INDEX / DIRECTORY / NORDVPN / ECONOMIC

NordVPN ECONOMIC

ECONOMIC AUDIT UPDATED 2026-06-17
Economic Score 0.43 /10 E NordVPN - BDS-1000 130
Economic 0.43

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

Economic Audit: NordVPN / Nord Security

Final Domain Audit

Supply Chain & Sourcing Relationships

NordVPN’s Israeli server infrastructure consists of approximately 20+ physical servers located in Tel Aviv, Israel, as confirmed by NordVPN’s own server listing pages and independent IP intelligence data 123. Netify IP intelligence confirms that NordVPN’s Israeli server (IP 169.150.226.32) resolves to unn-169.150.226-32.datapacket.com, identifying DataPacket as the hosting provider 24. DataPacket’s own case study names NordVPN as its lead client with over 2,000 servers deployed globally, with initial orders beginning in 2018 and dramatic expansion occurring in 2020 5. DataPacket operates its Tel Aviv point of presence as one of 67 global locations listed on its website 46. The physical colocation operator (the Israeli data-center host that physically houses DataPacket’s hardware in Tel Aviv) is undisclosed in public sources 6.

DataPacket is incorporated in the United Kingdom with registered offices at 9 Coldbath Square, London EC1R 5HL, founded in 2014 789. DataPacket’s parent entity is PacketHub S.A., a Panamanian corporation headquartered in Panama City, Panama 10. AS212238 is confirmed by IPinfo as belonging to Datacamp Limited with Tel Aviv geolocation 611.

NordVPN is a digital VPN subscription service; it does not procure physical goods such as agricultural products, food, or raw materials from Israeli or occupied territory suppliers 1210. No direct supplier relationships with Mehadrin, Hadiklaim, Galilee Export, Agrexco, or their successors were identified in the reviewed evidence. As a software subscription company, NordVPN’s supply chain consists of technology infrastructure rather than physical commodities 1210.

The DataPacket hosting relationship represents the closest analogue to supply-chain exposure for NordVPN’s Israeli operations. No evidence was found of Israeli-origin products reaching NordVPN via third-party distributors, nor were any settlement-nexus supplier relationships identified.

No NordVPN servers were confirmed in West Bank settlements (including Ariel or Ma’ale Adumim), East Jerusalem, or the Golan Heights. NordVPN server listings confirm only Tel Aviv as the Israeli location 1313.

Product Origin, Labeling & Regulatory Compliance

NordVPN is a software subscription service and does not manufacture or sell physical goods. Country-of-origin labeling requirements are therefore not applicable to NordVPN’s core product offering 12.

No government advisories, regulatory enforcement actions, or NGO investigations were identified regarding settlement-origin labeling for NordVPN products or services in the reviewed evidence 121415161718.

Nord Security’s Code of Conduct (April 2024) contains supplier screening provisions covering modern slavery, sanctions compliance, criminal activity, and tax evasion, extending expectations to “suppliers, partners, third parties providing services to Nord Security, and brands associated with Nord Security” 15. No clause specifically restricting operations in or sales to internationally recognized occupied territories (West Bank, East Jerusalem, Golan Heights) was identified in the accessible content of the Code of Conduct 15.

Corporate responsibility disclosures and ESG reports are available on Nord Security’s corporate responsibility page, which lists ESG/Impact Reports, Code of Conduct, Modern Slavery Statement, and NGO logo partners 14.

Investment, Capital & Financial Exposure

Nord Security raised $200 million in aggregate across two external funding rounds: a $100 million round in April 2022 at a $1.6 billion valuation, and a $100 million round in September 2023 at a $3 billion valuation 192021. The April 2022 round was led by Novator with participation from General Catalyst and Burda Principal Investments 19. The September 2023 round was led by Warburg Pincus with participation from General Catalyst and Burda Principal Investments 202122. Birgir Ragnarsson of Novator and Chandler Reedy of Warburg Pincus hold board seats at Nord Security 1920.

