NAGRA

What NAGRA does

NAGRA operates as the media-and-entertainment technology division of the Kudelski Group, a Swiss-domiciled (Cheseaux-sur-Lausanne) public company listed on the SIX Swiss Exchange under ticker KUD.S. Following the September 2024 divestiture of SKIDATA (Public Access) to ASSA ABLOY, the Group is organized into three core activities: Core Digital Security (NAGRAVISION and Kudelski Labs), Cybersecurity (Kudelski Security), and Internet of Things (Kudelski IoT). NAGRAVISION provides content protection, streaming, and subscriber engagement solutions for tier-1 pay-TV operators and streaming platforms worldwide — including multi-DRM, conditional access, NexGuard forensic watermarking, the OpenTV Video Platform, NAGRA Insight analytics, and the TVkey Cloud direct-to-TV security co-developed with Samsung. Kudelski Labs develops embedded semiconductor security IP, including the KSE3 quantum-resistant secure enclave now integrated into Axelera AI's Europa edge-AI chip.

The Group's revenue model has transitioned from a hardware-led (smart cards, set-top box modules) base toward recurring software, maintenance, royalty, and managed services revenue. NAGRA generates licensing royalties from conditional access and multi-DRM, recurring managed security subscriptions (MDR ONE Resolute, FusionDetect), transactional anti-piracy and watermarking services, IoT subscription and hardware revenue (RecovR asset tracking at 250+ car dealerships), and increasingly revenue-share/service-fee arrangements for sports streaming platforms such as NAGRA Sport and Eurovision Sport. FY2023 Group revenues totaled USD 761.5M, with EBITDA of USD 28.7M. Customers include Vodafone, Telefonica, Claro Colombia, SK Broadband, beIN Sports, ZEE5, E.TV Openview, RAI, Tele Columbus, Axelera AI, and major hospital and UN systems. Go-to-market combines direct enterprise sales, OEM/embedded partnerships (Samsung, semiconductor vendors), and channel resellers for anti-piracy services across more than 20 countries.

Name

NAGRA

Legal name

Kudelski S.A.

Website

https://nagra.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NAGRA, the Kudelski Group's media-and-entertainment technology division, delivers content protection, streaming security, multi-DRM, and forensic watermarking to global tier-1 pay-TV operators and streaming platforms, alongside cybersecurity and IoT security services to enterprises and device manufacturers.

Ownership category

akta.pro rank

Product category

Digital Security Software

NAICS

Computer Systems Design Services (541512)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Secure Communications, Cryptography & Key Management Systems (IMABAOAK)

akta.pro secondary industries

Endpoint Protection Platforms (EPP/NGAV) (HDADAEAD), Remote Access & Privileged Access for OT (ZTA/PAM for Vendors) (HDADAJAG), Network Security Services (Firewall/VPN/ZTNA/SASE Integration) (BPAEAEAG)

Keywords

• Content protection software
• Streaming security platforms
• Forensic watermarking technology
• Managed cybersecurity services
• IoT asset tracking

