

Anek Capital's Orel Levy's Cellebrite Thesis $CLBT
10 snips Aug 1, 2025
Orel Levy, an investor at Anek Capital with a keen focus on value and event-driven opportunities, dives into the world of Cellebrite, a leader in digital forensics tools. He discusses the company's evolution into a SaaS model and its role in law enforcement. A shift in management, competitive threats like Palantir, and the integration of AI are thoroughly examined. Orel also unpacks the potential risks surrounding execution and possible M&A speculations, shedding light on Cellebrite's strategic positioning in a rapidly changing tech landscape.
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Cellebrite's R&D Moat
- Cellebrite invests heavily in R&D to keep cracking phones despite constant OS security updates.
- Customer trust builds a strong moat in this cat-and-mouse digital forensics game.
Market Misunderstands Cellebrite
- The market undervalued Cellebrite due to SPAC skepticism, transition pains, and management changes.
- Misunderstandings around iPhone cracking capability also contributed to the depressed stock price.
More Than Phone Cracking
- Cellebrite's value goes beyond phone cracking; it analyzes vast structured and unstructured data.
- Even if Apple or Google cooperated with law enforcement, Cellebrite's analytical capabilities remain essential.