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Item 1. Business

2026-03-16 compared with 2025-02-20 · 671 added, 522 removed, 64 unchanged (95% of the section changed)

We, Kaltura, Inc.

(“Kaltura,” “we,” “us,” or “our”), are a market-leading provider of live, real-time, and on-demand video offerings for enterprises, with a mission to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success.

Video is everywhere.

It has become a driving force for online interactions and engagement, and has revolutionized how we communicate, work, learn, and entertain.

For businesses, video sits at the heart of digital transformation, with organizations increasingly embracing video solutions to better engage with customers and employees.

Moreover, the recent rise of generative AI enables real-time, automatic production of highly personalized and contextually relevant content, including video and rich media, which we believe would materially boost the creation, consumption, and business impact of video experiences.

With the expected continued growth in rich content in organizations, the potential need for content management solutions and advanced digital experiences is expected to grow.

Founded in 2006, Kaltura was amongst the first pioneers to recognize the great potential of adding video to enterprise workflows and to offer a system for enterprise video content management and online video publishing.

We have since expanded to also power virtual events and webinars and Cloud TV with our Video Experience Cloud.

Our Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications.

Our platform and products engage millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success;

(“Kaltura,” “we,” “us,” or “our”), are a market-leading provider of video and rich media offerings for enterprises.

Our mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences.

Kaltura's Digital Experience Platform enables organizations to create, manage, and deliver video and rich media experiences that increasingly incorporate agentic artificial intelligence (“AI”) capabilities, including conversational interfaces, workflow automation, and outcome-oriented engagement across digital touchpoints.

We believe this combination of video, rich media and agentic capabilities enables organizations to move beyond static, one-size-fits-all digital experiences toward more personalized, contextual, and interactive agentic digital experiences at scale.

Video and other forms of rich media - including interactive, data-driven, and conversational media - are central to digital interaction and engagement, transforming how people communicate, work, learn, and consume content.

For organizations, rich media increasingly sits at the core of digital transformation initiatives, with businesses adopting media-driven solutions to engage customers, employees, learners, and audiences across a growing range of use cases.

At the same time, advances in generative artificial intelligence (“Gen AI”) are enabling the real-time and automated creation of highly personalized and contextually relevant content, including video and other forms of rich media.

We believe the convergence of rich media and AI is increasing the scale, speed, and strategic importance of digital experiences and driving demand for platforms that support more interactive, contextual, and outcome-oriented engagement.

Founded in 2006, Kaltura was among the pioneers to recognize the potential of integrating video into enterprise workflows and to offer a system for enterprise video content management and online video publishing.

Over time, we expanded our platform to support additional experiences, including virtual events and webinars and cloud-based television services.

Today, Kaltura provides a cloud-based rich media platform designed to help organizations create, manage, and deliver rich media experiences at scale across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Our Digital Experience platform is designed around three core layers:

rich media content creation, rich media content management, and rich media experiences.

Together, these layers enable organizations to produce and generate live and on-demand video and other forms of rich media, securely manage content, users, permissions, and metadata across enterprise and media environments, and deliver media-rich experiences across a wide range of internal and external workflows.

The platform increasingly incorporates agentic AI-driven capabilities designed to enable more interactive, contextual, and goal-oriented experiences, while maintaining enterprise-grade security, privacy, and governance.

In addition, through our recent acquisition of eSelf AI, we expanded our content creation and experience capabilities to include AI-generated video and avatar-based interactions.

These capabilities enhance our rich media content creation layer through tools for generating video and avatar-based content and extend our experience layer with conversational, role-based interfaces designed to automate and augment interactions across select customer- and employee-facing use cases.

Since the acquisition, we have focused on integrating these capabilities into our platform in a manner consistent with enterprise requirements for security, compliance, and responsible AI use.

Our platform and products engage millions of end users at home, at work, and at school, supporting rich media experiences across marketing, sales, and customer success;

teaching, learning, training, and certification;

1 unchanged sentence

and entertainment and monetization.

We power a large and loyal blue-chip customer base of large, and small and medium enterprises (SMEs), across diverse industries, including 27% of Fortune 100 companies, over 50% of US R1 schools, and top-tier telecommunications companies and media companies.

From the onset, our differentiated approach has been to treat video as a data type, not as an application, and accordingly to provide a unified and flexible enterprise-grade API-first platform that enables tightly integrated live, real-time, and on-demand video experiences across business workflows.

We believe Kaltura’s platform offering is superior to siloed point solutions, which are not deeply integrated or interoperable, and as such are typically less effective, less efficient, and more costly.

Our platform is designed to foster deeper engagement and deliver greater business outcomes, whether that means boosting employee knowledge, engagement, collaboration and productivity;

driving marketing funnel conversion and successfully attracting and engaging customers and prospects;

providing improved customer care;

or offering more engaging entertainment experiences that yield greater monetization.

During the COVID-19 pandemic, many enterprises and educational institutions rapidly expanded their use of video solutions, fueling accelerated adoption of video solutions.

While the enterprise video market saw demand deceleration when pandemic-related restrictions subsequently eased and certain geopolitical and macroeconomic challenges ensued, the demand for high-quality, secure, and flexible video tools remains robust.

We believe demand is gradually starting to regrow, along with an even greater need of organizations to converge their numerous disparate video experiences to run more effectively on single horizontal platforms like Kaltura’s.

Furthermore, we believe that recently introduced Gen AI capabilities supercharge the value of video experiences by helping to facilitate real-time, unique, hyper-personalized and hyper-contextualized video-first experiences for every end user.

We believe this is a groundbreaking revolution in our industry, and that Kaltura is well-positioned to benefit from it in light of the vast video content that we already manage for our customers, our deep integrations into workflows, and our cross-enterprise deployments across a wide range of products, and employee and customer use-cases.

As we look ahead, we see opportunities to strengthen our valuable existing relationships through additional upsells and cross-sells, to attract new customers to use our existing products and services, and to also continue and grow our product and services portfolio and expand into additional adjacent markets.

We believe this combination of innovation, operational adaptability, and strong customer relationships will enable us to maintain our leadership in the dynamic video technology market and deliver growing, sustainable value for our shareholders.

We serve a large and loyal customer base of large enterprises as well as small and medium enterprises (“SMEs”) across diverse industries, including customers representing approximately 30% of Fortune 100 companies, more than 40% of US R1 universities (in 2025 the Carnegie classification methodology changed which resulted in 41 new institutions added to the list), and leading global telecommunications and media companies.

From the outset, our differentiated approach has been to treat video and rich media as data types rather than standalone applications.

Accordingly, we provide a unified, enterprise-grade, API-first platform that enables tightly integrated live, real-time, and on-demand video and rich media experiences across business workflows.

We believe this approach has become increasingly important in the age of artificial intelligence, as it positions customers to be “AI-ready” by making their rich media libraries, metadata, and engagement data accessible for analysis, automation, and value extraction across AI-assisted and agentic use cases.

We believe platform-based approaches such as ours are superior to siloed point solutions that lack deep integration and interoperability and are often less effective, less efficient, and more costly.

Our platform is designed to foster deeper engagement and deliver measurable business outcomes across organizational journeys, including improving employee productivity and learning outcomes, increasing marketing effectiveness and customer engagement, enhancing customer care, and enabling engaging entertainment experiences that support monetization.

We believe the enterprise video and rich media market is entering a new phase of evolution driven by advances in Gen AI.

These advances enable organizations to produce significantly more content, tailor experiences to individual users and contexts, and increasingly automate interactions at scale.

As a result, we believe organizations are seeking platforms that can unify content creation, management, and delivery with guided, conversational, and outcome-oriented engagement, supported by deeper insights into user behavior, context, and intent.

As we look ahead, we see opportunities to deepen relationships with existing customers through additional upsell and cross-sell initiatives, attract new customers within our existing markets, expand our product and services portfolio, and selectively pursue adjacent market opportunities.

We believe this combination of continued innovation, platform extensibility, and strong customer relationships positions us to maintain leadership in the evolving video and rich media market and deliver long-term value for our shareholders.

Market Segments

We have expanded throughout the years to operate today in three enterprise video market segments:

• Enterprise Video Content Management and Online Video Platforms

• Cloud TV Software

• Virtual Events and Webinars

We believe that we are well-positioned to continue expanding our business in these growing market segments as well as continue to effectively penetrate new ones and are continually exploring new ways to innovate our business.

• Enterprise Video Content Management (EVCM) and Online Video Platforms (OVP)

◦ The EVCM and OVP market segment is comprised of video-first solutions designed to enable organizations to capture, create, manage, analyze, edit, optimize, distribute, publish, monetize, and engage with on-demand and live video streaming, at scale.

◦ Key Projected Growth Drivers:

▪ The advent of mobile devices and cloud-based services, increased bandwidth capacity, a shift towards remote work and learning, and a demographic shift to generations that favor video over other data types are expected to increase content creation and consumption.

▪ Gen AI-infused experiences are expected to boost content creation, consumption, and impact, and to increasingly replace labor-intensive production services.

We operate in four enterprise software market segments that address the creation, management, and delivery of video and rich media experiences across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Over time, our offerings have expanded beyond core enterprise video use cases to support a broader range of rich media, AI-assisted, and conversational engagement needs.

We currently operate in the following commercial market segments:

Enterprise Video and Rich Media Content Creation and Management Systems

This market segment includes systems designed to enable organizations to create, generate, manage, analyze, distribute, publish, and engage with live, real-time, and on-demand video and other forms of rich media at scale.

These systems are built to support enterprise-grade requirements for security, compliance, governance, scalability, and deep integration with business workflows and systems.

Offerings in this segment typically include rich media content creation tools, AI-assisted and AI-generated content capabilities, content enrichment and repurposing, centralized content management, publishing, analytics, and content lifecycle management.

These systems increasingly incorporate AI-driven capabilities to automate and enhance content creation, localization, accessibility, personalization, and engagement, while supporting secure operations across distributed teams and environments.

• Key projected growth drivers include:

▪ continued growth in video and rich media content creation and consumption across enterprises and institutions;

▪ increasing demand for cost-effective, AI-assisted and AI-generated content creation, repurposing, localization, and personalization at scale;

▪ the need for centralized management, governance, and analytics as content volumes, formats, and distribution channels expand;

▪ demand for deeper integration of rich media content into enterprise workflows, applications, and data systems;

▪ hybrid and distributed work models driving sustained demand for video-first internal communications, training, onboarding, and executive messaging across global teams;

▪ expansion of regulated and compliance-sensitive use cases (e.g., financial services, healthcare, government, education) requiring secure, auditable, and policy-driven rich media workflows;

▪ rising importance of employee experience, learning, and knowledge retention, increasing adoption of video-based learning management, skills enablement, and institutional knowledge capture.

We believe this market segment serves both large enterprise deployments and more targeted departmental and self-service adoption models, particularly for content creation, publishing, and engagement use cases.

Conversation Automation and Agentic Engagement Solutions

This market segment includes solutions designed to automate, augment, and personalize digital interactions through conversational experiences - including text-based, voice-based, and video-based - across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Video-based conversation automation is based on agentic avatars that possess users’ screen and camera comprehension and that generate multimodal interactive rich-media content (video, images, audio, and text) throughout the conversation to guide users through information discovery, learning, support, and decision-making processes.

Solutions in this segment leverage AI-driven and agentic capabilities to support role-based, goal-oriented interactions and are increasingly integrated with content creation and management platforms, enterprise data systems, and engagement analytics.

These offerings may operate with or without visual avatars and may support standalone conversational experiences or be embedded within broader digital journeys.

• Key projected growth drivers include:

▪ increasing demand for personalized, conversational digital engagement across marketing, sales, service, learning, and internal operations;

▪ advances in Gen AI and conversational technologies that enable richer interactions at lower marginal cost;

▪ the need to improve efficiency and reduce operational costs by automating repetitive or high-volume interactions;

▪ the emergence of conversational, generative user interfaces (“GenUI”) that combine rich media content, analytics, and journey-level insight to enable more adaptive and context-aware engagement;

▪ rising expectations for always-on, real-time engagement, driving adoption of conversational agents that can operate continuously across languages, time zones, channels, and user contexts;

▪ growing complexity of digital products, services, and policies, increasing demand for guided, conversational experiences that reduce cognitive load and shorten time-to-value for users;

▪ proliferation of multimodal interaction interfaces (voice, video, screen sharing, co-browsing), expanding the applicability of conversation automation beyond text-centric chatbots;

and proliferation of multimodal interaction interfaces (voice, video, screen sharing, co-browsing), expanding the applicability of conversation automation beyond text-centric chatbots;

▪ enterprise adoption of agentic systems capable of task execution not just response generation, enabling conversational agents to initiate actions, orchestrate workflows, and complete end-to-end processes

We believe this market segment spans both enterprise and mid-market customers and supports adoption models, ranging from enterprise-led deployments to product-led and developer-led implementations.

Virtual Events, Webinars, and Interactive Learning Experiences

This market segment includes solutions designed to support synchronous and asynchronous virtual and hybrid experiences, including virtual events, webinars, and interactive learning environments.

These solutions are used for marketing, communications, enablement, training, education, certification, and community engagement across organizations of varying sizes.

Offerings in this segment typically include capabilities for registration, live and on-demand streaming, audience interaction, moderation, analytics, and post-event content reuse.

These solutions increasingly incorporate AI-assisted features to enhance engagement, accessibility, personalization, and operational efficiency.

◦ Key projected growth drivers include:

• continued adoption of virtual and hybrid engagement models across marketing, education, and corporate communications;

• growing demand for measurable engagement and return on investment from events and learning initiatives;

• increased use of AI-assisted tools to reduce production costs and extend the value of event and learning content;

• increased focus on accessibility, inclusivity, and regulatory compliance, including requirements related to captioning, transcription, localization, and equal access to digital experiences;

• shift from one-time events to always-on engagement models, as organizations repurpose virtual events and learning sessions into ongoing content hubs, communities, and knowledge libraries;

• rising importance of continuous learning and reskilling, driving sustained demand for interactive, video-based training, certification, and enablement experiences;

• increased globalization of audiences, requiring scalable virtual formats that can reach geographically distributed participants without proportional cost increases;

• convergence of events, learning, and content marketing, blurring traditional boundaries and expanding platform use cases across departments.

Cloud TV Software

◦ The Cloud TV Software market segment is comprised of solutions that power large scale, cloud-based over-the-top (OTT) television streaming services across devices (set-top-boxes, smart TVs, and connected devices) and monetization schemas (subscription, transaction, and advertising-based).

This includes both a backend platform for content and user management, and front-end applications for end-user engagement.

◦ Key Projected Growth Drivers:

▪ Customer migration from legacy IPTV systems to OTT, and from on-premises to cloud, is expected to continue.

▪ Gen AI-infused content curation and end-user TV experiences are expected to improve cost efficiencies and to boost engagement and monetization.

• Virtual Events and Webinars

◦ The Virtual Events and Webinars market segment is comprised of both synchronous and asynchronous video-first solutions that are used to host virtual and hybrid events and webinars at varying scales, from small group meetings to large multi-day conferences.

◦ Key Projected Growth Drivers:

▪ Events have increasingly become full or partial virtual experiences, in order to expand reach, reduce costs and increase sustainability, and to increase engagement before, during, and after the events.

▪ Gen AI-infused experiences are expected to reduce event production costs and to drive adoption, engagement, impact, and return on investment.

Our platform and products support millions of end users worldwide at home, work, and school, through our enterprise customers who rely on Kaltura to power a broad range of use cases, spanning across both customer and employee experiences.

Main use cases include:

• Marketing, Sales and Customer Success:

including, for example, live webinar programs for lead generation, large-scale virtual or hybrid events, video publishing in websites and social media, customer video portal, and personalized video messaging.

• Teaching, Learning, Training and Certification:

including, for example, lecture capture, virtual classrooms, online learning and training libraries and portals for onboarding, training, compliance programs, micro-learning, and certification pathways.

• Communication and Collaboration:

including, for example, intranet knowledge sharing portals and content hubs, social enterprise platforms, virtual events, and employee town halls.

• Entertainment and Monetization:

including, for example, live and on-demand Cloud TV services (SVOD, TVOD, and AVOD), live broadcasting, content syndication and publishing, and user-generated content portals.

We distinguish in our financial reporting between revenue and gross profit from Subscription and Professional Services that are attained from customers who use us to address the Entertainment & Monetization use case (“Media & Telecom” reporting segment, or “M&T”), to those that are attained from customers who are using us to address all other use cases (“Enterprise, Education, and Technology” reporting segment, or “EE&T”).

This market segment includes cloud-based software systems designed to power large-scale over-the-top (“OTT”) and cloud television services across devices and monetization models.

These systems support content ingestion, management, distribution, personalization, analytics, and monetization for media companies, telecommunications providers, and other content owners.

◦ Key projected growth drivers include:

▪ continued migration from legacy broadcast and IPTV systems to cloud-based OTT platforms;

▪ demand for flexible monetization models and personalized viewing experiences;

▪ increased use of AI-assisted metadata generation, content discovery, and personalization technologies;

▪ fragmentation of consumer viewing behavior across devices and platforms, increasing demand for unified, cloud-based control planes that manage delivery, experience, and analytics consistently;

▪ rising adoption of hybrid monetization strategies (AVOD, freemium, and bundled offerings), requiring agile software platforms that can support rapid experimentation and optimization;

▪ pressure to reduce infrastructure costs and improve operational agility, accelerating shifts toward elastic, consumption-based cloud architectures;

▪ growing importance of data-driven audience insights, as content owners seek granular analytics to inform programming, acquisition, and monetization decisions;

▪ globalization of streaming services, increasing the need for scalable localization, regional compliance, and multi-territory rights management.

