Here are 1-2 brief analogies for Cellebrite DI (CLBT):

• Palantir for digital device forensics.
• Shopify for digital investigations.

• Digital Data Collection & Access: Provides tools and software for lawfully extracting and collecting data from a wide range of digital sources including mobile devices, computers, and cloud services.
• Digital Intelligence Investigations Platform: Offers comprehensive software platforms for reviewing, analyzing, managing, and collaborating on digital evidence to accelerate investigations.
• Training & Professional Services: Delivers educational programs and expert services to train investigators and forensic examiners on the effective use of digital forensics tools and methodologies.

Cellebrite DI (CLBT) primarily sells its digital intelligence solutions to organizations, making it a business-to-business (B2B) model. Its major customers fall into the following categories:

• Law Enforcement Agencies: This category includes a broad spectrum of federal, state, and local police departments, national investigative bureaus (such as the FBI in the U.S. or national police forces internationally), and specialized units dedicated to cybercrime and digital forensics. Due to the sensitive nature of their investigative work and client confidentiality, Cellebrite does not publicly disclose the names of specific law enforcement agencies it serves. Furthermore, these agencies are government entities and not public companies with stock symbols.

• Government and Public Sector Organizations: This encompasses various government bodies, including intelligence agencies, military units, customs and border control agencies, and other public sector entities involved in national security, public safety, and regulatory compliance. Similar to law enforcement, specific customer names are not disclosed due to confidentiality and security reasons, and these organizations are not public companies.

• Private Sector Enterprises: Cellebrite also serves large corporations and private entities that require digital forensic capabilities for internal investigations, corporate security, intellectual property protection, fraud detection, and legal discovery (e-discovery). While Cellebrite states it serves "private enterprises" globally, it does not publicly name specific corporate customers due to strict client confidentiality agreements. Therefore, specific customer company names and their corresponding stock symbols cannot be provided.

In summary, while Cellebrite sells to a wide range of organizations globally, specific customer names—especially those of public companies—are not publicly disclosed due to the sensitive nature of their work and client confidentiality.

Amazon.com, Inc. (AMZN)

Thomas E. Hogan, Interim Chief Executive Officer

Thomas E. Hogan is a seasoned technology executive with over 40 years of experience. He joined Cellebrite as Executive Chairman in August 2023 and assumed the role of Interim CEO on January 1, 2025. Hogan's extensive career includes senior executive positions such as Chairman and CEO at Kony, Inc., and executive roles at Hewlett-Packard. He also served as Operating Managing Director at Vista Equity Partners. Hogan was previously the President and CEO of Vignette, Executive Vice President of sales and marketing for Hewlett Packard, Executive Vice President of software for HP, Executive Vice President of CSC, and Chief Sales Officer at Siebel Systems. He has held numerous public and private board positions, including at Citrix, Gainsight, Pluralsight, Drift, Vignette, Kony, Vastera, and Inforte. Throughout his career, he has led numerous acquisitions totaling nearly $8 billion. His role at Kony, Inc. concluded following its acquisition by Temenos AG, and he served on the board of Citrix Systems, Inc. until its acquisition by Vista Equity Partners.

David Barter, Chief Financial Officer

David Barter was appointed Chief Financial Officer of Cellebrite, effective July 8, 2025, succeeding Dana Gerner. Barter brings over 30 years of financial leadership experience, with the last 20 years focused on scaling global software companies. Most recently, he served as CFO at New Relic, where he contributed to growing the company to nearly $1 billion in annual revenue and supported its $6.5 billion sale. His previous experience includes CFO roles at C3.ai and Model N, as well as senior finance positions at Guidewire Software, Microsoft, and General Electric.

Leeor Ben-Peretz, Chief Strategy Officer

Leeor Ben-Peretz leads Cellebrite's strategy, business development, advanced services, and training functions. He has over 20 years of experience in the forensic, telecom, and software security markets. Ben-Peretz has held key strategic business development and product-related positions at industry-leading companies such as Aladdin Knowledge Systems (NASDAQ: ALDN), Pelephone Communications, Comverse (NASDAQ: CMVT), and InfoGin. During his tenure at Cellebrite, he has been instrumental in evolving the company's offerings from a single, hardware-based product to a comprehensive portfolio of innovative products, solutions, and services.

Ronnen Armon, Chief Products & Technologies Officer

Ronnen Armon oversees Cellebrite's Solutions, Products & Technology, which includes R&D, Product Business Management, and CTO domains. He brings significant experience to this role, having previously led R&D for other organizations.

