Israeli customized online video system company SundaySky has announced that it has sold control in the corporation to US private fairness business Clearhaven Associates. At the identical time SundaySky has announced that it is laying off 13% of its workforce totaling 24 staff members in Israel, the US and Japan.

SundaySky’s announcement is skinny on information but states that Clearhaven Associates will make investments about $100 million in the corporation with some of the cash likely to current shareholders to obtain a stake of far more than 50% and some into the firm’s coffers for long term expense.




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This total is far down below the $280 million valuation that SundaySky planned at the start out of the year to obtain in a Tel Aviv Inventory Trade IPO. The company was reportedly currently drawing up its prospectus and hoped to raise $70-100 million.

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

SundaySky permits businesses to produce personalized video clips for their consumers which includes personal facts of the customer from their identify and the use they make of products and solutions. So an coverage firm can make their annual report available to all shoppers in a clip that incorporates facts about the purchaser. Similarly on the internet ecommerce corporations can make a movie about diverse products but using the very same general clip – a new aspect that SundaySky released only last 12 months.

In accordance to specifics released at the end of last 12 months, SundasySky had once-a-year recurring profits (ARR) of extra than $40 million in 2021. The firm’s company design is created close to yearly subscriptions for its software.

Just one of SundaySky’s rivals is Israeli business Idomoo, which held an IPO on the TASE last year at a enterprise valuation of NIS 344 million but has considering that found its share price tag slide by 80%. Idomoo had revenue of $13.1 million in 2021.

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

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