Reportable Segments

We organize our business into two reporting segments:

(i) Enterprise, Education, and Technology (“EE&T”);

and (ii) Media and Telecom (“M&T”).

Accordingly, our financial reporting distinguishes between revenue and gross profit from Subscription and Professional Services from customers who use our products and services to address Entertainment & Monetization use cases (for their audiences), reported in our M&T segment, and those that are attained from customers who are using us to address all other use cases (for their customers, employees, and learners), reported in our EE&T segment.

These segments share a common underlying platform consisting of our API-based architecture, as well as unified product development, operations, and administrative resources.

For additional information on our reportable segments, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 14, Reportable Segments and Geographical Information, to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Kaltura’s platform and products support a broad range of use cases across customer-facing, employee-facing, learner-facing, and audience-facing scenarios.

Our offerings are designed to enable organizations to efficiently create rich media content, manage that content securely and at scale, and deliver engaging, personalized, and increasingly conversational experiences that support specific business outcomes.

Across these use cases, organizations leverage Kaltura to scale rich media content creation and personalization, reduce operational complexity and cost through automation, and improve engagement, effectiveness, and measurable outcomes through interactive and AI-driven experiences.

Customer-Facing Use Cases

Organizations can use Kaltura to engage prospects and customers across marketing, sales, commerce, enablement, training, and support journeys, combining rich media content with conversational and agentic experiences.

◦ Key customer-facing use cases include:

▪ Buyer enablement , using video, rich media content hubs, and conversational agents to deliver product information, demonstrations, and guided assistance throughout the buying process;

▪ Account-based marketing (“ABM”) , creating personalized, account-specific content hubs and experiences that dynamically assemble targeted video and rich media content and incorporate conversational agents to guide engagement and surface relevant information;

▪ E-commerce and digital commerce , supporting product discovery, education, and conversion through video, interactive rich media, and conversational agents embedded alongside product content;

▪ Customer and partner training and certification , delivering structured learning pathways, onboarding, and certification programs using video, assessments, and conversational guidance;

▪ Customer care and support , augmenting service operations with rich media knowledge bases and conversational agents that provide guidance, troubleshooting, and contextual assistance;

▪ Field service and support , delivering contextual video and rich media guidance to support technicians and field teams in real time or on demand.

Employee-Facing Use Cases

Organizations can use Kaltura to support internal communications, workforce enablement, and operational efficiency across distributed and hybrid work environments.

◦ Key employee-facing use cases include:

▪ Recruiting , engaging candidates through video-based communications, employer branding content, and conversational agents that assist candidates and hiring teams throughout the hiring process;

▪ Learning and development , delivering onboarding, training, compliance, upskilling, and certification programs using video, interactive content, and conversational agents that personalize learning paths;

▪ Internal communications and employee service delivery, supporting executive communications, town halls, knowledge sharing, change management initiatives, and internal HR service center use cases through rich media content hubs and conversational interfaces that help employees discover information and receive guided assistance;

▪ Helpdesk and internal support , augmenting IT and operational support functions with rich media resources and conversational agents that assist employees with common requests, troubleshooting, and workflow-based tasks.

Learner-Facing Use Cases

Educational institutions and training organizations can use Kaltura to support teaching, learning, and certification across formal and informal learning environments.

◦ Key learner-facing use cases include:

▪ Teaching and instruction , delivering lectures, tutorials, and interactive learning experiences through video and rich media, supported by conversational agents that assist learners with explanations, practice, and assessment.

These capabilities are designed to provide consistent, on-demand support, improve learner engagement, and enhance comprehension across diverse learning styles and contexts;

▪ Training and certification , supporting professional education, continuing education, and credentialing programs with structured content, assessments, and guided conversational support.

AI-assisted and conversational capabilities are designed to help organizations scale learning programs more efficiently, support larger learner populations without proportional increases in instructional resources, and improve learner engagement, completion, and certification outcomes.

Audience-Facing Use Cases

Media companies, telecommunications providers, and content owners can use Kaltura to deliver large-scale entertainment and monetization experiences to consumer audiences.

◦ Key audience-facing use cases include:

▪ Entertainment and streaming , powering live and on-demand television and streaming services across devices using cloud TV platforms and streaming applications;

▪ Content monetization, supporting subscription, transactional, and advertising-based business models through scalable content management, personalization, analytics, and monetization capabilities.

Cross-Cutting Value Across Use Cases

Across all use cases, organizations leverage Kaltura’s platform to:

▪ create and personalize video and rich media content efficiently using AI-assisted and AI-generated tools;

▪ deliver engaging, interactive, and conversational experiences tailored to different users, roles, and contexts;

▪ improve measurable outcomes while reducing operational complexity and cost.

Key Market Trends

The nature of video experiences has transformed in recent years.

Several major trends have played a role in this evolution:

• Shift to Remote Work and Education:

Organizations worldwide continue to adopt remote and hybrid work and learning arrangements, relying heavily on video to create comprehensive digital experiences at scale.

The need for high-quality remote and hybrid solutions has further increased as businesses reduce travel budgets and seek to lower their carbon footprint and further adapt to the remote experiences culture of their audiences.

As a result, we have observed a growing demand for integrated video workflows, analytics, and engagement tools that can accommodate diverse use cases from employee collaboration and corporate training, to academic instruction and online events.

• Events are No Longer just In-Person :

Marketers and event organizers are increasingly incorporating virtual and hybrid formats into their engagement strategies.

Video remains at the core of these experiences, and we experience a corresponding rise in demand for detailed engagement analytics and hyper-personalized content.

As organizations seek to connect with audiences both on-site and remotely, comprehensive virtual event solutions that provide high-quality interactivity and robust performance metrics become increasingly essential.

• Growing Importance of Employer Branding :

Companies are intensifying their focus on employer branding, both externally to customers and prospects, and internally to recruit and retain talent.

This convergence of external marketing and internal communications requires the same level of production quality and user experience for all audiences.

As a result, video-based solutions for communications and branding must be flexible, scalable, and consistent in look and feel across different channels.

• Focus on First Party Data :

With increasing privacy regulations and evolving consumer expectations, we believe that first-party data has and will increasingly become a strategic asset.

Organizations are investing in platforms such as video experience platforms that help them gather and leverage their own user data rather than relying on third-party sources.

These capabilities are built to enable deeper audience insights, more effective personalization, and stronger control over compliance and data governance, and better control the organization's secured environments and resources.

• Increased Demand for Vendor Consolidation :

Many businesses are seeking to streamline operations and maximize value by consolidating their technology vendors.

While cost savings remain an important motivator, organizations are also focused on improving overall efficiency, performance, and agility.

Companies increasingly look for comprehensive platforms that address multiple digital transformation needs, such as webinars, virtual events, corporate communications, and live streaming, within a single ecosystem.

This approach is intended to reduce complexity, simplify vendor management, and support more cohesive long-term digital strategies.

• Generative Artificial Intelligence on the Rise :

The emergence of generative AI has opened new avenues for automating workflows, increasing productivity, and lowering costs across industries and departments.

Real-time, automated production of highly personalized, contextually relevant video and other rich media has the potential to substantially boost both the creation and consumption of video experiences.

As organizations are expected to produce more rich content, we anticipate growing demand for robust content management solutions and advanced digital experiences.

Generative AI has particularly gained popularity among marketing teams, who are leveraging AI-driven tools in a wide range of video-based campaigns.

We believe the expanded adoption of Gen AI will continue to influence both technology investments and the strategic direction of video-centric solutions.

• Rise of Over-The-Top (OTT) Video :

Television content delivery continues its migration to internet-based (OTT) services, allowing providers to bypass traditional broadcast models and reach consumers directly.

At the same time, enterprises, smaller organizations, and even individuals can now produce and distribute video content locally and globally.

This shift has driven demand for high-performance, user-friendly, highly customizable platforms that support live and on-demand video, advanced monetization models, and a seamless cross-device viewer experience.

Challenges That Organizations Who Want to Use Video Currently Face

As video continues to grow as a primary medium for communication, collaboration, learning, marketing, and entertainment, many organizations will have to navigate new complexities.

In a challenging economic environment, organizations are under pressure to deliver measurable results with reduced budgets and to reinvent themselves amid a fast-evolving Gen AI landscape.

Without cohesive video-centric strategies and robust analytics to support those activities, these efforts often fall short of achieving the desired engagement and return on spend.

The following are some of the challenges that we have observed organizations frequently encounter:

• Limited integration of video into existing processes, tools and systems :

Most video solutions are standalone applications that are not sufficiently integrated into existing workflows and applications.

Without deep integration, video experiences do not fulfill their full potential and often fall short of delivering on their intended business impact.

For example, marketing departments are under pressure to deliver measurable leads and conversions with increasingly smaller marketing budgets and a pressured B2B marketing funnel.

Without deeply integrating video experiences into the lead generation workflows, customer and campaign data, and MARTECH systems, marketing efforts may fail to drive the desired customer engagement and return on investment.

• Dealing with a large number of single purpose and often redundant video applications :

Many organizations are working with multiple vendors who offer point solutions for seemingly separable use cases.

This also often includes utilizing different providers for on-demand, live, and real-time video, instead of meshing these experiences together.

These organizations may suffer from limited functionality, a lack of cohesiveness and inconsistent user experience, disjointed workflows, content silos, and fragmented analytics that lack a holistic view of user behavior.

All of this reduces usability and user engagement, adds unnecessary complexities and costs, and lowers return-on-investment, efficiency and productivity.

• Still offering mostly non-personalized lean-back viewing experiences :

Many video-based experiences remain “lean-back”, offering minimal engagement and limited data capture.

Without personalized interactions and advanced analytics, organizations may struggle to derive meaningful insights or nurture deeper employee and customer relationships.

To that end, while the introduction of new Gen AI technology can dramatically boost personalization, organizations often find it difficult to adopt new capabilities and insert them deeply into their workflows.

• Being vulnerable to mission-critical risks and liabilities :

Security, availability, resilience and data protection remain top concerns for any enterprise, and even more so for organizations that are operating in regulated sectors.

Video is a complex and demanding data type, and many video solutions fail to fully adhere to the most stringent compliance and governance requirements, resulting not just in limited functionality and adoption, and in unnecessary complexities and costs, but also in greater risks compared to enterprise-grade solutions.

How Kaltura Addresses Organizations' Video Challenges

Customers trust Kaltura to power their video experiences for the following main reasons:

• Advanced, Flexible and Modular Video Content Management :

Our API-first architecture and hundreds of APIs, comprehensive software development kits (“SDK”) and Experience Components, and vast ecosystem of integration partners provide to organizations of all sizes across diverse industries the leading content management capabilities with a very high degree of integration, customization and flexibility.

We believe this is key to successfully addressing business challenges and needs, security requirements, cost-efficiencies, and user-experiences.

For example, in the case of marketing this enables us to deeply integrate into marketing workflows and with third party marketing products, and through that to boost the marketing funnel.

To that end, it is noteworthy that Kaltura’s design approach to foster flexibility, modularity, and ecosystem collaboration stems not only from its sound business rationale, but also from our founding values of openness, flexibility, and collaboration.

Since our inception we have wholeheartedly believed that video is a great equalizer, connecting people of diverse backgrounds, languages, industries, and accessibility needs, and that by enabling organizations to deeply integrate it into workflows, we help them achieve their own business goals and objectives.

• A Single Platform for All Video Experiences :

Kaltura’s extensive and diverse product portfolio is designed to address a broad spectrum of employee and customer experience use cases, while also meeting the distinct needs of multiple functional decision-makers - including Chief Marketing Officers, Chief Information Officers, Chief Technology Officers, and Chief Learning Officers - through a single, consolidated platform.

This integrated approach avoids fragmentation of workflows, siloing of content, complexities, and redundant costs, fostering consistency and cost efficiency.

Moreover, by owning the entire employee and customer journey we can collect their complete data, generate comprehensive insights, and maximize engagement and business results.

This is even more crucial in the age of Gen AI, where having access to the complete data across the entire employee and customer journeys can yield the best insights and business outcomes.

For example, in the same aforementioned case of marketing – our offerings span from interactive videos embedded in corporate websites and CMS integrations, to video-driven marketing events and portals, through customer education programs like academies and enablement hubs.

This enables us to collect all of the user data and offer consistent engagement throughout their lifecycle, including effective hyper-personalized experiences with the use of evolving Gen AI technologies.

• Heightened Engagement, Interactivity, and Personalization:

Our offerings include a wide array of “lean forward” experiences that promote engagement and interactivity.

Our Gen AI-powered capabilities and developments, are building on our advanced content management, deep workflow integrations, and enterprise-wide data collection to offer hyper-personalized and hyper-contextualized immersive digital experiences, while designed to address enterprise-grade data integrity and privacy requirements, and adhere to our customers' AI policies.

• Built for Enterprise :

Our cloud-native architecture is designed to serve millions of concurrent viewers, supported by high-availability infrastructure, helping facilitate robust mission-critical performance at scale.

We meet global data security and privacy requirements through secure deployment options and regional data sovereignty, as well as by adhering to international compliance schemes and certifications such as ISO and SOC 2.

In addition, we strive to address the needs of all users by integrating accessibility features that align with recognized global standards, reflecting our commitment to inclusivity.

These capabilities also enable us to successfully cater to heavily regulated industries - such as healthcare, government, and financial services.

We believe our extensive experience in executing large-scale, highly secure video projects allows us to help organizations achieve meaningful business results without compromising on security, privacy, resilience, and accessibility requirements.

The nature of digital engagement and media-driven experiences continues to evolve.

We believe several key trends are shaping how organizations create, manage, and deliver video and other forms of rich media across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

• Continued Expansion of Video and Rich Media Across Mission-Critical Enterprise Workflows:

Video and rich media have become foundational elements of digital engagement across enterprises, educational institutions, and media organizations.

Organizations increasingly rely on video and other rich media to support mission-critical marketing, sales, communications, learning, training, and entertainment use cases.

As these use cases expand, organizations are producing and consuming significantly greater volumes of content across more formats, channels, audiences, and devices.

We believe this continued expansion increases the importance of centralized, enterprise-grade platforms that can securely manage rich media assets, integrate deeply into business workflows and systems, and deliver consistent experiences across multiple touchpoints.

• Rising Demand for Cost-Effective Content Creation and Personalization at Scale:

Organizations face increasing pressure to deliver more relevant, personalized, and timely digital experiences while controlling costs and operational complexity.

Traditional content production methods are often labor-intensive, time-consuming, and expensive, making large-scale personalization difficult to sustain.

Advances in AI-assisted and AI-generated content creation are enabling organizations to automate and enhance tasks such as video editing, repurposing, localization, accessibility, and personalization.

These capabilities allow organizations to produce significantly more content variants and personalized experiences at lower marginal cost.

We believe this trend is accelerating demand for platforms that can support hyper-personalized rich media creation at scale while reducing production time, labor, and cost.

• Shift from Static Digital Experiences to Conversational and Interactive Engagement:

Traditional digital experiences, such as static websites and one-size-fits-all content, are increasingly insufficient to meet user expectations for relevance, responsiveness, and guidance.

Users increasingly expect interactive and conversational experiences that adapt dynamically to their needs, context, and intent.

We believe conversation automation solutions, including conversational agents and avatar-based interactions enhanced by rich media, represent a structural shift toward more adaptive, outcome-oriented digital experiences.

These solutions are designed to guide users through discovery, learning, support, and decision-making processes while enabling organizations to scale personalized interactions efficiently and reduce reliance on manual human intervention.

• Growing Importance of First-Party Data, Journey Insight, and Intent Understanding:

As privacy regulations evolve and the availability of third-party data declines, organizations are placing greater emphasis on first-party data generated through direct user interactions.

Video, rich media, and conversational experiences generate rich engagement signals that can provide insight into user behavior, preferences, and intent.

We believe platforms that can capture, analyze, and activate this data across the full user journey enable more effective personalization, content sequencing, orchestration, and decision-making.

This trend increases the strategic value of integrated platforms that combine content management, engagement analytics, and journey-level insight across multiple experiences and touchpoints.

• Increased Focus on Automation, Efficiency, and Measurable Business Outcomes:

Organizations across industries are under pressure to demonstrate clear return on investment from digital initiatives while operating under budget and resource constraints.

There is growing demand for solutions that automate workflows, reduce manual effort, and improve operational efficiency across content creation, management, and engagement.

AI-driven automation of tasks such as metadata enrichment, accessibility, moderation, localization, publishing, and engagement analysis is increasingly viewed as a way to lower operating costs while improving consistency, scalability, and speed to market.

At the same time, organizations are seeking more measurable outcomes from digital experiences, including improved engagement, conversion, learning effectiveness, employee productivity, and monetization.

• Increased Focus on Platform Consolidation and Cost Efficiency:

Organizations continue to face pressure to reduce operational complexity and manage technology costs while supporting an expanding set of digital engagement use cases.