Holly Windham, General Counsel & Chief Compliance Officer

Holly Windham was appointed General Counsel and Chief Compliance Officer of Cellebrite in October 2025, succeeding Ayala Berler Shapira. Her appointment is part of Cellebrite's focus on maintaining strong compliance and legal strategies.

Cellebrite DI (CLBT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of Cloud-Based and Subscription Offerings: Cellebrite is actively transitioning to a subscription-based model with a significant focus on cloud solutions. The company's "Cellebrite Cloud," powered by AWS, was introduced in its Spring 2025 Release to streamline digital investigations and enhance operational efficiency. Cloud and SaaS solutions constituted 20% of the total Annual Recurring Revenue (ARR) and demonstrated over 50% growth. Subscription revenue grew 21% year-over-year in Q1 2025, pushing ARR to $408 million, and now accounts for 89% of total revenue, indicating a shift towards more predictable revenue streams.
2. Growth in the U.S. Federal Sector: The establishment of "Cellebrite Federal Solutions" aims to deepen relationships with the U.S. federal government. A significant catalyst for growth is the sponsorship by the U.S. Department of Justice for Cellebrite's FedRAMP High authorization, which is anticipated to open access to sensitive government agencies and facilitate the scaling of cloud-based offerings like Guardian. This expansion into the federal market is a projected driver of revenue growth for 2025 and 2026.
3. Continuous AI-Driven Product Innovation: Cellebrite's investment in market-leading innovation, particularly its AI-driven Case-to-Closure platform, is a key growth driver. Recent product enhancements include advanced media analysis in Inseyets, AI-powered search in Guardian evidence management, improved Smart Search, and automated transcription in Pathfinder analytics. The Guardian product has shown strong performance, with its ARR growing over 100% year-on-year for four consecutive quarters, and an AI-powered SaaS solution, Guardian Investigate, is slated for general availability in early 2026.
4. Strategic Acquisition and Market Diversification through Corellium: The acquisition of Corellium, expected to close in summer 2025, strategically positions Cellebrite in the growing mobile vulnerability research and DevSecOps markets. Corellium's technology provides advanced iOS, Android, and IoT device analysis capabilities crucial for security research and testing in defense, intelligence agencies, and enterprise customers. This acquisition is expected to expand Cellebrite's addressable market and enhance its relevance within defense and intelligence sectors.
5. Increased Customer Adoption and Upselling of Platform Solutions: Cellebrite is focused on converting existing customers from older digital forensic software to its newer, more efficient Insights suites. The company has a strong net retention rate, reported at 121% in Q1 2025, indicating successful expansion within its current customer base. The company's platforms serve over 7,000 customers globally, facilitating approximately 1.5 million investigations annually, with increased spending observed particularly in the U.S. state and local government and Latin America.

Share Issuance

• Cellebrite became a publicly traded company on Nasdaq in August 2021 through a SPAC merger with TWC Tech Holdings II Corp..
• The SPAC merger generated approximately $370 million in gross proceeds, including a $300 million private investment in public equity (PIPE) from institutional investors such as Light Street Capital, Makena Capital, and Axon Enterprise.
• The number of Cellebrite's outstanding shares increased by 17.65% in one year, with 244.47 million shares outstanding (as of a recent report).

Inbound Investments

• In June 2019, Israel Growth Partners (IGP) led a $110 million investment in Cellebrite, marking the company's first-ever financing round, at a valuation of $440 million.
• The company's 2021 SPAC merger included a $300 million PIPE from leading institutional investors like Light Street Capital, Makena Capital, and Axon Enterprise.
• Cellebrite has maintained a debt-free status for the past five years.

Outbound Investments

• Cellebrite acquired Blackbag Technologies in Q1 2020 to expand into the private sector market.
• On July 15, 2024, Cellebrite acquired Cyber Technology Services, Inc. for $3.8 million.
• In June 2025, Cellebrite announced an agreement to acquire Corellium for an enterprise value of $170 million, with $20 million converted to equity at closing.

Capital Expenditures

• Cellebrite's historical capital expenditures were $6 million in 2020, $8 million in 2021, $9 million in 2022, $8 million in 2023, and $11 million in 2024.
• Projected capital expenditures are $14 million for 2025.
• The company maintains a robust R&D culture, historically investing 25-30% of its revenue, which includes developing a proprietary cloud platform with AI-enhanced analytical tools.