What Hex-Rays does

Hex-Rays SA is a privately held Belgian software company founded in 2005 by Ilfak Guilfanov that develops the IDA (Interactive Disassembler) family of binary code analysis tools. The company serves cybersecurity professionals, vulnerability and penetration researchers, incident response and CERT teams, intellectual property analysts, automotive security specialists, and software interoperability analysts who need to understand machine-executable code without source access. IDA Pro is widely recognized as the de facto standard in binary reverse engineering, with publicly named adopters including Microsoft, Apple, Google, Mandiant (formerly FireEye), and SANS.

The core technology is a multi-architecture analysis platform that disassembles machine code into structured assembly and applies a proprietary decompiler to transform binaries into human-readable pseudocode. IDA supports more than 60 processor families—spanning x86, ARM, MIPS, PowerPC, RISC-V, and specialized embedded ISAs such as TriCore/AURIX and Qualcomm Hexagon DSP—and is extended through C++ and Python SDKs. The platform includes multi-platform debugging, the Lumina community metadata system for fast function recognition, a Private Lumina option for in-house knowledge control, and a Teams add-on for collaborative analysis. The product portfolio segments into IDA Pro (enterprise), IDA Home (hobbyists), IDA Free (evaluation), IDA Classroom (education), and IDA Pro OEM (for product and SaaS embedding).

Revenue is generated primarily through annual software subscriptions priced from $365 (IDA Home) to $8,599 (IDA Pro Ultimate), with up to 30% volume discounts, multi-year terms, and substantially reduced education pricing. The go-to-market is product-led and self-serve through my.hex-rays.com, augmented by a global authorized reseller network, an OEM licensing channel for embedded/SaaS integration, and paid expert training delivered on-demand and live. Hex-Rays is privately held, has never disclosed external funding, and operates with a reported 1–10 employees—an exceptionally capital-efficient profile that reflects the product's category dominance and pricing power in binary reverse engineering.

Name

Hex-Rays

Legal name

Hex-Rays

Website

https://hex-rays.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Hex-Rays SA is a Belgian software company founded in 2005 that develops IDA Pro, the de facto standard binary code analysis platform used by cybersecurity teams, vulnerability researchers, and major technology companies worldwide.

Ownership category

akta.pro rank

Product category

Reverse Engineering Software

NAICS

Software Publishers (5132)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Developer Experience Platforms for Enterprise (IDEs, CI/CD, Dev Portals) (HDAEAKAI)

akta.pro secondary industry

Embedded Software & Firmware Tools (Compilers, Debug, RTOS tooling) (HDAHAFAE)

Keywords

• Binary analysis tools
• Reverse engineering software
• Disassembler decompiler
• Malware analysis platform
• Vulnerability research tools

Headquarters

HQ city

Bel

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. IDA Pro Software Licenses: Annual subscription-based licenses for IDA Pro at multiple tiers (Essential, Expert 2/4/6, Ultimate) providing named or floating computer licenses with various combinations of disassemblers and decompilers.
2. IDA Home License: Annual subscription license for hobbyist reverse engineers at $365/year, providing 1 disassembler and 2 cloud-based decompilers from one processor family.
3. IDA Free: Free tier providing basic IDA functionality with x86 32/64 disassemblers and 2 cloud-based decompilers for evaluation purposes.
4. IDA Pro OEM Licenses: OEM licenses covering server or product-integrated use of IDA, enabling companies to embed or integrate IDA technology into their own products or SaaS offerings. Free during development; production pricing negotiated separately.
5. Add-on Extensions (Private Lumina & Teams): Optional add-ons available for purchase alongside IDA Pro subscriptions: Private Lumina (EUR 299) and Teams (EUR 999), with floating license option (EUR 1,700).
6. Training Courses: Expert-level training courses for mastering complex reverse engineering techniques, available in both on-demand video and live formats.
7. Volume and Multi-Year Discounts: Up to 30% volume discounts for multiple seats and special pricing for multi-year commitments, particularly for education providers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Hex-Rays develops and sells the IDA (Interactive Disassembler) family of binary code analysis tools, with IDA Pro as the flagship product. The platform disassembles machine-executable code into assembly, decompiles binaries into human-readable pseudocode, and provides multi-platform debugging across 60+ processor architectures including x86, ARM, MIPS, PowerPC, and RISC-V. The company sells annual subscription licenses, OEM integrations, training courses, and a mature plugin/SDK ecosystem.

Product overview

Hex-Rays develops the IDA (Interactive Disassembler) family of binary code analysis tools. The core product is IDA Pro, a state-of-the-art reverse engineering platform supporting 60+ processor architectures with disassembling, decompiling, debugging, and deobfuscation capabilities. The product portfolio includes specialized variants: IDA Home (affordable hobbyist version), IDA Free (no-cost evaluation), and IDA Classroom (discounted education version), all built on the same core engine. Add-on modules extend functionality: Decompilers generate readable pseudocode, Private Lumina enables secure in-house function recognition, and Teams enables collaborative reverse engineering. The ecosystem is supported by Training Courses, C++ and Python SDKs for plugin development, and a community plugin marketplace.