Many enterprises and institutions have accumulated fragmented portfolios of point solutions for content creation, management, delivery, analytics, and engagement, leading to duplicated functionality.

We believe this environment is driving increased demand for consolidated, horizontal platforms that can support multiple use cases, audiences, and workflows within a single, integrated architecture.

Platforms that unify content creation, management, delivery, automation, and engagement are increasingly viewed as a means to improve efficiency, simplify operations, and reduce costs.

• Heightened Emphasis on Security, Compliance, and Responsible AI:

As video, rich media, and AI-driven engagement become increasingly embedded in mission-critical workflows, organizations are placing greater emphasis on security, privacy, compliance, and responsible AI practices.

This is particularly pronounced in regulated industries and in environments involving sensitive personal, educational, or customer data.

The adoption of AI-assisted and conversational technologies has introduced additional considerations related to data governance, model usage, transparency, and control.

We believe organizations increasingly seek platforms that can support advanced AI-driven capabilities while operating within enterprise-grade security frameworks, complying with regional and industry-specific regulations, and enabling customer control over data usage and AI behavior.

• Continued Evolution of Cloud-Based Media and Streaming Technologies:

In the media and telecommunications sector, content delivery continues to shift toward cloud-based, over-the-top (“OTT”) and streaming models.

Content owners and service providers seek flexible, cloud-native platforms that support multi-device distribution, personalization, analytics, and diverse monetization models.

Advances in AI-assisted metadata generation, content discovery, and personalization are increasingly used to improve viewer engagement and monetization, while cloud-native architectures enable scalability, resilience, and cost efficiency.

We believe these trends are collectively driving demand for platforms that unify rich media content creation, management, delivery, and conversational engagement within a single, integrated architecture, supported by automation, analytics, and enterprise-grade security, compliance, and governance.

As organizations seek to deliver more personalized, interactive, and outcome-oriented digital experiences at scale, while reducing operational complexity and cost and managing the risks associated with AI adoption, we believe integrated, AI-enabled rich media platforms are becoming increasingly strategic to digital transformation initiatives.

Challenges That Organizations Face When Using Video and Rich Media

As video and rich media continue to expand as primary channels for communication, engagement, learning, and entertainment, organizations face a growing set of operational, technical, and strategic challenges.

At the same time, organizations are under increasing pressure to demonstrate measurable outcomes, improve efficiency, and control costs while adapting to rapidly evolving AI-driven technologies and rising user expectations.

We have observed the following challenges frequently encountered by organizations seeking to deploy video, rich media, and conversational digital experiences at scale:

• Difficulty Creating and Personalizing Rich Media Content at Scale and at Reasonable Cost:

Organizations are expected to produce increasing volumes of rich media content tailored to different users, roles, contexts, and stages of engagement.

Traditional content production workflows are often labor-intensive, costly, and slow, making large-scale personalization difficult to achieve.

Without AI-assisted and AI-generated capabilities for content creation, repurposing, localization, accessibility, and editing, organizations may struggle to keep pace with demand for personalized and context-aware experiences.

As expectations shift toward hyper-personalized interactions across customer, employee, learner, and audience journeys, the cost and complexity of manual production methods become increasingly prohibitive.

• Fragmented Content Management and Operational Complexity:

Many organizations rely on multiple, disconnected tools to create, store, distribute, and analyze video and rich media content.

This fragmentation can result in content silos, inconsistent governance, redundant workflows, limited content reuse, and fragmented analytics.

Managing permissions, compliance, accessibility, localization, and lifecycle processes across disparate systems increases operational burden and cost, while limiting the organization’s ability to gain a unified view of content performance and user engagement.

As content volumes, formats, and distribution channels grow, these challenges become more acute.

• Limited Ability to Deliver Contextual, Conversational, and Outcome-Oriented Experiences:

Many digital experiences remain static and one-size-fits-all, offering limited interactivity and personalization.

As user expectations evolve, organizations increasingly seek experiences that adapt dynamically, respond to intent, and guide users toward specific outcomes.

Without integrated conversation automation and agentic engagement capabilities, organizations may be unable to scale personalized interactions effectively.

As a result, they often rely on manual human intervention or static content that does not adjust to individual needs, limiting engagement, efficiency, and effectiveness.

• Insufficient Insight into User Behavior, Intent, and Journey Progression:

Organizations often lack the ability to understand how users engage with content across multiple touchpoints and over time.

Fragmented systems and limited analytics can prevent organizations from capturing meaningful first-party data and translating engagement signals into actionable insight.

Without a clear understanding of user behavior, context, and intent, organizations may struggle to optimize content sequencing, personalize experiences, measure performance, or guide users effectively through complex journeys.

• Operational and Compliance Risks in Mission-Critical Environments:

Video and rich media are complex data types that introduce security, privacy, compliance, and availability challenges, particularly in regulated industries and large-scale deployments.

Organizations must ensure secure access, data protection, regional compliance, accessibility, and high availability across all content and experiences.

Failure to meet applicable regulatory, contractual, or accessibility requirements may expose organizations to enforcement actions, penalties, fines, or other sanctions.

Solutions that are not designed for enterprise-grade governance and resilience can expose organizations to operational risk, increased cost, potential regulatory exposure, and limited adoption, especially as content volumes and engagement complexity grow.

• Pressure to Improve Efficiency and Demonstrate Measurable Return on Investment:

In a constrained economic environment, organizations are increasingly focused on improving productivity and demonstrating clear return on investment from digital initiatives.

Manual workflows, fragmented tools, and limited automation increase operational costs while slowing execution and reducing effectiveness.

Organizations are seeking solutions that automate content creation, management, and engagement workflows;

reduce reliance on manual processes;

and deliver measurable improvements in engagement, conversion, learning outcomes, employee productivity, and monetization.

We believe these challenges underscore the need for integrated platforms that can reduce complexity, lower costs, and enable scalable personalization and engagement.

Organizations are increasingly seeking solutions that unify rich media creation, management, conversational interaction, and analytics within enterprise-grade governance frameworks, while delivering measurable business outcomes across digital journeys.

How Kaltura Addresses Organizations’ Video and Rich Media Challenges

Organizations rely on Kaltura to address the operational, technical, and strategic challenges associated with creating, managing, and delivering video and rich media experiences at scale.

Our platform is designed to help organizations reduce cost and complexity, increase efficiency, improve personalization and engagement, and achieve measurable business outcomes across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

• Cost-Effective Creation and Personalization of Rich Media at Scale:

Kaltura enables organizations to create, adapt, and personalize video and rich media content efficiently, including through a combination of AI-assisted and AI-generated capabilities.

Our content creation tools automate and enhance workflows such as recording, editing, repurposing, localization, accessibility, and in-video interactivity, including AI-generated quizzes and assessments.

These capabilities are designed to reduce reliance on manual production processes, enabling organizations to produce significantly more content variants and personalized experiences without a proportional increase in time, labor, or cost.

By supporting scalable personalization across multiple audiences, roles, and contexts, Kaltura helps organizations deliver more relevant experiences while improving return on investment from their content initiatives.

• Unified, Enterprise-Grade Rich Media Content Management:

Kaltura provides centralized, enterprise-grade management of video and rich media assets through platforms designed to support governance, security, scalability, and deep workflow integration.

Our content management systems enable organizations to manage live and on-demand content, users, permissions, metadata, and lifecycle processes across enterprise and media environments.

By consolidating content management within a single platform, organizations can reduce fragmentation, eliminate redundant tools, improve reuse of content assets, and gain a unified view of engagement and performance.

This approach supports consistent governance and compliance while enabling organizations to operate more efficiently as content volumes and complexity increase.

• Automation Through AI-Driven Workflow Agents:

Kaltura’s platform increasingly incorporates AI-driven workflow agents designed to automate operational processes across the content lifecycle.

These workflow agents assist with tasks such as metadata enrichment, transcription, translation, captioning, dubbing, content moderation and compliance checks, localization, publishing, lifecycle management, and analytics-driven optimization.

By automating these workflows within defined governance frameworks, Kaltura helps organizations reduce manual effort, accelerate time to market, improve consistency and accuracy, and lower operational costs.

These capabilities are particularly important for organizations seeking to scale content operations while maintaining quality, compliance, and efficiency.

• Conversational and Agentic Rich Media Experiences:

Kaltura enables organizations to move beyond static, one-size-fits-all digital experiences by delivering interactive, conversational, and increasingly agentic rich media experiences.

Through Conversational Rich Media Agents, organizations can engage users through role-based, goal-oriented interactions that incorporate video, audio, text, images, infographics, and other interactive elements.

These agents can be deployed with or without visual avatars, embedded alongside individual content assets, or integrated into broader experiences such as content hubs, virtual events, learning environments, and customer-facing applications.

AI-driven and agentic capabilities enable these experiences to guide users dynamically, support specific outcomes, and scale personalized interactions more cost-effectively than manual approaches.

By enabling hyper-personalized content creation and conversational engagement at scale, these capabilities are designed to help organizations reduce reliance on manual processes, lower operational costs, and improve engagement and conversion outcomes across a range of digital journeys.

• Deeper Insight into User Behavior, Context, and Journeys:

Kaltura’s platform captures rich first-party data generated through user interactions with video, rich media, and conversational experiences.

Our analytics capabilities provide insight into how users engage with content over time, enabling organizations to better understand behavior, preferences, and progression across journeys.

By combining engagement data with content management and experience delivery, organizations can optimize content sequencing, personalize interactions, improve targeting, and measure the effectiveness of their digital initiatives.

These insights support more informed decision-making across marketing, learning, communications, customer engagement, and media operations.

• Enterprise-Grade Security, Compliance, and Reliability:

Kaltura’s platform is built to meet the requirements of mission-critical and regulated environments.

Our cloud-native architecture supports large-scale deployments with high availability, performance, and resilience, while offering flexible deployment options to address data sovereignty and regulatory requirements.

We incorporate robust security controls, privacy protections, accessibility features, and compliance certifications designed to help organizations manage risk while delivering rich media and AI-driven experiences at scale.

This enterprise-grade foundation enables customers to adopt advanced AI-assisted and conversational capabilities without compromising security, privacy, or governance.

• Measurable Outcomes and Improved Return on Investment:

By combining cost-effective content creation, automated workflows, centralized management, conversational engagement, and analytics, Kaltura enables organizations to improve engagement, productivity, and effectiveness across a wide range of use cases.

Our platform is designed to help organizations reduce operational complexity and cost while achieving measurable improvements in conversion, learning outcomes, employee enablement, audience engagement, and monetization.

We believe Kaltura’s integrated platform addresses the core challenges organizations face as video, rich media, and conversational experiences become central to digital engagement.

By unifying creation, management, automation, conversational interaction, and analytics within an enterprise-grade framework, Kaltura enables organizations to deliver more personalized, efficient, and outcome-oriented experiences at scale.

Market Recognition of Kaltura

Our products received multiple awards and industry recognition in 2024, reflecting our continued effort to foster innovation and customer satisfaction.

These include:

Industry Recognition

• Gartner’s Market Guide for Meeting Solutions (2025) :

(1) Kaltura recognized in this report as a “Representative Vendor”

• Gartner’s Magic Quadrant and Gartner’s Critical Capabilities for Event Technology Platforms (2024) :

(2) Kaltura recognized in these reports.

• Digiday Technology Awards (2024) :

Best Video Management Platform (Winner).

• MarTech Awards (2024) :

Best Overall Event Solution Provider, Best Virtual Event Platform (North America).

• Eventex Awards (2023–2024) :

Best Webinar Software (Winner, 2023), Best Audience Engagement Technology (Gold, 2024), Best Event Technology (Silver, 2024), Best Virtual Event Platform (Silver, 2024).

• Event Technology Awards (US & Canada, 2024) :

Best Virtual / Hybrid Event Platform (Winner).

• G2 (2024) :

Multiple “Leader” recognitions, including Mid-Market and Americas segments.

• Frost & Sullivan's Radar for Media & Entertainment 2024 :

Named one of top 5 solutions worldwide, highlighting our flexible architecture, modularity and scalability.

• ‘FEED Special Recognition in AI’ (2024) :

The magazine’s 2024 Honor List for Kaltura’s Media and Telecom new GenAI features for Streaming Services.

Recognition by Gartner

In 2025, we were recognized in the 2025 Gartner Market Guide for Meeting Solutions.

(3) In 2024, we were recognized in the 2024 Gartner Magic Quadrant for Event Technology Platforms (4) , the 2024 Gartner Critical Capabilities for Event Technology Platforms (5) , and in Gartner 2024 Competitive Landscape:

Kaltura’s products received multiple awards and industry and customer recognition in recent years, reflecting its continued efforts to foster innovation and customer satisfaction .

Enterprise Video and Rich Media Content Creation and Management Systems

In 2025, Kaltura was recognized in the Gartner® Market Guide for Video Platform Services.

(1) We believe Kaltura’s inclusion reflects its capabilities in scalable video infrastructure and delivery, integration with enterprise workflows, and implementation of artificial intelligence in content creation, management, and engagement.

Earlier recognition by Gartner® under this market segment include:

In 2024, Kaltura was recognized in Gartner® Competitive Landscape:

Video Platform Services.

In 2023, we were recognized in Gartner 2023 Market Guide for Event Technology Platforms, (7) the 2023 Gartner Market Guide for Meeting Solutions, (8) and the Market Finder and Use Case Guide for Meetings and Virtual Events.

1 Gartner® Market Guide for Meeting Solutions, By Christopher Trueman, Lacy Lei, Adam Prese, 28 January, 2025

2 Gartner® Magic Quadrant™ for Event Technology Platforms, Christy Ferguson et al., 18 March 2024, and Gartner®, Critical Capabilities for Event Technology Platforms, Christy Ferguson et al., 20 March 2024

3 Gartner's Magic Quadrant and Critical Capabilities references are provided for historical purposes only and do not reflect current market recognition

4 Gartner® Magic Quadrant™ for Event Technology Platforms, Christy Ferguson et al., 18 March 2024

5 Gartner®, Critical Capabilities for Event Technology Platforms, Christy Ferguson et al., 20 March 2024

6 Gartner®, Competitive Landscape:

Video Platform Services, Amol Nerlekar, 18 December 2024

7 Gartner®, Market Guide for Event Technology Platforms, Christy Ferguson et al., 5 June 2023 (This research has already archived)

8 Gartner®, Market Guide for Meeting Solutions, Tapan Upmanyu et al., 21 November 2023 (This research has already archived)

9 Gartner®, Market Finder and Use Case Guide for Meetings and Virtual Events, Christopher Trueman et al., 16 August 2023

In 2021, we were recognized as a Visionary in the 2021 Gartner® Magic Quadrant™ for Meeting Solutions, (10) and we ranked 4 th in the ‘External Presentation’ (4.44/5) Use Case, and 5 th in the ‘Learning and Training’ (4.32/5), and ‘Webinar’ (4.16/5) Use Cases in the Gartner 2021 Critical Capabilities for Meeting Solutions Report.

2020 and before

We were also recognized as a Representative Vendor in the 2020 Gartner Market Guide for Enterprise Video Content Management.

(12) We have been included in Gartner research reports on this since 2013, where we were listed as a Leader for 5 consecutive times in the Magic Quadrant for Enterprise Video Content Management report (13) and ranked highest score in all 4 Use Cases in the last-published Critical Capabilities for Enterprise Video Content Management report.

Kaltura was also recognized as a Representative Vendor in the 2020 Gartner® Market Guide for Enterprise Video Content Management.

(3) We have been included in Gartner® research reports for Enterprise Video Content Management since 2013, where we were listed as a Leader for 5 consecutive times in the Magic Quadrant for Enterprise Video Content Management report (4) and ranked highest score in all 4 Use Cases in the last-published Critical Capabilities for Enterprise Video Content Management report.

(5) Gartner® discontinued publication of this Magic Quadrant for Enterprise Video Content Management report in 2018 and of the correlating Critical Capabilities report in 2019.

Past Recognition by Forrester

In March 2023, we were recognized as a Contender in The 2023 Forrester Wave™:

B2B Event Management Technology.

In November 2022, we were recognized as a Notable Vendor in The 2022 Forrester B2B Event Management Technology Landscape.

In March 2021, we were also cited as a Strong Performer in The 2021Forrester Wave™:

B2B Marketing Events Management Solutions.

Customer Recognition

We have also received customer recognition.

As of January 29, 2025, we received a rating of 4.2/5 from 5 reviews for Event Technology Platforms (15) , and 4.5/5 from 62 reviews for Meeting Solutions (16) and 4.5/5 from 29 reviews for Enterprise Video Content Management (17) by customers on Gartner® Peer Insights™.

Also in 2025, Kaltura was named a Leader in the IDC MarketScape:

Worldwide AI-Enabled Enterprise Video Platform Vendor Assessment.

The IDC MarketScape report provides a quantitative and qualitative assessment of vendors within a specific market, analyzing strategies, capabilities, and success factors.

The report evaluated vendors’ abilities to deliver AI-enabled video solutions that support content creation, management, analytics, and engagement across enterprise use cases.

In 2025 Kaltura has also been named the Leader in Frost & Sullivan’s Global Enterprise Video Platform Market report, which analyzed market trends, competitive dynamics, and growth opportunities across enterprise video and rich media solutions.