Warburg Pincus is a US-based investment firm with approximately $83 billion in assets under management and more than 250 active portfolio companies 20. Warburg Pincus established a European Defence Investment Platform in April 2026, which post-dates the Nord Security 2023 investment; no specific Israeli defense holdings were confirmed in relation to this platform 23. No publicly disclosed positions in OHCHR-listed Israeli settlement companies or Israeli arms manufacturers were identified for Warburg Pincus in the reviewed evidence 2023.

Burda Principal Investments (Germany) participated in the 2023 Nord Security round; disclosed portfolio companies include Vinted and Bloom & Wild; no Israeli settlement or arms portfolio holdings were identified 2122.

Novator Ventures (growth equity fund) participated in the 2022 round; Birgir Ragnarsson has departed to co-found Omega VC in Switzerland. Novator’s historical portfolio has not been screened for Israeli settlement or arms positions in the reviewed evidence 19.

Norway’s Government Pension Fund Global (GPFG) has no NordVPN, Nord Security, Tesonet, or Tefincom entries on its NBIM exclusion or observation lists 24. The GPFG divested from Israeli telecom Bezeq in December 2024 over West Bank settlement telecom services, which provides comparative context for the fund’s screening approach 24.

Tomas Okmanas, co-founder and co-CEO of Nord Security, serves on the supervisory board of Artea Bank (formerly Šiaulių Bankas, Lithuania) in an ECB-approved position since 2023 252627. Tesonet Global holds approximately 7.34% of Artea Bank with stated intent to increase to 31.68% 26. Artea Bank’s disclosed loan book, securities portfolio, and correspondent-banking counterparties have not been audited for Israeli settlement-linked financial instrument exposure 2526.

No evidence was identified of NordVPN or Nord Security owning or operating data centers, logistics hubs, factories, or real estate in Israel or occupied territories beyond the server infrastructure leased from DataPacket 1251. No research and development facilities, technology partnerships, innovation labs, or accelerator programmes operated by NordVPN within Israel were identified in the reviewed evidence 1213.

Tesonet, the beneficial owner of Nord Security, holds three Israeli-domiciled portfolio investments listed on its portfolio page: Tel Aviv headquarters, with investment years 2024 (AI Infrastructure/Business Services), 2025 (Cybersecurity), and 2026 (SaaS/Cybersecurity/AI Infrastructure). The company names are not publicly visible due to dynamic page rendering 13. These represent venture-investment positions held by Tesonet, not operating subsidiaries of Nord Security.

Fitch Ratings assigned Nord Security a ‘BB’ rating to its $550 million term loan in October 2025, confirming approximately 2,000 employees, 15 million customers, operations in 130 countries, 44% North American billing, and 37% European billing 28. Israel is not identified as a named market in this disclosure 28.

Operational Presence & Market Activity

NordVPN operates approximately 20+ physical servers in Tel Aviv, Israel, confirmed by NordVPN’s own server listing pages, Netify IP intelligence, and independent VPN review platforms 1243. No NordVPN servers were confirmed in the West Bank, East Jerusalem, or Golan Heights 1313. No NordVPN offices, warehouses, or retail locations were identified within Israel or occupied territories 1228.

Nord Security’s identified channel partners include Telarus (US MSP/VAR) and Pax8 (global cloud marketplace); neither partnership identifies Israeli counterparties 293031. NordVPN’s Reseller Program page exists but does not name Israeli authorized resellers 31.

CrowdStrike has a strategic partnership with Nord Security integrating the Falcon platform into NordLayer via the Pax8 MSP channel; no IDF or defense sector involvement in this partnership was identified 3233.

Nord Security has a partnership with Internews focused on journalist digital safety in Sudan, Afghanistan, and at-risk communities globally; no Israeli occupied territory program involvement was identified 349.

