israeli Tax Authority investigation for suspected tax evasion, a matter DC Protection has characterized as “a professional dispute regarding the applicable tax rate” unconnected to Radware². No public evidence identified of Radware or its major shareholders holding disclosed positions in Israeli sovereign bonds or Israel-focused investment funds, beyond ordinary diversified institutional holdings of Radware’s own equity by asset managers such as Vanguard and BlackRock¹⁰¹¹.

Operational Presence & Market Activity

Radware’s confirmed physical footprint includes its Tel Aviv-Yafo global headquarters at 22 Raoul Wallenberg Street¹; two cloud application-security/scrubbing centers in Israel, opened in March 2023 and September 2025⁵⁶; a US corporate headquarters in Mahwah, New Jersey¹; R&D innovation centers in Bangalore and Chennai, India¹⁷; and a distribution/partner relationship in Southeast Asia via VNCS, the company’s authorized distributor for Vietnam, Laos, and Cambodia¹⁴. No public evidence identified of a Radware physical footprint - offices, warehouses, or retail - in the West Bank, East Jerusalem, or the Golan Heights. On employment and tax contribution, Wikipedia reports 1,000+ employees globally, though this figure is undated and likely stale¹; a country-level Israel employee breakdown was not available in the retrieved sources. In December 2025 Radware concluded a settlement agreement with the Israeli Income Tax Authority regarding examination of its 2019–2022 tax returns, which the company states did not materially affect its financial statements⁸. On market positioning, Radware’s FY2025 20-F states that 59% of 2025 total sales originated outside North, Central, and South America, and separately discloses Russia-derived revenue as a flagged risk geography at 2% of 2025 sales (3% in 2024)⁸. CEO Roy Zisapel characterized the September 2025 Israel and Colombia center investments as “central to our growth strategy”⁵. No public evidence identified of a specific Israel-market-sizing statement in investor materials beyond that framing.

Corporate Structure & Foundational Ties

Radware’s founding and incorporation history is inconsistently reported: Wikipedia states the company was founded by Roy Zisapel in April 1997¹, while Radware’s own Form 20-F states it “was organized in May 1996 as a corporation under the laws of the State of Israel”⁸⁹. Both sources agree on Israeli incorporation. The company maintains a dual-headquarters structure - global headquarters in Tel Aviv, Israel, and US corporate headquarters in Mahwah, New Jersey - with legal domicile in the State of Israel under Israeli Companies Law¹⁸. All four factors of an Israeli-nexus assessment are independently confirmed: Israeli founding¹, Israeli headquarters/principal management location¹, Israeli Preferred Enterprise tax residency status⁸¹²¹³, and beneficial ownership/control concentrated in the Zisapel family, as disclosed in the FY2025 20-F risk factors⁸⁹. Radware is one of four NASDAQ-listed companies - alongside Ceragon Networks, RADCOM, and Silicom - within the broader Zisapel-family “RAD Group”/“Rad-Bynet Group” network, described by multiple sources as a loose grouping of independently operated companies sharing founder-family ownership rather than a conventional parent-subsidiary holding structure¹⁵¹⁴¹⁶. Who Profits’ Rad-Bynet corporate-family diagram depicts Radware within this roughly 20-company family structure, but attributes its documented occupation-related contracting activity - Israeli Civil Administration/COGAT work, checkpoint infrastructure, Israeli Prison Service contracts (2015–2021), and a 2014 Ministry of Defense “certificate of appreciation” - specifically to Bynet Systems Applications and Bynet Data Communications, not to Radware Ltd.⁴ Controlling-principal ties include Yehuda Zisapel (father of CEO Roy Zisapel and RAD Group co-founder), who personally sold DC Protection to Radware for $42.5 million in 2022 and separately controlled the privately held Rad-Bynet Group whose Bynet subsidiary is documented as providing services to Israeli military/COGAT operations in the occupied West Bank²³⁴; and Zohar Zisapel (Yehuda’s brother), who previously headed the Electronic Research Department of the Israeli Ministry of Defense, received the Israel Defense Prize in 1979, and co-founded RAD Data Communications in 1981¹⁵. Yehuda Zisapel died in March 2024¹⁷¹⁸, prompting industry commentary on the future of the Rad Group¹⁶. Board-level linkages are limited: director Israel Mazin’s secondary-source biography lists a prior role as “Principal” at the Israel Defense Forces, though this comes from an aggregator profile rather than a primary Radware filing¹⁹²⁰; board chair Yuval Cohen’s disclosed background is in private equity (Fortissimo Capital) and prior Silicon Valley technology roles (DSP Group, Intel), with no defense-sector affiliation identified²¹; and director Alex Pinchev’s disclosed background is in enterprise software sales leadership (Red Hat, Rackspace), with no Israeli military background identified in available bios²². No public evidence identified of golden shares, founder shares, or charter restrictions tying Radware’s mission to Israeli state policy objectives, beyond the ordinary influence attributable to concentrated Zisapel-family shareholding disclosed as a risk factor⁸⁹. Targeted checks against authoritative watchlists returned no matches for Radware: the OHCHR/OpenSanctions settlement-business database²³; the UN Special Rapporteur’s July 2025 report A/HRC/59/23, which contains no occurrence of “Radware,” “Rad-Bynet,” “Bynet,” “Zisapel,” or “DDoS”²⁴; the AFSC Investigate database²⁵; the Norwegian KLP pension fund’s 2021 and 2025 exclusion lists²⁶²⁷; and the Don’t Buy Into Occupation coalition’s 2021–2025 reports²⁸. No public evidence identified of Radware Ltd. itself being connected to settlement operations, sales, or distribution in the West Bank or Golan Heights, distinct from the documented but legally separate Bynet-entity contracting described above⁴.

Profit Repatriation & Economic Contribution

Radware discloses geographic revenue by broad region - 59% of 2025 total sales from outside North, Central, and South America - rather than an Israel-specific revenue figure, and No public evidence identified of a disclosed Israel-specific revenue figure in the sources reviewed⁸. As an Israeli-incorporated, Israeli-headquartered, NASDAQ-listed company, Radware’s structural profit flow consolidates globally generated revenue into an Israeli-domiciled parent entity organized under Israeli law, the inverse of a foreign multinational’s Israeli subsidiary repatriating profits outward⁸⁹. Israeli tech-sector coverage characterizes Radware as one of the flagship NASDAQ-listed companies within the Zisapel family’s Rad Group/Rad-Bynet network, alongside Ceragon Networks, RADCOM, and Silicom¹⁵¹⁶. No public evidence identified of a specific government or industry-body designation of Radware as a “sector anchor” or critical-infrastructure provider within the Israeli economy.

End Notes