SundaySky Credit: SundaySky

Clearhaven Partners buys Israeli co SundaySky

&#13

Israeli personalized video clip platform organization SundaySky has introduced that it has bought command in the corporation to US private fairness agency Clearhaven Companions. At the exact time SundaySky has introduced that it is laying off 13% of its workforce totaling 24 employees in Israel, the US and Japan.

&#13

SundaySky’s announcement is thin on specifics but suggests that Clearhaven Associates will invest over $100 million in the firm with some of the income going to present shareholders to acquire a stake of extra than 50% and some into the company’s coffers for future financial commitment.

&#13
&#13
&#13
&#13

&#13
&#13
&#13
&#13

This volume is significantly beneath the $280 million valuation that SundaySky prepared at the start off of the yr to acquire in a Tel Aviv Inventory Trade IPO. The company was reportedly currently drawing up its prospectus and hoped to elevate $70-100 million.

&#13

SundaySky was started in 2007 by president and CPO Shmulik Weller and CTO Yaniv Axen. Considering the fact that 2017 the firm’s CEO has been an American – Jim Dicso. The organization has elevated $75 million to date from traders together with Viola Ventures, Comcast Ventures, Classic and NTT Docomo.

&#13

SundaySky enables organizations to develop customized movie clips for their buyers together with own facts of the buyer from their title and the use they make of products and solutions. So an insurance coverage firm can make their once-a-year report out there to all customers in a clip that consists of facts about the consumer. Likewise on the web ecommerce businesses can create a video about different products but utilizing the similar all round clip – a new characteristic that SundaySky launched only past calendar year.

&#13

According to aspects published at the stop of previous year, SundasySky experienced annual recurring revenue (ARR) of more than $40 million in 2021. The firm’s organization model is created about once-a-year subscriptions for its software package.

&#13

One of SundaySky’s rivals is Israeli firm Idomoo, which held an IPO on the TASE last year at a organization valuation of NIS 344 million but has due to the fact found its share price tag tumble by 80%. Idomoo experienced earnings of $13.1 million in 2021.

&#13

Published by Globes, Israel business enterprise news – en.globes.co.il – on July 11, 2022.

&#13

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

&#13
&#13