Fitch Ratings (October 2025) confirms Nord Security operates in 130 countries with approximately 2,000 employees, 15 million customers, 44% North American billing, and 37% European billing; Israel is not identified as a named market in corporate disclosures 28. Approximately 2,000 employees are confirmed globally; no specific disclosure of Israeli employee headcount or Israeli tax registrations was identified 28. NordVPN’s corporate structure does not suggest Israeli tax residency 223528.

Corporate Structure & Foundational Ties

Ownership and incorporation structure: NordVPN operates through a multi-jurisdiction corporate structure: NordVPN S.A. (Panama, operating entity) → NordSec B.V. (Netherlands) → NordSec Ltd. (England & Wales) → Cyberswift B.V. / Stalwart Holding B.V. → Nord Security (Netherlands incorporated; operational HQ in Lithuania) 2235. Stitching Raveset (Dutch foundation) is named as the ultimate parent of Tefincom S.A. 2235. The Kandeh class action complaint identifies directors Marios Papaloizou and Alina Gatsaniuk of Tefincom S.A., along with Ioanna Chatzipanagi and CEOCORP LTD (Cyprus-registered) as an “Authorised Person” in Tefincom’s Cyprus registry entry 22. The Surfshark merger with Nord Security occurred in 2022 under a single holding company, incorporating Cyberspace B.V. as a holding vehicle 827. The Zeichner class action (April 2026) adds Nord Security Inc. and Cyberspace B.V. as named defendants 8.

Founding and beneficial ownership: NordVPN was launched in 2012; the trademark was originally held by Tefincom S.A. (Panama) with current operation through NordVPN S.A. (Panama) under the Nord Security umbrella (Netherlands) 122235. Tesonet (Lithuanian venture builder, co-founded in 2008 by Tomas Okmanas and Eimantas Sabaliauskas) is the ultimate beneficial owner of Nord Security 12363727.

Israeli-Nexus Floor assessment: NordVPN was not founded in Israel; Nord Security/NordVPN was founded in Lithuania with operating entities incorporated in Panama, the Netherlands, and England & Wales 122235. The HQ and principal place of management is Lithuania (operational) and the Netherlands (legal); no Israeli corporate domicile was identified 12223536. No Israeli tax residency, PTE (Preferred Technology Enterprise) status, or Israeli government awards or designations were identified in the reviewed evidence 12223528. No Israeli capital was identified as a controlling beneficial owner; controlling principals (Okmanas, Sabaliauskas) are Lithuanian 1236372738. No Israeli-Nexus Floor trigger is identified.

Acquisitions and portfolio investments: The only disclosed acquisition by Nord Security is IronWall (US); no acquisition of Israeli-domiciled companies was confirmed 12. Tesonet holds three Israeli-domiciled portfolio investments (2024, 2025, 2026), but these are venture-investment positions held by Tesonet, not operating subsidiaries of Nord Security 13.

Financing the State: No evidence was identified of NordVPN, Nord Security, or controlling principals underwriting Israeli sovereign debt, war bonds, or Israel Bonds Development Corporation instruments 122024. No evidence was identified of NordVPN or Nord Security holding disclosed positions in Israeli sovereign bonds, OHCHR-listed settlement companies, or Israeli arms manufacturers 12171824.

State and institutional linkages: No state ownership stakes, government board appointees, government contracts with Israeli ministries, or critical national infrastructure designations were identified for NordVPN or Nord Security in the reviewed evidence 122235.

Structural governance features: No golden shares, founder super-voting shares, or charter restrictions structurally tying NordVPN to the Israeli state or its policy objectives were identified 2235. The Dutch foundation structure of Stitching Raveset (orphan entity with no disclosed natural-person shareholders) creates opacity in the ultimate beneficial ownership chain 2235.