The report highlighted the increasing convergence of video, data, and AI, and the growing importance of platforms that support scalable, secure, and integrated digital experiences.

Virtual Events, Webinars, and Interactive Learning Experiences

In 2025, Kaltura was recognized in the Gartner® Market Guide for Meeting Solutions.

We believe Kaltura’s inclusion reflects its capabilities across live video and real time conferencing, virtual events, webinars, virtual classrooms, and meeting experiences designed to support employee communications, learning, and engagement.

Earlier recognition by Gartner® under this market segment include:

In 2024, Kaltura was recognized in Gartner® 2024 Magic Quadrant for Event Technology Platforms (7) and Gartner® 2024 Critical Capabilities for Event Technology Platforms.

In 2023, Kaltura was recognized in Gartner® 2023 Market Guide for Event Technology Platforms, (9) the 2023 Gartner® Market Guide for Meeting Solutions, (10) and the Gartner® Market Finder and Use Case Guide for Meetings and Virtual Events.

In 2021, Kaltura was recognized as a Visionary in the 2021 Gartner® Magic Quadrant™ for Meeting Solutions, (12) and we ranked 4th in the ‘External Presentation’ (4.44/5) Use Case, and 5th in the ‘Learning and Training’ (4.32/5), and ‘Webinar’ (4.16/5) Use Cases in the Gartner® 2021 Critical Capabilities for Meeting Solutions Report.

At the very beginning of 2026, Kaltura was identified as a Notable Vendor in Forrester’s The Virtual Event Management Platforms Landscape, Q1 2026, which Kaltura believes reflects its capabilities in supporting virtual and hybrid events, webinars, and interactive experiences for marketing, learning, and communications use cases.

Earlier recognition by Forrester under this market segment include:

• We were recognized as a Contender in The Forrester Wave™:

B2B Event Management Technology, Q1 2023.

• We were recognized as a Notable Vendor in Forrester’s The B2B Event Management Technology Landscape, Q4 2022.

• We were also cited as a Strong Performer in The Forrester Wave™:

B2B Marketing Events Management Solutions, Q1 2021.

IDC has also confirmed that, Kaltura will be included in the 2026 IDC MarketScape and IDC ProductScape reports on Worldwide Virtual Event Applications.

In 2025, Kaltura swept the Eventex Awards with five Gold awards, recognizing its AI-powered event experiences and innovation across virtual and hybrid events.

In 2024, Kaltura was named Best Overall Event Management Solution Provider in the MarTech Breakthrough Awards program, recognizing excellence in marketing technology solutions supporting digital engagement and events.

In 2024, Kaltura was named Best Virtual / Hybrid Event Platform (Winner) in the Event Technology Awards (US & Canada, 2024), and Best Overall Event Solution Provider, Best Virtual Event Platform (North America) in MarTech Awards.

Conversation Automation and Agentic Engagement Solutions

In 2025, Kaltura was awarded Best Breakthrough Award for Innovation for its Class Genie agent.

Cloud TV Software

In 2024, Kaltura was named one of top 5 solutions worldwide in Frost & Sullivan's Radar for Media & Entertainment, highlighting our flexible architecture, modularity and scalability.

In 2025, Kaltura TV Genie was named a Streaming Product of the Year at the NAB Show, recognizing innovation in cloud-based television and streaming technology.

In 2024, Kaltura Media and Telecom was awarded the ‘FEED Special Recognition in AI’, the magazine’s 2024 Honor List for Kaltura’s new GenAI features for Streaming Services.

GARTNER is a registered trademark and service mark of Gartner, Inc.

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Gartner Content speaks as of its original publication date (and not as of the date of this Form 10-K) and the opinions expressed in the Gartner Content are subject to change without notice.

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications.

Information is based on the best available resources.

Opinions reflect judgment at the time and are subject to change.

For more information, read about Forrester’s objectivity at https://www.forrester.com/about-us/objectivity

1 Gartner® Market Guide for Meeting Solutions, By Christopher Trueman, Lacy Lei, Adam Prese, January 28, 2025.

2 Gartner® Magic Quadrant™ for Event Technology Platforms, Christy Ferguson et al, March 18, 2024 (This research has already archived).

3 Gartner®, Critical Capabilities for Event Technology Platforms, Christy Ferguson et al, March 20, 2024 (This research has already archived).

4 Gartner®, Competitive Landscape:

Video Platform Services, Amol Nerlekar, December 18, 2024.

5 Gartner®, Market Guide for Event Technology Platforms, Christy Ferguson et al, June 5, 2023 (This research has already archived).

6 Gartner®, Market Guide for Meeting Solutions, Tapan Upmanyu et al, November 21, 2023 (This research has already archived).

7 Gartner®, Market Finder and Use Case Guide for Meetings and Virtual Events, Christopher Trueman et al, August 16, 2023 (This research has already archived).

8 Gartner®, Magic Quadrant for Meeting Solutions, Mike Fasciani et al, October 7, 2021 (This research has already archived).

3 unchanged sentences

12 Gartner®, Critical Capabilities for Enterprise Video Content Management, Stephen Emmott et al,March 29, 2019 (This research has already archived).

15 Gartner®, Peer Insights™, Kaltula in Event Technology Platforms, https://www.gartner.com/reviews/market/event-technology-platforms/vendor/kaltura/product/kaltura-events

16 Gartner®, Peer Insights™, Kaltura in Meeting Solutions, https://www.gartner.com/reviews/market/meeting-solutions/vendor/kaltura/product/kaltura-video-communications-and-collaboration-suite

17 Gartner®, Kaltura in Enterprise Video Content Management, https://www.gartner.com/reviews/market/enterprise-video-content-management/vendor/kaltura/product/kaltura-video-platform

Information is based on the best available resources.

Opinions reflect judgment at the time and are subject to change.

For more information, read about Forrester’s objectivity at https://www.forrester.com/about-us/objectivity/.

13 Gartner®, Market Guide for Video Platform Services, Amol Nerlekar et al, March 19, 2025.

Customers and Industries

As of December 31, 2024, we served approximately 850 customers 18 , including several of the world’s leading brands across multiple industries, such as technology, higher education and K-12, regulated industries (banking, government, healthcare, and life sciences), professional and commercial services (consulting, manufacturing, retail, real estate, and nonprofit organization), and media and telecommunications.

As of December 31, 2025, we served over 800 customers, including many of the world’s leading organizations across a broad range of industries, such as technology, higher education and K–12 education, regulated industries (including banking, government, healthcare, and life sciences), professional and commercial services, and media and telecommunications.

We serve 30 of the U.S.

Fortune 100, and more than 50% of the top U.S.

research universities (R1 Research Institutions).

Fortune 100, and more than 40% of the US R1 universities.

Additionally, our solutions power major global TV initiatives.

Most of our customers leverage several Kaltura products for a range of use cases across their organization.

Our customers deploy Kaltura to support mission-critical video and rich media use cases across customer-facing, employee-facing, learner-facing, and audience-facing scenarios.

Many customers use multiple Kaltura products and capabilities across several organizational functions, increasingly leveraging our platform across content creation, content management, and experience layers to support rich media engagement, personalization, and guided interactions across digital journeys.

Over the past several years, the percentage of our customers that utilize at least three Kaltura products has steadily increased to over 60% of total customers in the year ended December 31, 2025.

Similarly, a majority of our customers currently rely on Kaltura for multiple use cases.

Customer Profile and Geographic Reach

Our customers are global, spanning 53 countries, and during the year ended December 31, 2025, our technology reached end users in over 220 countries.

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We have sold our products to customers of all sizes, selling to large global enterprises as well as more recently to small and medium enterprises (“SMEs”).

We primarily serve large enterprises and institutions, which represent the substantial majority of our revenue.

These customers typically deploy Kaltura across multiple use cases, products, and departments, and often rely on our platform as a core component of their digital engagement, learning, communications, and media infrastructure.

Deployments at this scale often involve complex requirements related to security, compliance, integration, scalability, and global availability.

In addition, certain of our newer offerings – particularly AI-assisted content creation tools and conversational rich media agents – are designed to support more targeted departmental deployments and self-service adoption models.

These offerings may enable us to engage with smaller organizations, teams, or departments within larger enterprises, including through product-led and developer-led adoption motions.

While these offerings are currently complementary to our core enterprise business, we believe they may expand our addressable market over time.

As of December 31, 2025, our customer base included 290 customers with annualized recurring revenue (“ARR”) greater than $100,000 and 23 customers with ARR greater than $1.0 million.

The following are our main target industries, and their main use cases with our offerings:

◦ Major technology companies such as cloud service providers, enterprise and consumer software providers, semiconductor manufacturers, and EdTech vendors use Kaltura for deep video integrations into their applications, large-scale virtual events, marketing programs, customer engagement, learning and development, employee experience, and partner training and certification.

◦ We serve approximately 30% of the top 50 global technology companies.

• Higher Education and K-12

◦ Leading research universities, community colleges, and K-12 school systems use Kaltura for virtual classrooms, lecture capture, interactive video learning deeply integrated into Learning Management Systems and university systems, serving student and faculty in online and on-site classes, as well as career development, marketing and alumni relations.

◦ We serve more than 50% of R1 schools in the U.S.

18 As previously disclosed, in 2024, we updated our customer count methodology to treat subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system), as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer.

The change in methodology results in a decrease to our reported customer count as compared to the calculation under our prior methodology.

Target Industries and Use Cases

Our platform supports a wide range of use cases across customer-facing, employee-facing, learner-facing, and audience-facing scenarios.

Customers across industries leverage Kaltura’s rich media content creation, content management, and experience capabilities to improve engagement, efficiency, and measurable outcomes across digital journeys.

While many customers initially adopt our solutions for specific use cases, we believe our platform increasingly enables broader and more integrated applications as organizations seek to unify content, engagement, and conversational experiences across functions.

• Technology Companies

◦ Technology companies, including cloud service providers, enterprise and consumer software companies, hardware manufacturers, and technology-enabled service providers, use Kaltura to support deep video and rich media integrations, large-scale virtual events, customer and partner engagement, sales enablement, training and certification, and internal communications.

These customers often deploy Kaltura across multiple business functions and integrate our platform into complex, data-driven workflows.

In addition, technology companies can leverage Kaltura’s API-first platform, software development kits (“SDKs”), and modular product components to embed rich media capabilities directly into their own products and services such as EdTech, MarTech, HRTech, and other vertical software offerings.

Increasingly, we believe technology companies can use Kaltura to support richer customer-facing journeys, including account-based marketing experiences, personalized product education, conversational customer care, and AI-assisted enablement workflows, as well as internal use cases such as employee learning, onboarding, and operational support.

◦ We serve over 25% of the top 50 global technology companies.

• Higher Education and K-12 Institutions

◦ Universities, colleges, and K–12 school systems use Kaltura to support teaching, learning, training, and certification through virtual classrooms, lecture capture, interactive learning experiences, and learning management system integrations.

Our offerings are used in both online and in-person learning environments, as well as for marketing, alumni engagement, and career development.

In addition to instructional use cases, educational institutions increasingly rely on Kaltura to support accessibility, inclusivity, and regulatory requirements.

Our platform provides AI-assisted and workflow-based capabilities such as captioning, transcription, translation, audio description support, and content management controls that are designed to help institutions address accessibility obligations, including those related to Title II of the Americans with Disabilities Act (“ADA”), across large and diverse content libraries.

Educational institutions are also exploring AI-assisted and conversational rich media capabilities to enhance teaching effectiveness, learner engagement, and operational efficiency.

These may include teacher-assistive experiences, such as conversational agents that help students navigate course content, review materials, practice concepts, and access personalized guidance, as well as tools that help instructors create, adapt, and personalize content at scale.

◦ We serve more than 40% of US R1 universities .

• Regulated Industries

◦ Organizations within highly regulated sectors such as banking, government, healthcare, and life sciences - rely on Kaltura to meet stringent security and compliance requirements across various use cases, including customer interactions, partner training, corporate communications, learning and development, and knowledge sharing.

We also cater to vertical-specific solutions such as Wealth Management and Patient and Partners Engagement digital experiences.

◦ We serve approximately 24% of the top 50 financial services and insurance institutions, 6 out of the 10 largest pharma and healthcare providers, and various government entities globally.

• Professional and Commercial Services

◦ We define professional and commercial services to include industries such as consulting, manufacturing, retail, real estate, and nonprofit organizations.

These entities leverage Kaltura for internal communications, training, customer engagement, partner enablement, and marketing campaigns.

◦ Organizations in regulated industries such as banking, government, healthcare, and life sciences rely on Kaltura to deliver secure, compliant video and rich media experiences across customer engagement, partner enablement, internal communications, learning and development and employee certification use cases.

◦ Our platform is designed to support enterprise-grade security, privacy, accessibility, and compliance requirements, which are critical in these environments.

We also support industry-specific solutions, including wealth management, patient education and engagement, compliance-driven training, and partner communications.

We believe organizations in regulated industries may increasingly adopt conversational and AI-assisted rich media experiences to support customer onboarding, service interactions, education, and internal workflows, while operating within strict governance and regulatory frameworks.

◦ We serve approximately 14% of the top 50 financial services and insurance institutions, 6 out of the 10 largest pharma and healthcare providers, and various government entities globally (based on market information as of December 31, 2025).

• Professional and Commercial Services Organizations

◦ Professional and commercial services organizations, including consulting, manufacturing, retail, real estate, and nonprofit organizations, use Kaltura for internal communications, workforce training, customer engagement, partner enablement, and marketing initiatives.

In addition to internal and partner-facing use cases, we believe these organizations can increasingly leverage Kaltura to support external revenue-generating and customer-facing workflows, such as online sales enablement, digital showrooms, real estate listings and virtual tours, personalized buyer journeys, and conversational support experiences across the customer lifecycle.

◦ Our customer base includes three of the Big Four accounting firms and 3 out of the 10 largest Automotive Manufacturers.

◦ Media & Telecom

◦ Telecom operators, media networks, and OTT streaming platforms utilize Kaltura for large-scale live streaming, content management, multi-device viewing, and advanced monetization.

◦ Kaltura works with top global telcos and leading media and entertainment companies to deliver direct to consumer and end to end television services globally.

◦ Media & Telecom Companies

◦ Media companies, telecommunications operators, and streaming service providers use Kaltura to power large-scale live and on-demand content delivery, cloud TV services, multi-device streaming applications, and advanced monetization models.

Our solutions support subscription, transactional, and advertising-based business models and are deployed by leading global media and telecommunications organizations.

◦ Beyond content distribution and monetization, we believe media and telecommunications companies can increasingly leverage Kaltura’s rich media and conversational capabilities to support broader customer-facing and operational use cases, including customer care and self-service support, service education and onboarding, field-force enablement, partner training, and internal communications across large, distributed workforces.

These use cases may incorporate conversational agents and rich media experiences to improve efficiency, reduce support costs, and enhance customer and employee engagement.

• Cross-Industry Applicability

◦ Across all industries, customers increasingly seek to unify content creation, content management, and experience delivery while incorporating AI-assisted automation and conversational engagement.

We believe Kaltura’s platform enables organizations to expand from isolated video use cases toward richer, more personalized, and outcome-oriented digital experiences that span customers, employees, learners, and audiences, while maintaining enterprise-grade security, scalability, and governance.

Growth Strategies

We intend to drive growth by executing on the following key strategies:

• Grow Our Existing Customers :

Most of our customers use multiple Kaltura products, and many do so across multiple use-cases and buyers.

We plan to sell more to our existing customers by providing them more products and capabilities (existing and new) and addressing additional use cases.

For example, in 2024 we continued expanding our customers use-cases from internal in-house use for their employees (e.g.

employee training and communication), to also external (e.g.

customer and prospect marketing, and partner training).

We expect to see continued increase in usage of our products, by way of more video creation and consumption and more end-users.

We expect our customers will consolidate around a single video vendor to grow and believe that Kaltura is ideally situated to be that single vendor.

For the years ended December 31, 2024 and 2023, our Net Dollar Retention Rate (as defined below in Part II, Item 7.

“Management's Discussion and Analysis of Financial Condition and Results of Operations”) was 100% and 101%, respectively.

• Secure New Customers Within our Current Markets :

Kaltura is already trusted by top large enterprises, leading education institutions, and prominent Media & Telecom companies.

We believe we have a significant opportunity to expand our presence in these markets, especially with Global 2000 companies.

We have a well-tuned sales and marketing operation, which we expect will drive both geographic and vertical expansion.

• Expand our Product Offering for our Existing Markets :

We plan to continue leveraging our flexible and extendable platform to expand our product portfolio to include more advanced capabilities and power more use cases.

For example, since 2020, we have introduced our Events & Webinars and Virtual Classroom products, and a set of new TV applications for viewers using TVs, PCs, tablets, and mobile devices.

We have recently also launched a suite of Gen AI capabilities which we believe will start impacting revenues in 2025.

• Expand into New Markets:

We are continuing to pursue our plan to gradually expand down market from large enterprises to also power SMEs through making our products more self-operated, and advancing our inside-sales marketing, sales, and operations practices.

We also plan to expand in the future into new markets by introducing new industry solutions, for example for the financial services and healthcare markets.

