Israeli personalized online video platform company SundaySky has announced that it has bought handle in the enterprise to US private equity organization Clearhaven Partners. At the exact same time SundaySky has introduced that it is laying off 13% of its workforce totaling 24 workers in Israel, the US and Japan.

SundaySky’s announcement is thin on information but claims that Clearhaven Partners will commit in excess of $100 million in the organization with some of the funds heading to present shareholders to acquire a stake of much more than 50% and some into the company’s coffers for long term investment decision.




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This total is considerably underneath the $280 million valuation that SundaySky planned at the start off of the year to receive in a Tel Aviv Inventory Exchange IPO. The business was reportedly now drawing up its prospectus and hoped to raise $70-100 million.

SundaySky was launched in 2007 by president and CPO Shmulik Weller and CTO Yaniv Axen. Considering the fact that 2017 the company’s CEO has been an American – Jim Dicso. The firm has raised $75 million to date from buyers which includes Viola Ventures, Comcast Ventures, Vintage and NTT Docomo.

SundaySky enables businesses to produce personalised video clip clips for their customers including private particulars of the buyer from their title and the use they make of solutions. So an insurance coverage company can make their yearly report offered to all shoppers in a clip that contains aspects about the customer. Likewise on line ecommerce corporations can develop a movie about distinct items but working with the same all round clip – a new aspect that SundaySky released only very last 12 months.

In accordance to aspects posted at the conclusion of final 12 months, SundasySky had yearly recurring earnings (ARR) of far more than $40 million in 2021. The company’s organization product is crafted around yearly subscriptions for its computer software.

One particular of SundaySky’s rivals is Israeli corporation Idomoo, which held an IPO on the TASE very last yr at a corporation valuation of NIS 344 million but has due to the fact noticed its share rate fall by 80%. Idomoo had revenue of $13.1 million in 2021.

Revealed by Globes, Israel company information – en.globes.co.il – on July 11, 2022.

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