Controlling principals: Tomas Okmanas (Tom Okman) is co-founder and co-CEO of Nord Security, co-founder of Tesonet (2008), supervisory board member of Artea Bank (since 2023), limited partner in Creandum, Plural, and Moonfire venture funds, owner of BC London Lions basketball club, part-owner of BC Žalgiris (Euroleague), and i2Coalition board member; he is a Lithuanian national with no Israeli defense, IDF, or settlement-NGO affiliations identified 3725262738. Eimantas Sabaliauskas is co-founder of Nord Security and Tesonet, National Patron of Blue/Yellow (Ukraine humanitarian NGO), with no Israeli affiliations identified 3537. Chandler Reedy is Managing Director at Warburg Pincus and Nord Security board member since 2022, with no Israeli affiliations identified beyond Warburg Pincus investment context 20. Birgir Már Ragnarsson is Managing Partner at Novator Ventures and Nord Security board member since 2022; he has moved to Omega VC (Switzerland) with no Israeli affiliations identified 19. Jonas Karklys is named as a director of Nord Security by the VPN Matrix 11.

Group attribution: Parent entity is Nord Security (Netherlands/Lithuania); ultimate beneficial owner is Tesonet (Lithuania) 122235. No parent, sibling, or subsidiary entities with Israeli-registered operations, Israeli manufacturing, or IDF/defense sector exposure were confirmed in the reviewed evidence 1222351718.

Constructive notice: NordVPN’s Israeli server infrastructure in Tel Aviv continues to operate as confirmed by the most recent server listing pages and Netify intelligence 124313. The operational status of these servers post-19 July 2024 (ICJ Advisory Opinion) and post-November 2024 (ICC arrest warrants) is not addressed in any public corporate disclosure 124313. NordVPN is a digital subscription service; the occupation-economy framework of constructive notice applies with less force to digital-infrastructure services than to physical goods or settlement services.

Profit Repatriation & Economic Contribution

No specific disclosure of Israeli-market revenue was identified in NordVPN or Nord Security’s corporate filings, investor presentations, or press releases in the reviewed evidence 28. Fitch (October 2025) confirms 44% North American billing and 37% European billing; Israel is not identified as a named market 28.

The direction of profit repatriation cannot be definitively established from public sources. Nord Security (Netherlands/Lithuania) is the operating parent; no Israeli-domiciled parent entity or Israeli ownership of profit flows was identified 223528. Stitching Raveset (Dutch foundation) as ultimate parent means no natural-person profit recipient is publicly disclosed 2235.

Nord Security is not characterized as a key employer, sector anchor, or infrastructure provider within the Israeli economy. As a VPN subscription service with no Israeli registered entity, no disclosed Israeli employees, and no disclosed Israeli revenue, the company’s economic significance to Israel is limited to its server colocation expenditure paid to DataPacket’s undisclosed Israeli colocation host 12285.

No public evidence identified of NordVPN, Nord Security, or controlling principals making charitable donations to Israeli settlement-NGOs or Israeli state-linked humanitarian organizations in the reviewed evidence. Nord Security’s ESG Report (2024) documents charitable donations to Radarom (€1M matched, 2023), Blue/Yellow (€48K, 2024), and AccessNow/EDRi/Open Rights Group (€89K, 2025), with co-founders as National Patrons of Blue/Yellow; none of these recipients are Israeli settlement-NGOs 3514. Nord Security and Tesonet doubled the €1M raised by Lithuanians for the Ukraine Radarom initiative 37.

End Notes

Footnotes

  1. https://nordvpn.com/servers/israel/telaviv ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  2. https://www.netify.ai/resources/ips/169.150.226.32 ↩ ↩2 ↩3 ↩4 ↩5

  3. https://nordvpn.com/servers/israel ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  4. https://www.datapacket.com/datacenters/tel-aviv ↩ ↩2 ↩3 ↩4 ↩5

  5. https://www.datapacket.com/case-study/nordvpn ↩ ↩2 ↩3

  6. https://ipinfo.io/AS212238 ↩ ↩2 ↩3

  7. https://www.datapacket.com/about ↩

  8. https://www.classaction.org/media/nord-security-complaint.pdf ↩ ↩2 ↩3

  9. https://www.cbinsights.com/company/datapacket ↩ ↩2

  10. https://tracxn.com/d/companies/packethub/__RX5uIgTS5dhoxexz2v0X_TMgnX4RsjEz5ZgvWLgaEuI ↩ ↩2 ↩3