• Accelerate through Partnerships and Mergers & Acquisitions :

We plan to increase the breadth of partnerships with our technology partners, further allowing us to provide the most comprehensive video solutions to our customers.

Additionally, we intend to continue to explore potential M&A initiatives that could enhance our capabilities, increase our market share in markets we already operate in, or open up new markets.

Kaltura’s Video Experience Cloud is designed to meet the variety of customers’ needs to effectively engage employees and customers through video-first and TV experiences, and boost business results.

It includes a cloud-native video and TV content management platform that serves as a foundation for our broader suite of immersive Gen AI-infused “video-first” products, including Video Portals, LMS & CMS Video Extensions, Virtual Events & Webinars, Virtual Classrooms, and TV Streaming Applications.

Our platform and products are highly modular, scalable, and interoperable, stemming from our API-first architecture and our hundreds of APIs, SDKs, and modular Experience Components (embeddable Kaltura components with an end-user interface).

Our unified, flexible underlying architecture is designed to allow our customers to heavily customize and deeply integrate our products into their workflows and systems, to consolidate around Kaltura as a single vendor to power all employee and customer video use cases, to best benefit from the emerging capabilities of Gen AI-infused video experiences, and to scale up successfully with the required stability, compliance, and security.

While certain offerings focus on specific market segments and/or use cases, many of our products cut across them, enabling customers to uniformly address workflows that run the gamut from internal employee training to external customer and prospect engagement, to large-scale consumer-facing TV offerings, under a single, integrated infrastructure.

The following provides information on our foundational platform, and on the products that run over it to address a wide range of video-centric requirements.

Platform for Video & TV Content Management:

APIs & SDKs, Experience Components, Consoles and Marketplace Integrations

Kaltura’s platform includes video and TV content management systems that are comprised of APIs & SDKs, Experience Components, consoles, and Marketplace integrations.

They are designed to streamline the creation, management, and delivery of enterprise video and TV experiences.

Key capabilities include:

• Development tools :

Comprehensive APIs and SDKs that enable developers to build custom video-first workflows and embed video functionalities into existing workflows, applications, and websites.

• Embeddable Experience Components :

Modular end-user facing building blocks that can be tailored and customized to match branding guidelines, user experience requirements, and specific operational needs.

• Consoles and Marketplace Integrations :

Administrative interfaces and third-party integrations that support efficient deployment and management of video content across diverse ecosystems.

• Video Content Management System (VCMS) :

A comprehensive solution for digital asset management, designed for a secure, enterprise-grade environment.

It addresses the entire lifecycle of video content, from creation and transcoding through storage, search, distribution, publishing, engagement, analytics, and monetization, designed to enable organizations to deliver both live, on-demand, and real-time-communication video experiences, interactive functionalities, and advanced analytics.

◦ Key Capabilities :

VCMS provides centralized media management for storing, categorizing, and distributing video assets, underpinned by enterprise-grade security features aimed at supporting global data privacy and regulatory requirements.

Its API-first architecture, SDKs, and configurable Experience Components (as detailed in the picture above) facilitate seamless embedding of video workflows, across applications and websites.

The solution also supports live events, VOD, and WebRTC-enabled communications, allowing businesses to manage and optimize a wide array of video experiences.

◦ Key Use Cases :

VCMS is designed to power media management and immersive video experience in a broad variety of use cases and applications.

Its flexibility and scalability make it suitable for organizations of any size, and it is often deeply integrated into broader technology ecosystems or commercial products.

◦ Key Gen AI-Infused Features :

VCMS includes Gen AI-infused capabilities such as automated content summarization, in-video quiz generation, automated intelligent video editing, and Gen-AI enhanced search, discoverability and user engagement.

These features seek to provide data-driven insights and targeted content experiences, helping organizations to realize more value from their content and create new personalized video experiences.

◦ Differentiators :

We believe VCMS is differentiated by its highly scalable architecture, deeply flexible integration options, and introduction of evolving Gen AI capabilities, which together enable customers to centralize and streamline their video-first experiences across their various business functions.

We intend to drive growth by expanding the breadth of our offerings, evolving our go-to-market approaches, and increasing adoption across both existing and new customers.

We believe these strategies are complementary and reflect how organizations are increasingly adopting rich media, AI-assisted, and conversational digital experiences across customer-facing, employee-facing, learner-facing, and audience-facing journeys.

• Expand What We Sell:

Content Creation, Conversational Engagement, and Journey-Oriented Orchestration:

We are expanding the scope of our platform beyond core video delivery toward a broader set of rich media capabilities that span content creation, conversational engagement, and journey-oriented orchestration.

We believe AI-assisted and AI-generated content creation, including tools for editing, repurposing, localization, accessibility, personalization, and avatar-based video generation, represent a significant growth opportunity both within our existing customer base and among new customers.

These capabilities are designed to help organizations increase content velocity and personalization while reducing production time and cost.

In parallel, we are expanding into conversation automation solutions and engagement through our Conversational Rich Media Agents, which are designed to support role-based, goal-oriented interactions across a wide range of use cases, including marketing, sales enablement, customer care, learning, and internal operations.

These offerings may be adopted as standalone solutions or integrated with broader platform deployments.

We are also evolving our platform toward deeper insight into user journeys, behavior, and intent, enabling organizations to orchestrate more effective, outcome-oriented digital experiences.

To help support these capabilities, in March, 2026 we entered into a definitive agreement to acquire PathFactory, a provider of content journey orchestration and engagement analytics solutions.

We believe this acquisition, once completed, would strengthen our position in the emerging conversation automation and agentic engagement solutions market and complement our recent acquisition of eSelf AI by adding journey-level orchestration, intent data, analytics, and integrations across additional content types and enterprise systems.

The transaction has not yet closed, and there can be no assurance that it will be completed or that the anticipated benefits will be realized.We believe these new offerings may also enable new use cases, address additional industries, and support adoption by a broader range of customer sizes, including departmental buyers and smaller organizations, by offering more modular, cost-effective, and scalable engagement models.

• Expand How We Sell:

Broader Go-to-Market Motions and Distribution Channels:

While our historical growth has been driven primarily by enterprise-led sales, we are expanding our go-to-market approaches to support a wider range of adoption models and customer sizes.

We believe certain of our newer offerings, particularly AI-assisted content creation tools and conversational rich media agents, are well suited for more targeted departmental deployments, self-service adoption, and product-led growth (“PLG”) motions.

These offerings may enable us to engage smaller organizations, teams, and departments, SMBs and individual groups within larger enterprises, while remaining complementary to our core enterprise business.

In addition, we are investing in developer-led growth (“DLG”) initiatives by expanding our APIs, SDKs, and developer tools, including planned offerings such as an Agentic Avatar SDK.

These capabilities are designed to enable independent software vendors (“ISVs”), system integrators, partners, and developers to embed Kaltura-powered rich media and conversational interfaces into their own products, workflows, and applications.

We also intend to continue expanding our ecosystem of channel partners, including co-sell, resell, OEM, and marketplace relationships.

We believe that broader partner distribution, including through cloud marketplaces and digital channels, may increase reach, reduce customer acquisition costs, and accelerate adoption across both enterprise and self-service use cases.

• Expand To Whom We Sell:

Deepen Existing Relationships and Reach New Customers and Markets:

A significant component of our growth strategy remains expanding adoption within our existing customer base.

Many customers already deploy Kaltura across multiple products, use cases, and departments, and we believe there are opportunities to increase adoption through upsell and cross-sell of new offerings, including AI-assisted content creation, conversational engagement, and journey-oriented analytics and orchestration.

These expansion opportunities span both existing buyers and use cases, as well as new buyers and functions within the same organizations, such as marketing, sales, customer experience, learning and development, and operations.

At the same time, we are focused on attracting new customers by offering a broader and more modular set of solutions that can be adopted independently or as part of larger platform deployments.We believe the combination of our established enterprise offerings and newer AI-driven and conversational capabilities enables us to address both our core industries and select adjacent markets, as well as a broader range of customer sizes and adoption patterns.

We believe these strategies position us to expand the scope of our offerings, broaden our go-to-market reach, and increase adoption across a wider range of customers, use cases, and industries.

By combining enterprise-grade rich media capabilities with AI-assisted content creation, conversational engagement, and journey-oriented orchestration, we believe Kaltura is well positioned to support evolving customer needs while driving long-term, sustainable growth.

Kaltura’s Digital Experience Platform is a cloud-based platform designed to enable organizations to create, manage, and deliver video and rich media experiences that engage customers, employees, learners, and audiences and support measurable business outcomes.

While historically focused on video, the platform has evolved to support a broader range of rich media content and increasingly AI-assisted and agentic experiences, including interactive and conversational interfaces.

Our platform is cloud-native, modular, and API-first, and is designed to support live, real-time, and on-demand experiences at scale across enterprise, education, and media use cases.

This API-first architecture is designed to support both large-scale enterprise deployments – where deep customization, workflow integration, and governance are required – as well as more targeted product-led, self-service, and developer-led adoption models.

Our offerings are organized around three core layers:

rich media content creation, rich media content management, and rich media experiences.

These layers are designed to operate independently or together, enabling customers to adopt specific capabilities as needed while benefiting from a unified underlying platform.

Moreover, Kaltura’s adoption of AI and agentic technologies enables a flywheel effect, where content is generated and managed in support of real-time experiences and conversations, which in turn yields real-time data and insights that are used to generate more content on the fly.

Certain AI-driven and avatar-based capabilities described in this section, including agentic avatars, agentic avatars software development kits, and avatar-based video generation features, are not yet commercially available and are expected to be introduced incrementally beginning in 2026.

There can be no assurance as to the timing, functionality, adoption, or commercial impact of these capabilities.

Rich Media Content Creation

Kaltura provides a growing suite of tools designed to enable the efficient creation and generation of video and other rich media content.

These capabilities support both traditional production workflows and AI-assisted automation, enabling organizations to increase content velocity, reduce production costs, and deliver more relevant and personalized content at scale while maintaining quality, consistency, and governance.

Content creation capabilities include tools for recording, screen capturing, live streaming, editing, and on-demand video production, as well as AI-assisted features designed to automate and enhance content creation workflows.

These AI-assisted capabilities, offered through Kaltura AI Content Lab , include intelligent video editing, automated summarization, chaptering, clipping and repurposing of existing content, AI-based in-video quiz and assessment generation, transcription, translation, dubbing, and accessibility enhancements.

Together, these capabilities are designed to help organizations efficiently produce multiple content variants, adapt content to different audiences, contexts, and languages, and extend the reach, engagement, and impact of their media libraries.

Certain content creation tools may be adopted either as part of broader enterprise deployments or as standalone, self-service, or product-led offerings, enabling adoption by individual teams, departments, and smaller organizations, while remaining integrated with Kaltura’s enterprise-grade platform when deployed at scale.

In addition, Kaltura is expanding its content creation offerings to include AI-generated video and avatar-based video creation capabilities.

These capabilities are designed to further enhance personalization by enabling organizations to produce customized video content at scale with significantly reduced production time and cost.

Certain avatar-based video generation capabilities, including video-on-demand avatar creation, are expected to be introduced in 2026.

There can be no assurance as to the timing, adoption, or commercial impact of these capabilities once introduced.

We believe Kaltura’s content creation capabilities are differentiated by their ability to combine AI-assisted and AI-generated media creation with enterprise-grade governance, security, and scalability, while remaining accessible through self-service and product-led adoption models.

Unlike standalone creation tools, these capabilities are natively integrated with our content management systems and experience layers, enabling organizations to operationalize content creation, personalization, and reuse across workflows and use cases.

Rich Media Content Management

At the core of Kaltura’s Rich Media Experience Cloud are its content management systems, which are designed to securely manage live and on-demand video and rich media assets across distributed enterprise and media environments.

These systems support centralized management of content, users, permissions, metadata, workflows, and analytics, and are built to meet enterprise-grade requirements for security, privacy, compliance, and scalability.

Kaltura’s content management capabilities are designed to support not only the storage, organization, and delivery of content, but also deeper insight into how users engage with content over time.

As organizations increasingly seek to deliver more contextual, personalized, and outcome-oriented digital experiences, content management systems are evolving to support richer content types, tighter integrations with enterprise data and engagement systems, and more advanced analytics across user journeys.

Kaltura’s content management layer increasingly incorporates AI-driven workflow agents designed to automate and optimize operational processes across the content lifecycle.

These workflow agents assist with tasks such as content ingestion and enrichment, metadata generation, accessibility services (including transcription, translation, captioning, and dubbing), content moderation and compliance checks, localization, publishing, lifecycle management, and analytics-driven optimization.

By automating these workflows within defined policies, permissions, and governance frameworks, workflow agents are designed to help organizations significantly reduce manual effort, save time and operational costs, and improve consistency, accuracy, and speed across large-scale content operations.

Rich Media Content Management System (“RMCMS”)

Kaltura’s Rich Media Content Management System (“RMCMS”) is designed to manage the full lifecycle of video and rich media content, from ingestion and processing through storage, discovery, distribution, engagement, analytics, and monetization.

RMCMS supports live, on-demand, and real-time communication use cases and is built on an API-first architecture with comprehensive SDKs and modular Experience Components.

RMCMS provides centralized management of media assets, metadata, users, permissions, access controls, and workflows, and is designed to operate within secure, enterprise-grade environments.

Its flexible architecture enables customers to embed video and rich media workflows into learning platforms, content management systems, marketing tools, internal portals, customer-facing applications, and other business systems.

RMCMS includes AI-assisted capabilities such as automated transcription, translation, summarization, metadata enrichment, intelligent editing, in-video quiz generation, and enhanced search and discovery.

We believe RMCMS is differentiated by its scalability, flexibility, and extensibility, enabling customers to consolidate rich media workflows across multiple use cases and business units on a single platform.

TV Content Management System (“TVCMS”)

A large-scale cloud-based OTT solution designed to enable personalized, always-on television experiences across millions of concurrent viewers.

It supports a variety of distribution and monetization models, and offers a scalable, flexible, and cost-effective infrastructure for TV operators, media companies, and other direct-to-consumer services.

◦ Key Capabilities :

TVCMS powers cloud-native telco-grade on-demand and live-linear TV services across many device types (set-top-boxes, smart TVs, and connected devices).

It provides a diverse and flexible set of monetization options, including SVOD (Subscription Video on Demand), TVOD (Transactional Video on Demand), and AVOD (Advertising Video on Demand).

It also incorporates ‘super-aggregation’ capabilities that unify multiple content sources into a single cohesive viewer experience, with robust analytics that provides insights into user behavior.

◦ Key Use Cases :

TVCMS is designed to power large-scale streaming services and operator-managed TV platforms.

Its scalability, combined with the ability to aggregate content from multiple sources, makes it suitable for providers looking to deliver a seamless, personalized experience to diverse audiences and across multiple devices, leveraging multiple business models.

◦ Key Gen AI-Infused Features :

TVCMS leverages Gen AI-based personalization designed to deliver content recommendations based on individual preferences and consumption patterns, which can be utilized by our customers according to their respective policies.

Furthermore, automated Gen AI-based metadata enrichment streamlines and enhances content curation, discoverability, localization, and monetization.

◦ Differentiators:

We believe TVCMS is differentiated by its robust scalability, multi-format monetization support, and AI-powered personalization.

Furthermore, we have vast experience in seamlessly and smoothly migrating customers from legacy IPTV providers to our modern Cloud TV offering.

Together, these advantages allow our customers to manage, distribute, and monetize large-scale content libraries efficiently while delivering a high-quality, customized viewing experience.

Immersive “Video First” Products

• Video Portal (with Video Messaging) :

An enterprise-grade hub designed to centralize video creation, management, and collaboration.

By integrating with existing corporate systems, it aims to provide secure, customizable user experiences for both internal and customer-facing communication.

◦ Key Capabilities :

Our Video Portal offers modular components for departmental content distribution and deep white-labeling, ensuring alignment with corporate branding.

It integrates with Single Sign-On (SSO), intranet portals, marketing tools, and other enterprise applications, providing customizable workflows for video messaging and collaboration.

Enterprise-grade security and compliance features are built in, supporting data privacy requirements.

◦ Key Use Cases :

This solution is used for corporate communications, employee training, customer engagement, marketing initiatives, and user-generated content workflows.

Its modularity and integrations make it suitable for organizations seeking to unify various video-based activities under a single platform.

◦ Key Gen AI-Infused Features :

Gen AI-driven tools offered in the Video Portal can assist in generating automated transcripts, editing content, and tagging metadata for improved search and discovery.

These features aim to reduce production overhead, enable more personalized viewing experiences, and provide insights into user engagement.

◦ Differentiators :

We believe Video Portal is differentiated by its flexible design system, comprehensive security measures, and availability of Gen AI-infused video workflows.

These capabilities help organizations increase productivity and user engagement while maintaining strict data governance across multiple departments and use cases.

• LMS & CMS Video Extensions :

Solutions that embed video creation, management, engagement, and analytics directly into widely used learning management systems (“LMS”) and content management systems (“CMS”).

◦ Key Capabilities :

Our extensions integrate with leading platforms such as Blackboard, Canvas, Moodle, SharePoint, Adobe Experience Manager, and automate content ingestion and interaction with Zoom, Cisco Webex, and Microsoft Teams.

Powered by our VCMS, these integrations aim to streamline and centralize media storage and unified analytics that track user engagement across multiple environments.

