Conax

What Conax does

Conax AS, founded in 1994 and headquartered in Oslo, Norway, supplies conditional access and content security solutions for major satellite, cable, terrestrial, MMDS, and IPTV networks. The company operates as part of NAGRAVISION, the media and entertainment technology division of Kudelski Group (SIX:KUD.S), serving more than 500 operators worldwide. Its portfolio spans broadcast security (smart card and cardless conditional access), AI-powered streaming security (NAGRA Venturi), forensic watermarking (NAGRA NexGuard), anti-piracy intelligence and IP-blocking services, direct-to-TV solutions (TVkey Cloud, NAGRA Bridge, CAMs), subscriber analytics with digital-twin smart pricing (NAGRA Insight), the OpenTV ENTera streaming platform, and the NAGRA Sport platform for sports content distribution. Underlying technology is built on three decades of cryptographic and hardware security R&D, increasingly augmented with AI-led anomaly detection and predictive analytics modules.

Revenue is generated primarily through enterprise subscription licensing on annual quote-based contracts, supplemented by technology partnerships and a channel reseller program. Go-to-market relies on direct enterprise field sales targeting pay-TV operators, streaming providers, broadcasters, and sports content owners, supported by technology integrations (notably with Harmonic) and presence at industry events such as IBC. Customer base spans primary segments in pay-TV operators and streaming service providers, with secondary verticals in sports content owners (e.g., WPBSA, Eurovision Sport, beIN Sports) and consumer cybersecurity (NAGRA Scout). The firmographic headcount of 51-100 employees reflects the Conax AS entity specifically, while the broader NAGRAVISION product surface and Kudelski Group resources provide the operating scale behind it.

Name

Conax

Legal name

NAGRAVISION S.à.r.l

Website

https://conax.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Conax AS, founded in 1994 in Oslo, Norway, supplies conditional access and content security solutions for satellite, cable, terrestrial, MMDS, and IPTV networks, operating as part of NAGRAVISION within Kudelski Group to serve over 500 operators globally.

Ownership category

akta.pro rank

Product category

Pay-TV Content Protection

NAICS

Satellite Telecommunications (517410)

SIC

Radio & Tv Broadcasting & Communications Equipment (3663)

akta.pro primary industry

Pay-TV Content Aggregation, Packaging & Carriage (Bouquets/EPG) (MPABAGAK)

Keywords

• Conditional access systems
• Pay-TV content protection
• Broadcast security solutions
• IPTV security
• Forensic watermarking

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Security Solutions Licensing: NAGRAVISION generates revenue through licensing its security technology to pay-TV operators and streaming service providers. This includes streaming security (NAGRA Venturi), broadcast security (smart card and cardless solutions), forensic watermarking, and anti-piracy services.
2. Streaming Platform Solutions: Revenue from OpenTV ENTera streaming platform solutions and related services for broadcasters and operators looking to become digital entertainment hubs.
3. Subscriber Analytics and Loyalty: Revenue from NAGRA Insight analytics platform, smart pricing tools, and subscriber loyalty solutions that help operators reduce churn and optimize revenue.
4. Cybersecurity Services: Consumer and enterprise cybersecurity solutions (NAGRA Scout) providing protection for connected devices and networks.
5. Sports Streaming Platform: NAGRA Sport platform services for sports content owners enabling direct-to-consumer and hybrid broadcast reach.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Conax AS supplies conditional access solutions for major satellite, cable, terrestrial, MMDS, and IPTV networks. As part of the NAGRAVISION division of Kudelski Group, Conax delivers broadcast and streaming security, forensic watermarking, anti-piracy services, and subscriber analytics to pay-TV operators and content owners.

Product overview

Conax operates as part of NAGRAVISION, offering a platform-plus-modules architecture for media and entertainment technology. The portfolio centers on security solutions (including NAGRA Venturi for AI-powered streaming security, Broadcast Security with smart card and cardless solutions, and Comprehensive Cybersecurity) and streaming solutions (including OpenTV ENTera for digital entertainment hubs and NAGRA Sport for sports streaming). Additional modules include subscriber loyalty tools (NAGRA Insight Smart Pricing with AI-powered analytics and the Negotiation Agent), forensic watermarking (NAGRA NexGuard), anti-piracy services, and consumer cybersecurity (NAGRA Scout). The platform leverages over 30 years of experience serving over 500 operators worldwide to protect content assets and enable digital engagement.