  11. https://ipinfo.io/149.88.26.177 ↩ ↩2

  12. https://en.wikipedia.org/wiki/NordVPN ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20

  13. https://tesonet.com/portfolio ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  14. https://nordsecurity.com/corporate-responsibility ↩ ↩2 ↩3

  15. https://res.cloudinary.com/nordsec/image/upload/v1712078877/nord-security-web/corporate/code%20of%20conduct/Nord_Security_Code_of_Conduct.pdf ↩ ↩2 ↩3

  16. https://www.gicj.org/conferences-meetings/human-rights-council-sessions/discussion-reports/4115-hrc59-from-economy-of-occupation-to-economy-of-genocide ↩

  17. https://www.ohchr.org/en/business/bhr-database ↩ ↩2 ↩3

  18. https://www.ohchr.org/en/documents/country-reports/ahrc5923-economy-occupation-economy-genocide-report-special-rapporteur ↩ ↩2 ↩3

  19. https://nordsecurity.com/blog/nord-security-raises-outside-capital-16-B-valuation ↩ ↩2 ↩3 ↩4 ↩5

  20. https://warburgpincus.com/2023/09/28/nord-security-raised-another-100m-investment-round ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  21. https://www.burdaprincipalinvestments.com/2023/10/04/nord-passes-3bn-valuation ↩ ↩2 ↩3

  22. https://truthinadvertising.org/wp-content/uploads/2025/04/Kandeh-v-NordVPN-complaint.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17

  23. https://warburgpincus.com/2026/04/10/warburg-pincus-establishes-european-defence-investment-platform ↩ ↩2

  24. https://www.reuters.com/world/middle-east/norway-wealth-fund-divests-israels-bezeq-providing-telecoms-services-west-bank-2024-12-04 ↩ ↩2 ↩3 ↩4

  25. https://www.artea.lt/en/about/structure/supervisory-council ↩ ↩2 ↩3

  26. https://www.globenewswire.com/news-release/2026/03/12/3254851/0/en/tesonet-global-targets-to-increase-its-interest-in-artea-bankas.html ↩ ↩2 ↩3 ↩4

  27. https://en.wikipedia.org/wiki/Tomas_Okmanas ↩ ↩2 ↩3 ↩4 ↩5

  28. https://www.fitchratings.com/research/corporate-finance/fitch-assigns-nord-security-new-usd550-million-term-loan-final-bb-rating-27-10-2025 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11

  29. https://nordsecurity.com/blog/partnership-with-telarus ↩

  30. https://www.pax8.com/en-uk/news-post/pax8-partners-with-nord-security-to-offer-online-privacy-and-security-at-a-global-scale ↩

  31. https://nordvpn.com/reseller-program ↩ ↩2

  32. https://www.crowdstrike.com/en-us/press-releases/crowdstrike-nord-security-announce-strategic-partnership-redefine-smb-cybersecurity ↩

  33. https://www.crowdstrike.com/en-us/press-releases/crowdstrike-nord-security-announce-strategic-partnership-redefine-smb-cybersecurity ↩

  34. https://nordsecurity.com/press-area/nordvpn-and-internews-launch-partnership-to-strengthen-digital-safety-for-journalists-and-at-risk-communities ↩

  35. https://res.cloudinary.com/nordsec/image/upload/v1750945803/nord-security-web/corporate/reports/Nord_Security_ESG_-report_2024_lower-size.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16

  36. https://nordsecurity.com/about-us ↩ ↩2 ↩3

  37. https://nordsecurity.com/press-area/nord-security-reveals-its-greenhouse-gas-emissions-for-the-first-time ↩ ↩2 ↩3 ↩4 ↩5

  38. https://www.thevpnmatrix.com/vpn-company-relationships ↩ ↩2