Israeli individualized video system business SundaySky has declared that it has sold management in the corporation to US non-public equity agency Clearhaven Associates. At the identical time SundaySky has announced that it is laying off 13% of its workforce totaling 24 workforce in Israel, the US and Japan.

SundaySky’s announcement is slender on particulars but suggests that Clearhaven Companions will invest about $100 million in the corporation with some of the cash heading to current shareholders to acquire a stake of a lot more than 50% and some into the company’s coffers for long run financial investment.




Linked Articles




Israeli personalized online video co SundaySky raises $30m



Video clip co Idomoo raises NIS 75m in TASE IPO







This volume is much beneath the $280 million valuation that SundaySky planned at the get started of the year to attain in a Tel Aviv Inventory Exchange IPO. The organization was reportedly currently 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. Because 2017 the company’s CEO has been an American – Jim Dicso. The corporation has lifted $75 million to date from investors together with Viola Ventures, Comcast Ventures, Vintage and NTT Docomo.

SundaySky permits companies to make customized video clips for their shoppers together with individual facts of the customer from their identify and the use they make of products. So an insurance policy company can make their once-a-year report available to all shoppers in a clip that contains specifics about the purchaser. Likewise on-line ecommerce organizations can generate a video about different products and solutions but making use of the similar over-all clip – a new aspect that SundaySky introduced only very last calendar year.

In accordance to aspects printed at the conclusion of previous 12 months, SundasySky experienced annual recurring earnings (ARR) of a lot more than $40 million in 2021. The company’s small business design is crafted close to once-a-year subscriptions for its application.

1 of SundaySky’s rivals is Israeli enterprise Idomoo, which held an IPO on the TASE previous yr at a enterprise valuation of NIS 344 million but has considering the fact that viewed its share rate slide by 80%. Idomoo had profits of $13.1 million in 2021.

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

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


