Clearhaven Partners buys Israeli co SundaySky
Israeli personalized video clip platform enterprise SundaySky has introduced that it has sold manage in the corporation to US personal equity firm Clearhaven Partners. At the similar time SundaySky has declared that it is laying off 13% of its workforce totaling 24 employees in Israel, the US and Japan.

SundaySky’s announcement is thin on information but suggests that Clearhaven Associates will devote about $100 million in the organization with some of the cash heading to current shareholders to order a stake of a lot more than 50% and some into the company’s coffers for foreseeable future financial commitment.




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This amount of money is considerably below the $280 million valuation that SundaySky planned at the start out of the calendar year to receive in a Tel Aviv Stock Trade IPO. The company was reportedly previously drawing up its prospectus and hoped to increase $70-100 million.

SundaySky was established in 2007 by president and CPO Shmulik Weller and CTO Yaniv Axen. Since 2017 the firm’s CEO has been an American – Jim Dicso. The enterprise has raised $75 million to date from traders such as Viola Ventures, Comcast Ventures, Vintage and NTT Docomo.

SundaySky makes it possible for corporations to develop personalized online video clips for their customers such as individual facts of the consumer from their title and the use they make of goods. So an insurance plan company can make their annual report available to all buyers in a clip that features facts about the customer. Similarly on the net ecommerce providers can develop a video clip about diverse goods but working with the same overall clip – a new element that SundaySky launched only past year.

According to details printed at the finish of final 12 months, SundasySky experienced annual recurring revenue (ARR) of extra than $40 million in 2021. The company’s business model is built all-around yearly subscriptions for its computer software.

One of SundaySky’s rivals is Israeli enterprise Idomoo, which held an IPO on the TASE final calendar year at a enterprise valuation of NIS 344 million but has due to the fact witnessed its share cost drop by 80%. Idomoo experienced revenue of $13.1 million in 2021.

Released by Globes, Israel small business information – en.globes.co.il – on July 11, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