Differentiator

Problem solved

Functional benefit

Brands

• NAGRA Venturi: Intelligence-Led Streaming Security for the AI Era
• NAGRA Scout
• NAGRA NexGuard
• NAGRA Bridge
• OpenTV ENTera
• NAGRA Sport
• NAGRA Insight
• TVkey Cloud
• Kudelski Labs

Products and services

• Conditional Access Solutions

Quantifiable outcome

• Over 500 operators worldwide rely on NAGRAVISION solutions for content protection and subscriber management

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature9 records

Partnerships

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

• HarmoniccoreTechnology or Integration · 1 April 2026NAGRAVISION and Harmonic extended their partnership with the launch of scalable watermarking-as-a-service for live events. This partnership enables joint customers to deploy forensic watermarking capabilities integrated with Harmonic's video delivery infrastructure for live sports and events streaming.
• World Professional Billiards and Snooker Association (WPBSA)flagshipStrategic or Co-development Partner · 1 April 2026NAGRAVISION launched a new Player and Community Platform in partnership with the WPBSA. This sports streaming platform enables fan engagement, player community features, and direct-to-consumer content delivery for professional billiards and snooker.
• Kudelski GroupflagshipOthersNAGRAVISION is the media and entertainment technology division of the Kudelski Group (SIX:KUD.S), a Swiss-based company specializing in digital security and media technology solutions.
• Eurovision SportcoreStrategic or Co-development PartnerCase study partner utilizing NAGRA Sport platform for hybrid direct-to-consumer and broadcast reach. Eurovision Sport leverages the platform to distribute sports content via multiple channels including D2C streaming and traditional broadcast.
• beIN SportscoreStrategic or Co-development PartnerCase study customer using NAGRA forensic watermarking and anti-piracy services to target pay-TV and streaming piracy in the MENA (Middle East and North Africa) region.
• Kudelski LabsminorOthersKudelski Labs is an emerging technologies initiative under Kudelski Group that explores new technology areas including IoT and cybersecurity research, separate from NAGRAVISION's core media entertainment business.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Irdeto: Direct competitor providing CA/DRM and content security for pay-TV operators, OTT platforms, and connected industries; long-standing rival with comparable multi-network coverage (satellite, cable, IPTV).
• Synamedia: Direct competitor offering content security (VideoGuard), video platforms, and anti-piracy solutions to pay-TV and streaming operators globally, and a leading alternative for Conax in large operator RFx processes.
• Verimatrix: Direct competitor in conditional access and DRM for pay-TV operators, video streaming providers, and connected environments; competes head-to-head for the same operator renewals as Conax.
• NAGRAVISION: Sibling division within the Kudelski Group providing streaming/broadcast security, anti-piracy, forensic watermarking, and subscriber analytics. Most directly comparable as a pay-TV and streaming content security vendor; Conax sits within the same corporate group.

Emerging players

• Ateme: Provider of video compression and delivery solutions to broadcasters and operators; comparable as an ecosystem player in pay-TV/streaming infrastructure rather than a CA competitor.
• Widevine (Google): Dominant software/cloud-based DRM widely embedded across streaming platforms; represents the substitute technology Conax must compete against as the industry shifts from hardware CA to cloud DRM.
• BuyDRM: Multi-DRM service provider serving streaming and pay-TV customers; comparable as a smaller specialist DRM vendor competing for the same cloud-DRM opportunities Conax targets.
• Friend MTS: Specialist in content security and anti-piracy, particularly sports broadcast watermarking and monitoring; direct overlap with Conax's forensic watermarking and anti-piracy services for sports content owners.

Broad incumbents

• MediaKind (Ericsson): Broader media delivery and content security incumbent serving pay-TV operators and broadcasters; competes in adjacent video platform and workflow categories rather than pure-play CA.

Others

• Harmonic: Technology partner and video infrastructure vendor integrating Conax/parent-group forensic watermarking as-a-service; comparable as a partner in the same operator value chain rather than a direct CA rival.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights6 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Conax