Headquarters

HQ city

El Segundo

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Digital TV (NAGRAVISION) - Software, Maintenance and Royalties: Recurring software, maintenance, and royalty revenues from conditional access systems, multi-DRM licensing, anti-piracy services, and streaming platform services (OpenTV Video Platform, OpenTV ENTera). Revenue has shifted from hardware-dependent model to resilient software/service model. Software, maintenance, and royalties demonstrated greater resilience compared to hardware sales. Service fees and revenue-share models increasingly used for new sports streaming services.
2. Digital TV - Smart Cards and Hardware: Legacy hardware revenues from smart cards, set-top box security modules, and TVkey device sales. Smart card revenues have declined significantly from USD 61.4 million (2019) to USD 30.0 million (2021) and USD 12.8 million (2022), and further to USD 11.4 million (H1 2023). Hardware sales peaked at USD 52.2 million in 2021 declining to USD 39.0 million in 2022.
3. Digital TV - Forensic Watermarking and Anti-Piracy Services: Transactional and recurring revenues from NexGuard watermarking deployments and anti-piracy intelligence services. Growing demand driven by rising piracy concerns and streaming platform password-sharing crackdowns. Includes anti-piracy blocking services, OTT security audits, and forensic watermarking for pre-release, pay-TV, and streaming use cases.
4. Cybersecurity - Managed Security Services: Recurring managed detection and response (MDR) services, managed OT security services, and 24/7 cyber fusion center monitoring. Managed security services revenue surged to USD 52.9 million in 2023. MDR ONE Resolute next-generation MDR platform launched December 2023. Advisory and professional security consulting services. Growing from blockchain ecosystem assessments.
5. Cybersecurity - Technology Reselling: Resale of third-party enterprise security technologies integrated with Kudelski Security's proprietary managed services. Includes Microsoft security solutions (Defender for Endpoint), enterprise security technology integration. Lower-margin revenue stream being de-emphasized in favor of high-value-added services.
6. IoT - RecovR Asset Tracking: Hardware and subscription revenues from RecovR two-in-one lot management and theft recovery solution for car dealerships. Strong growth driven by US dealership deployments, market expansion into Canada, and first deals with automotive financial services industry. Revenue tripled from USD 15.7M (2022) to USD 47.4M (2023).
7. IoT - Security Labs and keySTREAM: IoT Security Labs certification and consulting revenues from approved certification labs for CSPN, AT&T/FirstNet, Amazon Alexa Build-In, and Zoom. keySTREAM platform provisioning and security services through semiconductor manufacturer partnerships. Device authentication certificate services for Matter smart home standard. Hardware security integration engagements.
8. Public Access (SKIDATA) - Access Control Systems: Revenues from access control infrastructure for parking, ski resorts, events, and airports. Hardware, software, and services model with growing software/service mix. Mobile-first digital solutions including online reservations, payment, and access options. SKIDATA Connect digital platform for visitor management. EV-charging integrated into parking management.
9. Public Access - Subscriptions and Facility Operations: Recurring digital subscription revenues from SKIDATA's digital platform and intelligent mobility solutions. Facility Operations managed services expanding as a growth catalyst. Revenue share and subscription models from digital commerce integrations with Google Pay, Apple Pay, and Mastercard.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

NAGRA, operating as the Kudelski Group, provides proprietary digital security technologies and services across four divisions. NAGRAVISION delivers content protection, multi-DRM streaming security, forensic watermarking (NexGuard), direct-to-TV security (TVkey Cloud with Samsung), anti-piracy services, and streaming platforms (OpenTV) for pay-TV operators and broadcasters. Kudelski Security provides managed detection and response (MDR ONE Resolute), cybersecurity advisory and 24/7 cyber fusion center monitoring for enterprises and governments. Kudelski IoT supplies asset tracking (RecovR for automotive dealerships) and IoT security platforms (keySTREAM, IoT Security Labs certification). Kudelski Labs develops embedded security IP for semiconductors (KSE3 quantum-resistant secure enclave).

Product overview

NAGRA (Kudelski Group) operates as a multi-segment technology company organized into distinct divisions. NAGRAVISION provides media and entertainment technology solutions including TVkey Cloud (direct-to-TV security with Samsung), OpenTV ENTera (streaming platform), NexGuard Forensic Watermarking (content leak detection), Active Streaming Protection (anti-piracy), NAGRA Scout (consumer cybersecurity), NAGRA Insight Smart Pricing (AI-powered subscriber analytics), NAGRA Insight Negotiation Agent (AI chatbots), and NAGRA Sport (sports streaming platform). Kudelski Security offers managed security services including MDR ONE Resolute (next-gen MDR with XDR), and FusionDetect (cloud-native analytics). Kudelski IoT provides asset tracking solutions including RecovR (lot management and theft recovery for car dealerships), RecovR for Keys, keySTREAM (IoT security platform), and IoT Security Labs. SKIDATA delivers public access solutions including SKIDATA Connect (visitor management). Kudelski Labs develops security IP including KSE3 (hardware root of trust for semiconductors). The company serves pay-TV operators, streaming services, enterprises, government bodies, and IoT device manufacturers globally.