Secure workflows simplify content creation, distribution, and moderation.

◦ Key Use Cases :

These extensions support both academic and corporate settings.

In education, they facilitate interactive lectures, flipped classrooms, and online assessments.

In enterprise scenarios, they enable training, onboarding, internal communications, and marketing.

By embedding video directly into existing platforms, organizations can streamline workflows without disrupting familiar user interfaces.

◦ Key Gen AI-Infused Features :

Gen AI-infused functionalities include interactive elements such as interactive in-video quiz generation, and automated speech recognition for accessibility.

These tools are designed to help improve user engagement, knowledge comprehension and reduce manual processes.

◦ Differentiators :

We believe LMS & CMS Video Extensions are differentiated by their ability to enhance productivity and user engagement through seamlessly integrating secure, Gen AI-infused video capabilities into everyday workflows, according to the customers taste and needs.

This approach supports institutional branding, accessibility, and compliance requirements and designed to enable a richer, more efficient learning and communication experience.

• Virtual Events & Webinars :

A comprehensive solution designed to create, manage, promote, and host virtual and hybrid events of any scale, from product launches and training sessions to large conferences and sales kickoffs.

◦ Key Capabilities :

Our offering includes event management tools for scheduling, participant registration, hybrid in-person check-in, pre-event engagement and promotion, during-event live experiences and audience interactions, and post-event VOD catchup, audience follow-up, and online community engagement.

Advanced security settings aim to safeguard sensitive content, while customizable design elements allow deep white-labeling and branding throughout the event lifecycle.

Analytics provide insights into real-time and post-event audience behavior, helping measure return on investment.

◦ Key Use Cases :

Organizations leverage Virtual Events & Webinars for corporate communications, press briefings, virtual conferences, marketing programs, and educational programs.

The ability to handle both private and public events, coupled with scalability and data-driven performance metrics, makes this solution adaptable to diverse organizational needs.

◦ Key Gen AI-Infused Features :

Gen AI-infused tools include a Realtime Event Assistant that was designed to analyzes live sessions and audience mood and suggests interactive elements (Q&A, polls, chats, gamification) to increase attendee engagement.

Automated recommendations and personalized notifications can further enhance event participation.

Personalized agenda and content paths are aimed to create unique hyper-personalized user experiences that drive more value from the event content during and post-event.

◦ Differentiators :

We believe Virtual Events & Webinars is differentiated by its robust security, customizable interfaces, and Gen AI-driven engagement features offering, which collectively can enable organizations to extend the impact of their events and gain valuable audience insights.

• Virtual Classroom:

A cloud-based WebRTC environment designed for academic institutions, corporate training, continued-education programs, and customer-success teams, offering interactive features aimed at improving learning and development effectiveness and learner engagement.

◦ Key Capabilities :

Our Virtual Classroom provides persistent, browser-based rooms that preserve pre-set content and configurations.

It includes interactive tools, such as whiteboards, polls, and breakout rooms, reactions, high-quality media playback, and interactive presentations.

It fosters collaboration while session recording and moderation enhance oversight and replay value.

It includes post-session learner engagement and participation analytics, and integrations with learning management systems (LMS) that help maintain a unified user experience.

◦ Key Use Cases :

This solution addresses higher education, K-12, continued-education programs, corporate training, employee onboarding, and customer and partner education programs.

Its flexible design supports a range of learning formats, from small group tutorials to large-scale online courses and compliance sessions.

◦ Key Gen AI-Infused Features :

Automated Gen-AI based captioning and transcription designed to address global accessibility requirements, Gen AI-based background replacement and audio quality improvement as well as a real-time interaction assistant aims to help instructors deliver highly engaging and compliant learning experiences.

◦ Differentiators :

We believe the Virtual Classroom’s ease of integration, Gen-AI infused engagement and interactivity capabilities, and built-in accessibility tools address a broad spectrum of teaching and training scenarios, enabling institutions and enterprises to deliver engaging, effective learning experiences at scale.

• TV Streaming Apps :

Multi-platform applications designed to deliver engaging, personalized viewing experiences across set-top-boxes, smart TVs, and connected devices, supporting live and on-demand content across a variety of integrated experiences and business models.

◦ Key Capabilities :

TV Streaming Apps feature tools like Hero Rail, Maxi Player, Zapper, and Voice Search, making it easier for users to discover and navigate content.

They also support fast channel zapping, multi-DRM protection, and integrations for “super-aggregation”, enabling diverse and centralized content delivery.

Multiple monetization models, ranging from subscription and ad-supported (FAST/AVOD) to transactional and pay-per-view TV provide flexible revenue strategies.

◦ Key Use Cases :

Service providers, operators, and content aggregators employ TV Streaming Apps to launch or expand direct-to-consumer streaming services, manage multi-channel TV solutions, and reach audiences on a variety of devices.

◦ Key Gen AI-Infused Features :

Gen AI-infused personalization designed to offer user-specific content recommendations, while enriched metadata improves search and discovery.

Analytics can help optimize viewer engagement and refine monetization approaches through data-driven decision-making.

◦ Differentiators :

We believe our TV Streaming Apps enable content providers to quickly scale their offerings, deliver compelling user experiences, and tap into new revenue opportunities, supported by the combined power of multi-device distribution and AI-driven personalization.

Recently Introduced Gen AI Capabilities

During 2024 we developed, launched and offered several Gen AI-based offerings that are not yet contributing material revenue, but in our view represent a potential for meaningful increased future growth.

These capabilities expand upon our existing video technology stack by providing new ways to enrich content, personalize user experiences, and automate manual processes.

We believe their appeal may grow as organizations increasingly seek secure, Gen AI-based solutions that align with stringent data governance and privacy requirements.

Below is an overview of some of these capabilities and developments:

• Gen AI-Powered Content Lab :

Designed to help users elevate and repurpose their video content.

It offers automated video quizzes, text summaries, chaptering, and clip creation, allowing organizations to automatically transform existing videos into powerful, reusable assets.

By making it simpler to enhance engagement, improve discoverability, and tailor content to different audiences, we believe the AI Content Lab can drive increased value from existing media libraries and help organizations realize more value from their content, at greater affordability and with faster time to market.

• Gen AI-Powered ‘Work Genie’ :

A video-first organizational knowledge agent that is designed to deliver hyper-personalized insights and interactive content paths to employees, customers, and partners by referencing only verified internal knowledge bases.

• This approach is intended to facilitate reliable, context-specific information while helping businesses maintain data security.

We believe the demand for Gen AI-powered workflows that respect strict privacy, and regulatory standards will continue to grow.

• Gen AI-Powered ‘Class Genie’ :

A video-first personal tutor, tailored for educational institutions.

It is designed to operate exclusively within an institution’s validated content repositories, providing hyper-personalized learning pathways such as video snippets, flashcards, quizzes, and podcasts.

By attempting to eliminate misinformation and focusing on customized educational experiences, we believe Class Genie can greatly improve learning outcomes and engagement.

• Gen AI-Powered TV Experience :

Tailored to enable metadata generation and management, including captions, translations, dubbing, and highlights.

Additionally, it includes a user-controlled conversation interface designed to leverage enriched metadata, such as mood, sub-genres, and contextual tags, to deliver highly personalized recommendations.

We believe these enhancements can deepen viewer engagement and help media providers differentiate their offerings in a competitive streaming market.

• Gen AI-Powered ASR (Automatic Speech Recognition) :

Provides video captioning, transcription and translations, aiming to boost accessibility and compliance while also improving the overall user experience.

By automating the captioning process, we can reduce operational overhead, improve cost-efficiencies and broaden content reach to a variety of audiences.

• Gen AI-Powered Email Notifications Engine :

Provides automated customized outreach for event-related engagements, designed to enable more targeted follow-ups and improve attendee participation.

By streamlining communications, we believe organizations can bolster the success of virtual and hybrid events.

• Gen AI-Powered Realtime Event Assistant :

Designed to analyze live sessions in real time, monitor chat interactions, gauge audience sentiment, and suggest interactive activities (e.g., polls, Q&A, gamification) to heighten engagement.

This functionality can help organizations gather immediate feedback and adapt content on the fly.

• Gen AI-Powered Noise Cancellation :

Reduces background noise to enhance audio clarity, supporting more professional and polished online presentations, webinars, and virtual events.

• Gen AI-Powered Real-Time Background Replacement :

Provides users with a more polished and compliant on-screen presence by removing or replacing the background during live video or recorded sessions.

While these new Gen AI capabilities launched in 2024 have not contributed material revenue to date, we believe they may serve as important growth drivers as customers increasingly adopt Gen AI-based applications.

We intend to continue refining and expanding these solutions in response to evolving market demands and regulatory considerations, although there can be no assurance of their adoption level and eventual financial impact.

Our business has been driven by constant innovation while anticipating trends ahead of other participants in the market.

We believe we are one of the first organizations to have recognized the importance and mission-critical nature of video experiences in enterprises.

Kaltura's offerings natively support, and integrate with each other, live broadcast, real-time communications, and VOD playback, and address their entire lifecycle.

They also support other digital media types such as audio files (e.g., podcasts) and images, including PDFs.

They provide video-first and TV-based employee and customer experiences that are built upon robust content management capabilities, deep integration into workflows and Gen AI-infused hyper-personalized and hyper-contextualized engaging and interactive experiences.

We believe that the sustainable differentiation and success of our Video Cloud stems from the unique “Lego-like” modular approach that we have followed ever since our inception.

We have built our platform and products from the bottom up with an API-first approach that enables deep integrations, customizations, and interoperability across products and user cases.

Coupled with our robust software development kits (“SDKs”) and highly configurable Experience Components customers can tailor workflows, maintain custom branding, and embed video features deeply into nearly any of their workflows, applications, and environments.

Moreover, our technology stack has been built to address large enterprise needs from day one, supporting large-scale mission critical deployments with high reliability, performance, compliance, accessibility, and security.

The following are key attributes of our technology:

• API-First Architecture & Flexibility :

Our API-first architecture provides heightened flexibility, modularity, and customizability, enabling customers to integrate deeply into any workflow or application.

Our embeddable Experience Components and robust SDKs provide extensive white-labeling and brand control capabilities.

This approach supports the development of customized and vertical-specific solutions and is designed to maintain robust security controls and unified analytics at scale.

We believe this architecture allows us to address diverse business needs across industries and use cases, from small departmental deployments to enterprise-wide implementations.

Kaltura’s TV Content Management System (“TVCMS”) is a cloud-based solution designed to power large-scale, over-the-top (“OTT”) and cloud television services.

TVCMS supports the management and delivery of live and on-demand television content across a wide range of devices and monetization models, including subscription, transactional, and advertising-based offerings.

TVCMS includes capabilities for content aggregation, catalogue management, personalization, analytics, and monetization, and leverages AI-assisted metadata enrichment and recommendation technologies to improve content discovery, localization, and viewer engagement.

These capabilities are designed to support high-volume, consumer-facing deployments with carrier-grade reliability and performance.

Rich Media Experiences

Built on top of Kaltura’s content creation and content management layers is a broad portfolio of rich media experiences designed to engage customers, employees, learners, and audiences across a wide range of use cases.

These experiences can be deployed independently or combined to support end-to-end organizational journeys.

Rich Media Content Hubs

Kaltura’s Rich Media Content Hubs provide secure, customizable interfaces for publishing, sharing, and engaging with video and rich media content.

These hubs are designed to support internal communications, learning and development, marketing, customer engagement, and knowledge sharing.

Rich Media Content Hubs increasingly support dynamic assembly of personalized landing pages and sites that adapt content selection, layout, and messaging based on viewer context, role, account, or intent signals.

We believe these capabilities are particularly well-suited for account-based marketing (“ABM”) use cases.

LMS and CMS Rich Media Extensions

Kaltura offers deep integrations with leading learning management systems (“LMS”) and content management systems (“CMS”), embedding rich media creation, management, engagement, and analytics directly into existing platforms.

These integrations are designed to streamline workflows and enable organizations to deliver interactive, media-rich experiences within familiar environments.

Virtual Events, Webinars, and Virtual Classrooms

Kaltura’s virtual events, webinars, and virtual classroom solutions support interactive, media-rich experiences ranging from small group sessions to large-scale conferences, marketing events, and educational programs.

These offerings include tools for registration, live and on-demand streaming, audience engagement, moderation, analytics, and post-event content reuse.

Interactive capabilities embedded within these experiences include real-time and asynchronous chat, Q&A, polling, and collaboration features that enable participants to communicate, ask questions, and engage with presenters and peers around shared content.

These interaction components are designed to enhance participation, learning outcomes, and engagement, and to operate natively alongside Kaltura’s video, content management, and analytics capabilities.

AI-assisted features are designed to further enhance engagement and operational efficiency, including automated moderation support, content summarization, accessibility services, and post-event follow-up and content reuse.

Together, these capabilities are designed to help organizations extend the impact of live interactions and derive ongoing value from event and learning content.

Conversational Rich Media Agents

Kaltura offers Conversational Rich Media Agents designed to automate and augment interactions across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

These agents, which understand and speak over 30 languages, enable role-based, goal-oriented interactions delivered through conversational interfaces that may include visual avatars (photorealistic or animated), audio, images, text-based interactions, and dynamic rich media elements, based also on screen and camera comprehension.

Conversational Rich Media Agents can be deployed with avatar-based conversational interfaces (“Kaltura Agentic Avatars”) or without visual avatars using text- and audio-driven conversational experiences (“Kaltura Genies”).

Conversational Rich Media Agents may be deployed in several ways depending on customer needs and use cases.

They may be deployed as standalone rich media experiences, such as agents designed to support sales development and enablement, account-based marketing engagement, customer education and certification, customer care and support, or internal service workflows.

They may also be integrated into broader Kaltura-powered experiences, for example, into our rich media content hubs where agents can recommend, explain, and guide users through relevant content;

into virtual events, webinars, and learning environments where agents can support pre-event onboarding, in-session engagement, and post-event follow-up;

and into cloud TV and streaming experiences where agents may assist viewers with content discovery, navigation, and contextual information.

In addition, Conversational Rich Media Agents may be embedded alongside individual video or rich media assets delivered through Kaltura’s Rich Media Content Management System (“RMCMS”), enabling contextual, conversational interactions that are informed by the specific content being viewed and the user’s role or intent.

Kaltura plans to also offer Conversational Rich Media SDKs including Agentic Avatars SDK that enable customers, partners, and developers to build and extend these agents using their own logic, data sources, workflows, and AI models.

Certain avatar-based conversational capabilities and related development tools described above are not yet commercially available and are planned to be introduced gradually.

There can be no assurance that these capabilities will be launched as planned or achieve market adoption.

TV Streaming Applications

Kaltura provides multi-platform TV and streaming applications designed to deliver personalized viewing experiences across set-top boxes, smart TVs, and connected devices.

These applications support live and on-demand content, advanced navigation and discovery, and multiple monetization models.

We believe conversational rich media capabilities may increasingly be incorporated into TV and streaming experiences to support content discovery, navigation, and contextual assistance.

For example, conversational agents may help viewers find relevant content, understand programming options, receive recommendations, or access contextual information related to the content being viewed.

These capabilities may also support service-related interactions, such as onboarding, feature education, or account assistance, while operating within enterprise-grade performance, scalability, and governance requirements.

Differentiation of Kaltura’s Rich Media Experiences

We believe Kaltura’s rich media experiences are differentiated by their ability to combine interactive and AI-driven engagement with deep integration into enterprise workflows, centralized content management, and enterprise-grade governance.

Unlike point solutions that address isolated use cases, our experience portfolio is designed to operate cohesively across customer, employee, learner, and audience journeys.

Our business has been driven by continuous innovation and by anticipating technology trends ahead of other participants in the market.

We believe we were among the first organizations to recognize the mission-critical role of video within enterprise workflows, and we have continued to evolve our technology to support increasingly rich, interactive, and AI-enabled digital experiences across organizations.

Kaltura’s technology platform supports live broadcast, real-time communications, and on-demand video and rich media, addressing the full lifecycle of media creation, management, delivery, and engagement.

In addition to video, our platform supports other digital media types, including audio, images, and documents, enabling organizations to deliver rich media experiences across customer-facing, employee-facing, learner-facing, and audience-facing use cases.

Our technology is designed to combine enterprise-grade scalability, security, and governance with extensibility, automation, and AI-driven capabilities that support personalization, efficiency, and outcome-oriented engagement.

• API-First Architecture and Modularity:

Kaltura’s platform is built on an API-first, cloud-native architecture that enables deep integration, customization, and interoperability across products, workflows, and use cases.

Our comprehensive set of application programming interfaces (“APIs”), SDKs, and configurable experience components allow customers and partners to embed video, rich media, and conversational capabilities directly into their applications, systems, and digital environments.

This modular architecture enables customers to deploy solutions ranging from targeted departmental use cases to large-scale enterprise-wide implementations, while maintaining a unified data model, governance framework, and analytics layer.

It also provides a flexible foundation for incorporating emerging conversational, interactive, and agentic capabilities without disrupting existing deployments.

For large enterprise customers, our APIs, SDKs, and modular experience components are a foundational element of complex deployments, enabling integration into mission-critical systems, customization of user experiences, enforcement of enterprise policies, and orchestration across multiple workflows and business units.