Differentiator

Problem solved

Functional benefit

Brands

• IDA Pro: State-of-the-art binary code analysis tool for professional reverse engineers
• IDA Home
• IDA Free
• IDA Classroom
• Private Lumina
• Teams Add-on

Products and services

• IDA Pro State-of-the-art binary code analysis tool trusted by top cybersecurity teams for reverse engineering and malware defense. Supports disassembling, decompiling, debugging, and deobfuscating binaries across 60+ processor architectures. Sold via annual subscription tiers (Essential, Expert 2/4/6, Ultimate) with named or floating licenses.
• IDA Home Affordable annual reverse engineering subscription for hobbyists at $365/year. Available in five versions supporting single processor families: x86/x64, ARM/ARM64, MIPS/MIPS64, PowerPC/PPC64, or RISC-V/RV64. Includes 2 cloud-based decompilers, Python API, IDC scripting, and GDBServer remote debugging.
• IDA Free Free lightweight IDA version for evaluating basic features. Limited to x86 32/64 PC disassemblers with 2 cloud-based decompilers. Provides no-cost entry point for individual analysts and hobbyists.
• IDA Classroom Annual subscription version of IDA designed for education providers and universities with significant discounts (up to 70% off commercial prices). Includes 4 cloud-based decompilers and 2 families supported for disassembly.
• IDA Pro OEM OEM license required to sell software or SaaS products based on IDA. Covers server or product-integrated use of IDA with development licenses provided free and production pricing negotiated through the OEM team.
• Private Lumina Add-on Optional add-on to IDA Pro providing fast function recognition powered by a private server within the organization. Priced at EUR 299 (Classroom at $100), it keeps in-house knowledge secure with full control over function metadata.
• Teams Add-on Optional add-on to IDA Pro (EUR 999, floating license EUR 1,700) enabling collaborative reverse engineering so teams can work online or offline while analyzing the same binary. Includes Git-based version control and Deep Links.
• Training Courses Expert-level courses for mastering complex reverse engineering techniques, taught by IDA veterans in both on-demand video and live instructor-led formats via Google Meet and Slack.

Named customers5 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature11 records

Partnerships

Seven partnerships are on record, tiered minor.

• Authorized ResellersminorChannel Partner/ Reseller/ DistributorHex-Rays maintains a network of official reseller partners globally for the distribution of IDA products. Information about authorized resellers is available at hex-rays.com/partners.
• Amazon Web Services (AWS)minorOthersAmazon provides cloud hosting services for Hex-Rays infrastructure. Listed as a service provider with access to customer data for hosting purposes.
• StripeminorOthersStripe handles payment processing for online IDA license purchases. Listed as a service provider with access to payment information.
• HubSpotminorOthersHubSpot is used for communication, statistics, analytics, and benchmarking purposes. Listed as a service provider.
• RefinitivminorOthersRefinitiv provides enhanced due diligence services for Hex-Rays' KYC (Know Your Customer) screening procedures to verify customers and comply with export laws and sanctions regulations.
• SlackminorOthersSlack is used for training communication and organization. Listed as a service provider for the training platform alongside Google Meet.
• Google MeetminorOthersGoogle Meet is used as the video conferencing platform for online training sessions. Recordings are shared with participants afterward.

Scale indicators2 records

Recent moves4 records

Expansion highlights5 records

Others

• Mandiant (Google): Mandiant (part of Google Cloud) is an incident response and threat intelligence firm that uses IDA Pro extensively for malware reverse engineering. It is a notable customer and ecosystem participant rather than a direct commercial competitor, shaping how reverse engineering workflows are practiced in the enterprise.

Emerging players

• Corellium: Corellium provides virtualized mobile device platforms used for mobile application security testing and reverse engineering. It is complementary to IDA Pro for mobile RE workflows, targeting the same security researcher and vulnerability analyst persona.
• NowSecure: NowSecure offers mobile application security testing and reverse engineering tools for iOS and Android. It intersects with IDA Pro in mobile binary analysis but is more focused on automated DevSecOps workflows for mobile app developers.

Direct peers

• Vector 35: Vector 35 develops Binary Ninja, a commercial binary analysis and reverse engineering platform with interactive disassembly, decompilation, and plugin APIs. It is the closest direct competitor to IDA Pro, targeting the same professional reverse engineer and security researcher customer base.
• PNF Software: PNF Software develops JEB Decompiler, a commercial reverse engineering platform offering disassembly and decompilation for mobile, native, and web binaries. JEB directly competes with IDA Pro in decompiler-driven analysis workflows for security researchers.
• Cryptic Apps: Cryptic Apps produces Hopper Disassembler, a reverse engineering tool for macOS and Linux focused on disassembly and decompilation of binaries. It serves a similar hobbyist-to-professional reverse engineering audience as IDA Home and IDA Pro.

Broad incumbents

• GrammaTech: GrammaTech provides static application security testing and software analysis tools (CodeSonar, CodeSentry) used for binary and source code analysis. It overlaps with IDA Pro in binary-level security analysis but serves a broader enterprise application security use case.
• ReversingLabs: ReversingLabs offers file analysis and software supply chain security products that include binary analysis capabilities for malware detection and threat intelligence. It overlaps with IDA Pro's malware analysis and binary inspection use cases at an enterprise scale.
• Veracode: Veracode is a leading application security testing platform providing static, dynamic, and software composition analysis. While it operates at a higher abstraction level than IDA Pro, it competes for the same security analyst budget and addresses related vulnerability discovery use cases.
• Synopsys: Synopsys is a large EDA and software security company whose Coverity and Black Duck products overlap with IDA Pro in source and binary code analysis. As a much larger incumbent, it competes for enterprise security and embedded software development budgets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/igorskochinsky
• GitHubgithub.com/HexRaysSA
• YouTubeyoutube.com/channel/UCqNQfYIIJw1L4ou5ej6iysw/featured
• LinkedInlinkedin.com/company/hex-rays-sa

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hex-Rays