Differentiator

Problem solved

Functional benefit

Brands

• NAGRA Scout: Consumer cybersecurity and smart home security solution
• NAGRA Insight
• NexGuard
• TVkey Cloud
• OpenTV Video Platform
• RecovR
• keySTREAM
• SKIDATA Connect
• Kudelski Secure Enclave (KSE3)
• FusionDetect
• MDR ONE
• NAGRA Sport
• Eurovision Sport

Products and services

• TVkey Cloud Direct-to-TV pay-TV security solution co-developed with Samsung: a secure smart chip embedded on Samsung smart TV circuit boards communicates with NAGRAVISION's security services platform to deliver branded pay-TV services without set-top boxes; compliant with latest studio security requirements for 4K UHD content; supports frictionless sign-up, instant access and advanced user features. Used by global pay-TV operators including GTPL Hathway in India.
• NAGRA NexGuard Forensic Watermarking Market-leading forensic watermarking technology that detects content leaks across video and audio (sports, linear, VOD); imperceptible, impossible to erase, seamlessly deployable into existing workflows without performance impact. Used for pre-release content, pay-TV and streaming; extended to video game trailers and law enforcement witness audio; selected by beIN Sports and SK Broadband.
• NAGRA Active Streaming Protection Comprehensive multi-DRM streaming security framework providing session management, security monitoring, analytics and intelligence-led anti-piracy services including IP blocking, monitoring, anti-piracy intelligence and investigation services; the only industry solution providing security monitoring and analytics alongside multi-DRM. Customers include ZEE5 (India) and RAI (Italy).
• OpenTV ENTera Comprehensive streaming solution for ease of use and rapid launch, delivering state-of-the-art user experience to grow audiences and secure share of wallet; includes an exclusive partner ecosystem. Powers the next-generation Android TV platform deployed at Claro Colombia (America Movil) and the cloud-based OpenTV Video and Security Services Platform deployed at Tele Columbus (Pyur TV) in Germany with embedded AI.
• NAGRA Scout Intelligent connected lifestyle security solution safeguarding consumers and their smart homes from cyber threats by combining consumer cybersecurity with smart home automation and security; designed for subscriber loyalty programs and partnered with Canal+ Telecom and home automation company Otodo.
• NAGRA Insight Smart Pricing AI-powered subscriber analytics platform that creates personalized digital twins for each subscriber and simulates scenarios of pricing and content changes to predict impact on churn and revenues; used by pay-TV operators to optimize subscriber lifetime value.
• NAGRA Insight Negotiation Agent AI-powered chatbot enhancement leveraging large-language and conversational AI to better respond to consumer requests, improving customer service interactions for pay-TV operators' subscriber loyalty programs.
• NAGRA Sport Sports streaming platform and Sport-as-a-Service offering for sports organizations, providing direct-to-consumer and broadcast reach, a sports app, video streaming infrastructure, Sporfie video clipping technology and a loyalty program; extended to the new Player and Community Platform for the World Professional Billiards and Snooker Association and the global Eurovision Sport streaming service launched with the EBU.
• MDR ONE Resolute Next-generation managed detection and response solution from Kudelski Security powered by a new XDR platform that integrates cutting-edge security technologies with AI and proprietary tools to detect new threats and respond to sophisticated attacks across IT, OT, endpoints and cloud environments; delivered through the Cyber Fusion Centers in Switzerland, the US and Spain.
• FusionDetect Cloud-native analytics platform supporting tailored threat detection and response across IT, OT, endpoints and cloud environments; foundation of Kudelski Security's managed detection and response services.
• RecovR Two-in-one lot management and theft recovery solution for car dealerships combining a small battery-powered locator device with subscription monitoring services; enables dealers to locate and manage vehicle inventory, improve the sales process and offer consumers theft recovery; revenue tripled from USD 15.7M (2022) to USD 47.4M (2023).
• RecovR for Keys Extension of RecovR enabling car dealers and consumers to locate lost or misplaced keys, building on the RecovR lot management and theft recovery platform.
• keySTREAM End-to-end IoT security platform providing provisioning services through semiconductor partnerships, device authentication (including Matter smart home standard certificates) and PKI-based certification authority services for IoT device manufacturers.
• KSE3 (Kudelski Secure Enclave 3) Robust-to-AVA_VAN.3 hardware root-of-trust security IP integrated into semiconductor chips; combines quantum-resistant cryptography with secure enclave capabilities, secure key management, secure boot, secure debug, immutable identity and anomaly detection optimized for lightweight silicon footprints at the edge; Cyber Resilience Act (CRA) Important Products compliant and designed for SESIP/PSA Level 3. Integrated into Axelera AI's Europa edge AI processor.
• SKIDATA Connect Digital platform for visitor management enabling mobile reservations, payments and access options for parking tickets, ski passes and event services; integrates Google Pay, Apple Pay and Mastercard; deployed at venues such as Schiphol Airport. The parent SKIDATA business was divested to ASSA ABLOY in September 2024.
• NAGRA Venturi Intelligence-led streaming security solution for the AI era, providing advanced protection for streaming services against evolving threats through AI-driven security analytics and threat intelligence; launched by NAGRAVISION in June 2026.
• NAGRAVISION Player and Community Platform Player and community platform for sports streaming providing direct-to-consumer engagement tools for sports organizations; launched by NAGRAVISION in partnership with the WPBSA in April 2026.
• Scalable Watermarking-as-a-Service for Live Events Scalable watermarking-as-a-service combining NAGRAVISION's NexGuard forensic watermarking technology with Harmonic's video streaming infrastructure for real-time content protection and leak detection of live sports and event streaming; launched in April 2026 as an extension of the NAGRAVISION-Harmonic partnership.