These capabilities are frequently used in enterprise-led sales motions where customers require deep integration, extensibility, and long-term scalability.

• Extensibility & Integrations:

We have a large ecosystem of partners and offer integrations with leading technological platforms and service providers across a range of functions, including for example internal networking, content production, event services, and marketing automation.

Built on robust APIs, SDKs, and Experience Components, our architecture is designed to meet stringent data security and privacy requirements for heavily regulated sectors.

This extensibility is intended to help organizations seamlessly adapt our solutions to their existing infrastructure and workflows and customize their experience with a handful available add-ons.

• Global Infrastructure & Scalable Architecture :

We employ a cloud-native, virtualized design that leverages multi-CDN technology to serve global audiences securely and reliably.

To address data sovereignty requirements, we offer multiple hosting options, including shared and dedicated SaaS regions as well as on-premises, air-gapped deployments.

This flexibility, combined with robust data privacy controls, comprehensive monitoring and strict SLAs, helps ensure high availability and minimal downtime, even in heavily regulated markets worldwide.

While most of our customers utilize our public cloud Software-as-a-Service (“SaaS”) offering provided globally in shared or dedicated regions, certain customers, particularly in heavily regulated industries, opt for managed, hybrid, private, or air-gapped deployment models.

Our platform integrates with a broad ecosystem of third-party technologies, including learning management systems, content management systems, marketing and sales platforms, customer relationship management (“CRM”) systems, collaboration tools, identity providers, analytics solutions, and cloud and media infrastructure services.

These integrations enable organizations to embed rich media and conversational experiences seamlessly into existing workflows and systems of record.

Our extensible architecture is designed to support ongoing expansion through partner-built integrations, developer extensions, and marketplace offerings, while preserving consistent security, compliance, and operational controls.

• AI-Assisted and AI-Driven Capabilities:

Kaltura’s technology incorporates AI-assisted and AI-driven capabilities designed to automate and enhance workflows across the creation, management, and delivery of video and rich media content.

These capabilities support functions such as:

▪ automated transcription, translation, captioning, and dubbing;

▪ intelligent editing, summarization, chaptering, and content repurposing;

▪ metadata enrichment and enhanced search and discovery;

▪ in-video interactivity, including AI-generated quizzes and assessments;

▪ engagement analytics and optimization;

▪ automation of publishing, moderation, compliance, and lifecycle workflows.

These AI-driven features are designed to operate within enterprise-grade governance frameworks and customer-defined policies, enabling organizations to scale personalization and efficiency while maintaining control over data usage, privacy, and compliance.

• Multimodal and Conversational AI Capabilities:

Kaltura’s platform includes multimodal and conversational AI capabilities designed to support rich, interactive, and increasingly agentic digital experiences.

These capabilities have been developed through a combination of internal innovation and strategic acquisitions and support conversational rich media agents, avatar-based interactions, and AI-assisted knowledge and workflow experiences.

Our technology includes proprietary systems, models, and services supporting:

• Multimodal comprehension, including real-time and streaming automatic speech recognition (“ASR”), vision-language processing (“VLM”) for screen and camera comprehension, and intelligent end-of-speech detection, designed to enable natural, low-latency conversational interactions across audio, video, and visual inputs;

• Agentic and orchestration capabilities, including tools for intelligent search, retrieval, ranking, and preprocessing of structured and unstructured data, enabling conversational agents and workflow agents to reference relevant content and information within defined access controls and enterprise policies;

◦ Multimodal generation, including text-to-speech (“TTS”), real-time audio responses, and avatar-based video generation incorporating facial animation and lip synchronization, designed to support expressive and media-rich conversational experiences.

These capabilities are designed to operate in conjunction with leading third-party large language model (“LLM”) providers, including providers such as Google, Anthropic, and NVIDIA.

This approach provides flexibility in model selection and avoids reliance on any single LLM provider.

Kaltura does not use customer data to train third-party AI models.

• Global Infrastructure and Scalability:

Kaltura’s cloud-native infrastructure is designed to support large-scale, mission-critical deployments with high availability, performance, and resilience.

We leverage a global, multi-content delivery network (“multi-CDN”) architecture to deliver video and rich media experiences reliably to users worldwide.

To address data sovereignty, latency, and regulatory requirements, we offer multiple deployment options, including shared and dedicated software-as-a-service (“SaaS”) environments, regional deployments, and managed private or on-premises configurations.

This flexibility enables us to serve customers across industries and geographies, including highly regulated environments.

• Security, Privacy, and Compliance:

We use encryption at rest and in transit, tokenization, and hold-your-own-key capabilities.

Our comprehensive security controls include multi-factor authentication (“MFA”), web application firewalls (“WAF”), and distributed denial-of-service (“DDoS”) protection.

We maintain certifications under ISO/IEC 27001, ISO 27701, ISO 27799, ISO 22301, and SOC 2 Type 2, and are self-certified under the EU-U.S.

Data Privacy Framework (“DPF”), including UK and Swiss extensions.

• Best Practice Development Processes :

We employ an enterprise-grade secure software development lifecycle (“SSDLC”) adhering to ISO, CIS, NIST, and OWASP standards.

Ongoing monitoring, automated testing, and vulnerability management help maintain code quality and security.

Security, privacy, and compliance are foundational elements of our technology platform.

We seek to implement encryption at rest and in transit, access controls, tokenization, monitoring, and auditing capabilities designed to protect customer data and content.

Our platform supports enterprise-grade authentication, authorization, and identity management and is designed to comply with applicable data protection, accessibility, and security regulations.

We maintain industry-recognized certifications and compliance frameworks, including ISO and SOC standards, and support customer requirements for regional data residency and regulatory compliance.

• Responsible Data and AI Practices:

Our platform and products collect and analyze data based on direct user interactions with video content, often referred to as “first-party data”, rather than relying on information gathered or licensed from external entities.

By operating on first-party data, we believe our platform enables organizations to comply with increasingly stringent privacy regulations that restrict the use of third-party data.

This approach provides deeper insights into audience engagement, allowing customers to refine their strategies while mitigating compliance risks.

As a result, organizations can strengthen user relationships and increase the overall value derived from their video initiatives.

As for Kaltura’s AI principles, our approach emphasizes accountability, transparency, fairness, and continuous improvement.

We do not use customer data to train third-party AI models.

AI capabilities are incorporated to enhance content enrichment and repurposing without compromising security or privacy.

We believe these combined elements, namely, flexibility & extensibility, scalability & security, best-practice development processes, and responsible data & AI practices, strengthen our sustainable competitive advantages, and support our ability to continue and deliver best-in-class video products and services.

In our operations, we handle personal information and other sensitive data related to users of our services, our employees, contractors, and other third parties.

As a result, we are subject to various data privacy and protection laws, which continue to evolve and may pose significant compliance challenges.

For more information on the legal framework and associated risks, see Part I, Item 1A.

“Risk Factors—Risks Related to Information Technology, Intellectual Property and Data Privacy and Security.”

Our platform primarily relies on first-party data generated through direct user interactions with video, rich media, and conversational experiences.

By operating on first-party data, our platform is designed to help organizations address certain requirements under evolving privacy regulations while gaining meaningful insight into engagement and performance.

Our approach to AI emphasizes responsible use, transparency, and customer control.

We do not use customer data to train third-party AI models, and our AI-assisted capabilities are designed to operate within customer-defined policies and governance frameworks.

• Development Practices and Reliability:

We believe our technology is differentiated by the combination of:

▪ a unified, API-first and modular architecture;

▪ deep extensibility and integration capabilities;

▪ enterprise-grade scalability, security, and compliance;

▪ AI-assisted automation across content creation, management, and engagement workflows;

▪ support for a broad range of rich media experiences, including conversational, interactive, and avatar-based use cases.

Together, these capabilities enable organizations to deploy and scale rich media and conversational experiences that are increasingly personalized, efficient, and outcome-oriented, while maintaining the governance and reliability required for enterprise and institutional environments.

Partner Ecosystem

We have established an extensive ecosystem of technology provider and system integrator partners that integrate with our offerings to extend our platform and products’ capabilities.

These partnerships make available to our customers Kaltura-certified partner solutions that provide, for example, enhanced content creation, transcription, network optimization, encoding, analytics, lecture capture, and content delivery.

We also partner with agencies and system integrators that at times deliver certified Kaltura services to joint customers.

We offer our partners solutions through our marketplace, where we feature a range of plugins and out-of-the-box integrations with our technology.

The partner ecosystem enables our customers to discover and more easily integrate new technologies that enhance their existing Kaltura offerings, and ultimately increase their overall satisfaction and retention.

We believe that our partner ecosystem will continue to expand in 2025.

We believe our Platform and Products position us well to compete with other video solution providers.

Our key competitors vary based on market segment:

• EVCM & OVP :

Microsoft, AWS, and Vimeo

• Virtual Events & Webinars :

Microsoft, Zoom, and ON24

We have established an extensive ecosystem of technology partners, system integrators, value-added resellers, and service providers that extend the capabilities of our platform and support customer adoption across industries and geographies.

Our partner ecosystem is designed to enable organizations to integrate Kaltura’s video, rich media, and conversational capabilities into broader technology stacks and business workflows, while maintaining enterprise-grade security, compliance, and performance.

Technology and Integration Partners

Our technology partners include providers of learning management systems, content management systems, marketing and sales platforms, customer relationship management (“CRM”) systems, collaboration tools, identity and access management solutions, analytics platforms, cloud infrastructure providers, content delivery networks, accessibility services, and artificial intelligence technologies.

Through these integrations, customers can combine Kaltura’s video, rich media, and conversational capabilities with existing enterprise systems and data sources, enabling richer and more contextual digital experiences without disrupting established workflows.

Our platform is designed to support both pre-built integrations and custom integrations developed by customers or partners using our APIs and SDKs.

We also support integration with leading third-party artificial intelligence and large language model (“LLM”) providers, enabling customers and partners to leverage their preferred models and services within defined governance, security, and privacy frameworks.

This approach provides flexibility while avoiding dependency on any single AI provider.

System Integrators, Agencies, and Service Partners

We work with a global network of system integrators, digital agencies, and professional services partners that provide certified implementation, customization, integration, and managed services to joint customers.

These partners support complex deployments, vertical-specific solutions, and global rollouts, and in some cases deliver Kaltura-powered solutions as part of broader digital transformation initiatives.

Our service partners play an important role in supporting enterprise-scale implementations that require deep integration, regulatory compliance, localization, and long-term operational support.

We believe their expertise enhances customer success, accelerates time to value, and enables adoption across diverse industries and geographies.

Channel Partners, Marketplaces, and Distribution

We engage with value-added resellers (“VARs”), original equipment manufacturers (“OEMs”), and channel partners to extend our reach and address customer needs across regions and market segments.

These partners support co-sell, re-sell, and embedded distribution models across our enterprise offerings, as well as newer modular and self-service products.

We also distribute certain offerings through third-party cloud marketplaces and digital sales channels.

We believe these channels support broader adoption by reducing procurement friction, increasing visibility, and enabling customers to adopt Kaltura capabilities alongside other cloud-native technologies.

Developer and Platform Ecosystem

As part of our platform strategy, we provide APIs, SDKs, and developer tools that enable customers, independent software vendors (“ISVs”), system integrators, and developers to build, extend, and embed Kaltura-powered capabilities into their own applications and solutions.

We plan to offer additional SDKs, including an Agentic Avatar SDK, designed to enable developers and partners to embed avatar-based conversational interfaces into their applications using their own data sources, logic, workflows, and AI models.

We believe this developer-led approach may allow Kaltura technology to power a growing number of third-party software products and experiences over time.

In addition, we maintain a marketplace that includes pre-built integrations, plugins, and extensions developed by Kaltura and by certified partners.

These offerings are designed to accelerate deployment, reduce implementation effort, and enable customers to extend functionality as their needs evolve.

Strategic Importance of the Ecosystem

We believe our partner ecosystem enhances the value of our platform by increasing flexibility, accelerating innovation, expanding distribution channels, and supporting customer success across a wide range of deployment models.

As our platform evolves to include more modular, API-driven, AI-assisted, and conversational capabilities, we expect our ecosystem of partners, integrations, developers, and marketplaces to play an increasingly important role in enabling adoption across customer sizes, industries, and geographies.

The markets in which we operate are highly competitive, rapidly evolving, and characterized by ongoing technological change, consolidation, and the entry of new participants.

We compete with a wide range of vendors, including large technology companies, established enterprise software providers, media and telecommunications vendors, and emerging companies offering specialized or point solutions.

• Enterprise Video and Rich Media Content Creation and Management Systems:

We compete in enterprise video and rich media creation/management against large cloud and productivity platforms (Microsoft, AWS, and other major tech ecosystems), enterprise video/media platforms (including Bending Spoons-owned Brightcove and Vimeo), and specialized AI video creation vendors such as avatar-based Synthesia.

• Conversation Automation and Agentic Engagement Solutions:

We compete with vendors offering conversational interfaces using text, audio, and video, including solutions that incorporate visual avatars.

This market is relatively nascent and evolving, and competitors include emerging providers of conversational automation platforms, agentic engagement solutions, and avatar-based interaction technologies.

• Virtual Events, Webinars, and Interactive Learning Experiences :

We compete with vendors offering meeting solutions, webinar platforms, and event technology platforms used for marketing, communications, training, and education.

Competitors in this market include Microsoft, Zoom, ON24, and other providers of virtual meeting, webinar, and event solutions.

• Cloud TV Software :

Comcast, Synamedia and MediaKind

We believe the principal competitive factors in our markets include, but are not limited to:

• Breadth, depth, and scale of products, APIs and developer tools;

• Ability to support all types of video interactions, including live, real-time, and on-demand, as well as non-video digital assets;

• Ability to cater to numerous use-cases with interoperable products and unified analytics;

• Ability to provide engaging, interactive, and personalized experiences;

• Ability to innovate quickly;

• Ease of customization and integration with other products;

• Support of various deployment options (including regional and dedicated environments);

• Data capabilities, including advanced analytics and Gen AI;

• High-availability and global presence;

• Enterprise-grade reliability, security, and scalability;

• Quality of service and customer satisfaction;

We compete with vendors offering content management, streaming, personalization, analytics, and monetization platforms for over-the-top (“OTT”) and cloud television services, such as Comcast, Synamedia, MediaKind, and other cloud TV and streaming platform providers that serve media companies, telecommunications operators, and content owners.

Competitive dynamics vary by market segment, customer size, industry, geography, and use case

Many of our competitors have greater financial resources, longer operating histories, broader brand recognition, or a more singular focus on specific products or markets, which may allow them to compete more effectively in certain areas.

We believe, however, that our ability to address content creation, content management, experience delivery, and conversational engagement through a unified, modular, and enterprise-grade technology foundation positions us competitively across the markets we serve.

Competitive Factors

We believe the principal competitive factors across the markets in which we operate include, but are not limited to:

• breadth, depth, and scalability of products and systems;

• ability to support content creation, content management, and experience delivery within a unified solution;

• support for live, real-time, and on-demand video and rich media experiences;

• ability to support conversational, interactive, and personalized engagement;

• extensibility, customization, and ease of integration with existing systems and workflows;

• and depth of APIs, SDKs, and developer tools;

• enterprise-grade security, privacy, compliance, and reliability;

• flexibility of deployment options, including regional and dedicated environments;

• data, analytics, and AI-assisted capabilities;

• quality of customer support and professional services;

• total cost of ownership and time to value;

• Brand recognition;

• Corporate culture.

We believe that our combination of advanced Gen AI-infused video-first and TV capabilities, robust API-first secure architecture, embeddable Experience Components, and flexible products and deployment options sets us apart in a competitive landscape.

Our focus on enterprise governance and security, exemplified by stringent data protection features, dedicated environments, and global availability, enables customers to adopt video-centric workflows at scale with confidence.

Our products and Experience Components generate valuable first-party data that enrich our comprehensive analytics and business insights, helping organizations drive engagement, streamline operations, and achieve faster time to value.

In addition, our broad product portfolio is designed to serve the converging needs of live, on-demand, and real-time communications, and to support customers’ plans to consolidate around one vendor across products and use cases, to power both employee and customer experiences.

Moreover, we believe such consolidation can help customers make the most out of hyper-personalized and hyper-contextualized Gen AI-infused experiences.

We believe our brand reputation, track record of innovation, and commitment to responsible Gen AI further reinforce our differentiated position, equipping us to address evolving market demands and to deliver long-term value to our customers and shareholders.

• brand recognition, reputation, and track record.

Competitive Positioning

We believe our competitive position is strengthened by our ability to address content creation, content management, experience delivery, and conversational engagement through a single, unified technology foundation.

Unlike many point solutions that address only isolated aspects of the content lifecycle or user engagement, we believe our offerings are designed to operate cohesively across multiple use cases, buyer personas, and organizational functions.

We believe our platform’s depth of APIs, SDKs, and modular experience components enables large enterprises, partners, and developers to deeply integrate our capabilities into complex workflows, mission-critical systems, and customer- and employee-facing applications.

These capabilities support both enterprise-led deployments requiring extensive customization and governance, as well as product-led and developer-led adoption models.

We also believe our experience supporting large, global organizations across multiple industries and geographies, including highly regulated environments, differentiates us from competitors that primarily focus on smaller or more standardized deployments.

