Kaltura gave away a version of its video software under an open-source license and still built a business on it. Companies, universities, and media firms used Kaltura to upload, manage, and stream their own video, from lectures to town halls. The pandemic turned that into daily life. When Kaltura went public in July 2021, classes and meetings had moved onto screens, and it had to price its shares well below its hopes.

Four Founders, One Player

Ron Yekutiel, Shay David, Eran Etam, and Michal Tsur started Kaltura in late 2006, the year Amazon launched its cloud and just before the iPhone. The company launched its video management system in 2008. The bet was that every organization would need video, and that an open, flexible platform would win over closed ones. Its research and development team worked mostly in Israel, while the company was based in New York.

A Ten-Dollar Debut

Kaltura priced its offering at $10 a share in July 2021, below its planned range, and listed on Nasdaq under KLTR. Yekutiel remained chairman and chief executive. As offices and campuses reopened, growth in video slowed, and the shares traded below the offer price for years. Kaltura added virtual event and AI video tools. It still trades on Nasdaq as KLTR.

Cover: The actor Bando Mitsugoro II as Ishii Genzo, Tōshūsai Sharaku. Art Institute of Chicago, public domain. Chosen for a kabuki actor mid-performance (video on stage).