Quantifiable outcome

• RecovR grew from 43 rooftops generating revenue (Dec 2021) to 250+ rooftops (Dec 2022), to significant volumes in 2023 with expansion into Canada
• +5 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability11 records

Feature9 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• World Professional Billiards and Snooker Association (WPBSA)flagshipStrategic or Co-development Partner · 20 April 2026NAGRAVISION launched a new Player and Community Platform in partnership with the WPBSA. This platform represents a strategic expansion of NAGRA's sports streaming initiative, building on the Eurovision Sport launch and existing sports technology capabilities. The platform provides direct-to-consumer engagement tools for professional billiards and snooker.
• HarmoniccoreTechnology or Integration · 16 April 2026NAGRAVISION and Harmonic extended their partnership with the launch of Scalable Watermarking-as-a-Service for Live Events. Combines NAGRAVISION's watermarking technology with Harmonic's video streaming infrastructure to provide comprehensive content protection for live sports and event streaming. The partnership addresses the growing need for real-time leak detection in live streaming environments.
• Axelera AIcoreTechnology or Integration · 10 March 2026Axelera AI integrated the Kudelski Secure Enclave KSE3 into Europa, its high-performance edge AI processing platform. The collaboration provides a hardware root of trust anchored in certified, tamper-resistant security optimized for edge AI deployments in smart infrastructure, industrial automation, and autonomous robotics. KSE3 provides robust cryptographic services, secure key management, secure boot, secure debug, and immutable identity compliant with Cyber Resilience Act Important Products classification and designed for SESIP/PSA Level 3.
• SamsungflagshipOEM/ Whitelabel/ Licensing PartnerSamsung embeds NAGRAVISION's TVkey Cloud smart chip directly on Samsung smart TV circuit boards, enabling pay-TV operators to offer branded pay-TV services without set-top boxes. This is a joint innovation (NAGRAVISION and Samsung) providing the only solution in the industry to deliver pay TV without set-top boxes. TVkey Cloud is compliant with the latest studio security requirements for 4K UHD content.
• Streaming Video Technology Alliance (SVTA)minorStrategic or Co-development PartnerKudelski Group (NAGRAVISION) is a member of the Streaming Video Technology Alliance, which published technical documents addressing key challenges in the streaming ecosystem. SVTA documents cover media quality assessment, open caching security, and edge computing specifications. NAGRAVISION participates in technical working groups contributing to industry standards.
• Hunters.aicoreTechnology or IntegrationStrategic partnership established in 2023 to enhance Kudelski Security's MDR services with additional capabilities for client data analysis. Hunters.ai's platform improves scalability of data analysis and frees up resources for higher value-added analytical tasks within the managed detection and response workflow.
• Microsoft (MISA Membership)coreTechnology or IntegrationKudelski Security joined the Microsoft Intelligent Security Association (MISA), expanding its Microsoft certifications. The partnership accelerates revenue growth from services related to Microsoft security offerings and enables deeper integration with Microsoft Defender for Endpoint and broader Microsoft security ecosystem.