Our track record of delivering complex, mission-critical projects at scale, combined with our global infrastructure, security, compliance, and governance capabilities, positions us to serve organizations with demanding operational, regulatory, and performance requirements.

Sales and Marketing

We market and sell our offerings primarily to medium to large enterprises, across a diverse array of industries including technology, education, regulated industries, professional and commercial services, and media & telecommunications.

While most of our offerings apply to customers of all industries, some of them are more tailored for specific industries such as education, media & telecom, and financial services/wealth management.

When our offerings are used for internal events, communication, collaboration, training, or learning, the primary buyers are chief technology officers (“CTOs”), chief information officers (“CIOs”), and heads of learning and development.

In the case of marketing-related use cases (e.g., webinars and external events), the primary buyers are chief marketing officers (“CMOs”).

Furthermore, we offer our application programming interfaces (“APIs”) and developer tools to all our target markets, either as standalone offerings or bundled with our other solutions.

Buyers for these API and developer tool offerings are typically CTOs.

We currently serve customers in 53 countries.

Our key markets include the United States, United Kingdom, Germany, and France.

Other markets include:

Switzerland, the Netherlands, the Nordics, Italy, Spain, Singapore, Hong Kong, and Australia.

Our primary go-to-market strategy is direct sales, where our account executives and customer success managers cultivate and maintain long-term strategic relationships with enterprise customers.

We define our “enterprise customers” as customers with more than 5,000 employees and/or that pay us more than $60,000 in annualized recurring revenue (“ARR”).We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer.

These customers represented in 2024 more than 96% of our subscription revenue.

In addition, we have a small, dedicated sales and accounts team that manages commercial and small to medium business (“SMB”) accounts.

These are customers with less than 5,000 employees and/or that pay us less than $60,000 ARR.

These customers represented in 2024 less than 4% of our subscription revenue.

Our sales and accounts team focuses on both new customer acquisition and existing customer expansion, supported by customer success managers who drive adoption, usage, and overall customer satisfaction.

Business Development and Channels :

We have established strategic partnerships with some of the world's top tech firms, integrators and value-add resellers, to cater to their advanced needs and to establish co-sell, re-sell and OEM relationships.

In 2024 we reaccelerated our focus on cultivating channel sales partnerships for co-sell and sell-through initiatives.

This effort began to yield preliminary heightened results, and we expect channel sales to continue expanding over time.

Our marketing efforts are designed to enhance brand awareness and generate sales leads through thought leadership, participation in industry events, industry analyst and media coverage, customer referrals, community engagement, and company-hosted conferences and regional customer user-groups, such as “Kaltura Connect”.

Additionally, we utilize digital marketing campaigns and make free trials available for many of our products to encourage product engagement and expedite the sales cycle.

Intellectual Property and Data Privacy

Intellectual property is an important aspect of our business, and we seek protection for our intellectual property rights we deem as appropriate.

To establish and protect our proprietary rights, we rely on a combination of patent, copyright, trade secret and trademark laws, know-how and continuing innovation, and contractual restrictions such as confidentiality agreements, licenses, and intellectual property assignment agreements.

As of December 31, 2024, we owned eight issued U.S.

patents and ten non-U.S.

We market and sell our offerings primarily to medium and large enterprises across a diverse range of industries, including technology, education, regulated industries, professional and commercial services, and media and telecommunications.

While most of our offerings are horizontal and applicable across industries, certain products and solutions are more commonly adopted in specific verticals, such as education, media and telecommunications, financial services, and healthcare.

Our offerings support a broad range of customer-facing, employee-facing, learner-facing, and audience-facing use cases.

As a result, we engage with multiple buyer personas depending on the use case, including chief information officers (“CIOs”), chief technology officers (“CTOs”), chief marketing officers (“CMOs”), chief revenue officers (“CROs”), chief

human resource officers (“CHROs”), heads of learning and development (“L&D”), heads of customer experience (“CX”), and business unit leaders.

For developer-focused offerings, including APIs, SDKs, and developer tools, buyers and influencers are typically technical leaders, product teams, and software developers.

Go-to-Market Approach

Our primary go-to-market strategy is enterprise-focused direct sales.

Our account executives and customer success managers cultivate and maintain long-term strategic relationships with customers, often supporting complex, multi-department deployments that span content creation, content management, and experience delivery use cases.

We define our “enterprise customers” as customers with more than 5,000 employees and/or customers that pay us more than $60,000 in annualized recurring revenue (“ARR”).

We consider subdivisions of the same legal entity, such as divisions of a parent company or separate campuses within a university system, as well as value-added resellers (“VARs”) and the customers they manage, to be a single customer.

Enterprise customers represent the substantial majority of our subscription revenue.

These customers typically deploy multiple Kaltura products across multiple use cases and organizational functions, and sales cycles often involve complex requirements related to integration, security, compliance, scalability, and long-term platform adoption.

Commercial, SMB, and Departmental Adoption

In addition to large enterprise customers, we also serve a smaller number of commercial and small and SMB customers.

We believe that certain of our newer offerings - particularly AI-assisted content creation tools and conversational rich media agents - are well suited for more targeted departmental deployments and smaller organizations.

These offerings may enable adoption by individual teams, departments, or lines of business within larger enterprises, as well as by smaller organizations that do not initially require a full enterprise-wide deployment.

While these customers currently represent a smaller portion of our revenue, we believe they may contribute to expansion opportunities over time as deployments grow in scope and complexity.

Product-Led, Developer-Led, and Self-Service Motions

While our historical growth has been driven primarily by enterprise-led sales, we are increasingly expanding our go-to-market motions to include product-led growth (“PLG”) and developer-led growth (“DLG”) initiatives.

Certain of our content creation tools, AI-assisted workflows, and conversational engagement capabilities are designed to be adopted on a standalone or self-service basis.

These offerings allow users to begin creating and publishing rich media content, or deploying targeted conversational agents, with limited upfront integration or implementation effort.

We believe these entry points may support faster adoption, experimentation, and organic expansion within organizations.

We also offer APIs, SDKs, and developer tools that enable customers, partners, independent software vendors (“ISVs”), system integrators (“SIs”), and developers to embed Kaltura’s video, rich media, and conversational capabilities into their own products, applications, and workflows.

We believe this developer-led approach can support ecosystem-driven growth, expand the range of supported use cases, and enable Kaltura technology to power third-party software solutions over time.

Customer Expansion and Retention

Our sales, account management, and customer success teams focus on both new customer acquisition and expansion within our existing customer base.

Customer success managers work closely with customers to drive adoption, usage, and satisfaction, and to identify opportunities to expand deployments across additional use cases, departments, and audiences.

Many customers initially adopt Kaltura for a specific use case, such as internal communications, learning, or virtual events, and subsequently expand to additional use cases, including marketing, customer engagement, training, content hubs, conversational agents, or media distribution.

We believe our unified platform architecture, broad product portfolio, and expanding AI-assisted and conversational capabilities support continued upsell and cross-sell opportunities.

Business Development, Channels, and Partnerships

We have established strategic partnerships with technology providers, system integrators, value-added resellers, and cloud marketplace operators to extend our reach and address customer needs.

These partnerships support co-sell, re-sell, and OEM relationships across our enterprise offerings, as well as newer product-led and developer-led offerings.

We continue to expand our channel sales initiatives, including through third-party cloud marketplaces and partner-led delivery models.

We believe these channels may support growth across both large enterprise deployments and smaller, self-service or departmental adoption scenarios, while helping to reduce customer acquisition costs and expand geographic reach.

Marketing Strategy

Our marketing efforts are designed to increase brand awareness, generate sales leads, and support customer expansion.

We utilize a combination of thought leadership, participation in industry events, analyst and media engagement, customer references, community initiatives, and company-hosted conferences and regional user groups, such as “Kaltura Connect.”

We also leverage digital marketing campaigns, targeted account-based marketing initiatives, content-driven engagement, and free trials for certain products to encourage product adoption and usage.

As our product portfolio expands—particularly in AI-assisted content creation and conversational engagement—we expect marketing to play an increasingly important role in supporting self-service adoption, product-led growth, and demand generation across both new and existing customer segments.

Intellectual Property, Data Privacy, Security and AI

Intellectual Property

Intellectual property is an important component of our business, and we seek to protect the proprietary technologies and know-how that we believe are material to our operations and competitive position.

We rely on a combination of patent, copyright, trade secret, and trademark laws, as well as contractual protections, including confidentiality agreements, licenses, and intellectual property assignment agreements, to establish and protect our intellectual property rights.

As of December 31, 2025, we owned eleven issued U.S.

patents and eighteen non-U.S.

The issued U.S.

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As of December 31, 2025, we owned five registered trademarks in the United States and nine registered trademarks in foreign jurisdictions, including the European Union and Brazil, that we consider material to the marketing of our products, including the “Kaltura” name and logo.

We generally seek to enter into confidentiality agreements and proprietary rights agreements with our employees and consultants and to control access to, and distribution of, our proprietary information.

However, we cannot guarantee that all applicable parties have executed such agreements.

Such agreements can also be breached, and we may not have adequate remedies for such breach.

Intellectual property laws, procedures, and restrictions provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed, misappropriated or otherwise violated.

Furthermore, the laws of certain countries do not protect intellectual property and proprietary rights to the same extent as the laws of the United States, and we therefore may be unable to protect our proprietary technology in certain jurisdictions.

Moreover, our platform and many of our products and services incorporate software components licensed to the general public under open-source software licenses.

We also obtain some components from software developed and released by contributors to independent open-source components of our platform.

Open-source licenses grant licensees broad permissions to use, copy, modify and redistribute certain components of our platform.

As a result, open-source development and licensing practices can limit the value of our proprietary software assets.

Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy, obtain or circumvent and use our technology to develop products and services with the same functionality as our platform.

Policing unauthorized use of our technology is difficult.

Our competitors could also independently develop technologies like ours, and our intellectual property rights may not be broad enough for us to prevent competitors from selling products and services incorporating those technologies.

Some competitors and other third parties may pursue offensive patent registration and litigation practices to try to block or monetize our and our customers' use of our technologies.

For more information regarding the risks relating to intellectual property, see Part I, Item 1A.

We generally enter into confidentiality and proprietary rights agreements with our employees, consultants, contractors, and business partners, and we seek to limit access to, and disclosure of, our proprietary information.

However, we cannot guarantee that these agreements will not be breached, that unauthorized disclosure will not occur, or that we will be able to effectively enforce our intellectual property rights in all circumstances.

Intellectual property laws and protections vary by jurisdiction and may provide only limited protection.

Our intellectual property rights may be challenged, invalidated, circumvented, infringed, misappropriated, or otherwise violated.

We may be required to bring claims against third parties to protect our intellectual property rights, or third parties may bring claims alleging that we have infringed, misappropriated or violated their intellectual property rights.

In each case, we may not succeed in protecting the rights that we use.

In addition, competitors may independently develop technologies similar to ours or pursue aggressive patent registration or litigation strategies.

Our platform incorporates certain software components licensed under open-source software licenses.

These licenses generally grant licensees broad rights to use, modify, and distribute the licensed components, which may limit our ability to protect certain aspects of our proprietary software.

We maintain internal governance processes designed to manage open-source usage and compliance;

however, there can be no assurance that these measures will be effective in all cases.

Data Privacy, Security, and Responsible AI

In the course of our operations, we process information that relates to individuals and/or constitutes “personal data,” “personal information,” “personally identifiable information,” or similar terms under applicable data privacy laws (collectively, “Personal Information”), relating to users of our services, including customers, employees, learners, and audiences, as well as our own employees, contractors, and business partners.

As a result, we are subject to numerous data protection, privacy, and security laws and regulations across jurisdictions, including regulations governing the collection, use, storage, processing, transfer, and retention of Personal Information

Our products are designed to support enterprise-grade security, privacy, and compliance requirements.

We seek to implement technical and organizational safeguards, which may include encryption at rest and in transit, access controls, monitoring, logging, and incident response procedures.

We endeavor to maintain certifications and compliance programs aligned with recognized standards, including ISO and SOC frameworks, and we support regional data residency and deployment options that are intended to help address customer and regulatory requirements related to data sovereignty.

However, there is no guarantee that we will not be subject to regulatory investigations, fines, other regulatory enforcement action and / or claims by data subjects and other parties in relation to personal data.

Our AI-assisted, multimodal, and conversational capabilities are designed to operate on customer-authorized data and within customer-controlled environments.

We do not use customer data to train third-party artificial intelligence models.

Our platform supports integration with multiple third-party large language model (“LLM”) providers, enabling customers to select models and configurations consistent with their own policies, regulatory requirements, and risk tolerance.

We do not collect or use biometric identifiers for identification or authentication purposes.

Where avatar-based or conversational interfaces are deployed, they function as software-driven representations and interaction mechanisms and are not designed or intended to perform biometric identification.

We maintain internal policies and practices intended to support responsible development and use of AI technologies, including principles related to transparency, accountability, security, and customer control.

As laws, regulations, and industry standards governing artificial intelligence continue to evolve, we may be required to modify our products, practices, or disclosures, which could increase costs, limit functionality, or affect adoption of certain offerings.

The regulatory and legal framework regarding AI technologies is rapidly evolving, and there can be no assurance that we will not be subject to fines, other enforcement action or claims in relation to our development and use of AI technologies.

For more information regarding risks related to intellectual property, data privacy, security, and artificial intelligence, see Part I, Item 1A.

“Risk Factors—Risks Related to Information Technology, Intellectual Property and Data Privacy and Security".

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As of December 31, 2025, we had 494 employees operating across 20 countries and 5 continents.

We embrace hybrid work arrangements and provide competitive compensation and equity incentive plans to attract and retain top talent.

We operate a globally distributed organization and embrace hybrid and remote work arrangements, which we believe enables us to attract and retain talent across a broad range of geographies and disciplines.

Our global footprint supports our ability to serve customers worldwide and to operate across multiple time zones.

Talent and Expertise

Our success depends on our ability to attract, develop, and retain skilled personnel with expertise in areas including video and rich media technologies, cloud infrastructure, security and compliance, artificial intelligence, multimodal systems, software engineering, product development, enterprise sales, and customer engagement.

As our product portfolio has expanded to include AI-assisted content creation, conversational interfaces, and agentic engagement capabilities, we have continued to invest in technical and product talent to support innovation and execution across these areas.

Culture and Values

We are passionately committed to our founding values of openness, flexibility, and collaboration.

We also believe that they are integral to delivering transformative video solutions, and that ‘videofying’ the world brings about increased democratization, pluralism, and equality.

We strive to maintain an inclusive culture, emphasizing equality, well-being, and a sense of shared purpose.

Our culture embraces our employees’ differences in age, race, gender and gender identity, sexual orientation and nationality, and it is our policy that employment decisions not be made on the basis of these or any other legally protected characteristics.

We aim to provide our employees with a competitive salary and benefits that will enable them to achieve a good quality of life and plan for the future, and keep them inspired and motivated to drive innovation and out-of-the-box thinking.

In addition to competitive base salaries and cash compensation, we maintain equity incentive plans to attract, retain and reward personnel through share-based compensation awards.

Except for certain of our employees in Brazil, our employees are not represented by a labor union in respect to their employment or covered by a collective bargaining agreement.

We have not experienced any work stoppages and largely consider our relationship with our employees to be good and mutually beneficial.

Historically, we have experienced seasonality in bookings and collections from customers within the education market, with a pattern of higher sales and new academic customers in the second and third quarters of the year as a result of school procurement periods, resulting in lower sequential sales and customer growth in other quarters of the year.

We also experience increased usage by these customers during periods when school is in session, leading to higher cost of revenue during the first and fourth quarters of the year.

Because the agreements for certain of our solutions do not limit usage or increase pricing for usage in excess of a specified amount, these additional costs may not result in a corresponding increase in revenue.

We believe these values are integral to delivering innovative and reliable technology solutions and to fostering a culture of accountability, creativity, and continuous improvement.

We strive to maintain an inclusive and supportive workplace that emphasizes equality, well-being, and a sense of shared purpose.

It is our policy that employment decisions are made without regard to any legally protected characteristic

Compensation, Development, and Retention

We aim to provide our employees with competitive compensation and benefits designed to support long-term engagement and retention.

In addition to competitive base salaries and cash compensation, we maintain equity incentive plans intended to align employee interests with those of our shareholders and to reward long-term contributions.

We invest in employee development through training, professional growth opportunities, and leadership development initiatives.

We believe these efforts support employee engagement, productivity, and retention, while enabling us to adapt to evolving technologies and market requirements.

Labor Relations

Our employees are not represented by a labor union or covered by a collective bargaining agreement.

We have not experienced any material work stoppages, and we believe our relationships with employees are positive and constructive.

Historically, we have experienced seasonality in bookings and collections from customers within the education market.

This seasonality is driven primarily by school procurement cycles, which typically result in higher sales activity and new academic customers in the second and third quarters of the year, and lower sequential sales and customer growth in other quarters.

We also experience increased usage by education customers during periods when school is in session, which can lead to higher cost of revenue during the first and fourth quarters of the year.

While we serve customers across a broad range of industries, education-related seasonality represents a significant factor in our business.

Additional Information

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What changed 10-K

Item 1. Business