• Google Cloud / Google PaycoreTechnology or IntegrationSKIDATA integrates Google Pay as a payment option within its digital parking and access management solutions. Partnership enables cashless, mobile-first payment experiences for parking, ski passes, and event access. Google Cloud referenced as infrastructure partner for certain gaming and digital initiatives.
• Apple (Apple Pay / Apple TV)coreTechnology or IntegrationSKIDATA integrates Apple Pay as a payment option within its digital visitor management platform for parking, events, and ski access. Apple TV referenced as potential distribution channel for NAGRA sports streaming content. Partnership supports mobile-first, touchless payment experiences.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Arctic Wolf: Arctic Wolf is a leading MDR/security operations provider serving mid-market and enterprise customers, overlapping with Kudelski Security's managed detection and response value proposition and target buyer profile.
• Spireon: Spireon (which acquired LoJack) provides asset tracking and theft recovery solutions for automotive dealers and lenders, the same primary use case as NAGRA's RecovR product, making it the closest direct peer in the IoT/automotive retail segment.
• Synamedia: Synamedia (formerly Cisco Service Provider Video) offers content security, video processing, and streaming platform solutions to the same pay-TV and streaming operator market, competing head-to-head with NAGRAVISION and OpenTV.
• Verimatrix: Verimatrix provides multi-DRM, watermarking (StreamMark/MarkAny), and anti-piracy services for streaming and pay-TV operators, directly competing with NAGRA Active Streaming Protection and NexGuard in the same customer base.
• Secureworks: Secureworks is a pure-play cybersecurity MDR/XDR provider with Taegis XDR, directly comparable to Kudelski Security's MDR ONE Resolute and FusionDetect offerings for enterprise and mid-market customers.
• Irdeto: Irdeto is NAGRA's closest direct competitor in pay-TV conditional access, multi-DRM, and content security, serving many of the same tier-1 operators with overlapping product lines such as Irdeto Cloaked CA and TraceMark forensic watermarking.
• Conax (Telenor): Conax, a Telenor-owned entity, provides conditional access and content protection for pay-TV operators, including broadcast and streaming, and is a direct NAGRAVISION competitor in EMEA and emerging markets.

Emerging players

• Trustonic: Trustonic provides hardware-backed security for connected devices, smartphones, and IoT, with a secure element/TEE approach that overlaps with Kudelski Labs' KSE3 secure enclave IP and keySTREAM IoT security platform.

Others

• Harmonic: Harmonic is both a NAGRA partner (joint Scalable Watermarking-as-a-Service launch in April 2026) and an adjacent vendor in video processing/streaming infrastructure, serving the same pay-TV and streaming operator customers with overlapping technology stacks.

Broad incumbents

• Palo Alto Networks (Unit 42): Palo Alto Networks operates a broad cybersecurity portfolio including MDR (Unit 42) and IoT/OT security products, competing with Kudelski Security across enterprise, OT, and IoT verticals as a much larger incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nagrakudelski
• YouTubevimeo.com/nagravision
• Facebookfacebook.com/nagravisionhq
• LinkedInlinkedin.com/company/nagra
• Instagraminstagram.com/nagravisionhq

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

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 NAGRA