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Israeli personalized online video system enterprise SundaySky has declared that it has sold control in the company to US non-public equity firm Clearhaven Partners. At the exact 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 slender on aspects but says that Clearhaven Partners will spend more than $100 million in the organization with some of the funds going to existing shareholders to obtain a stake of a lot more than 50% and some into the company’s coffers for long term investment.




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This total is much down below the $280 million valuation that SundaySky prepared at the commence of the 12 months to get in a Tel Aviv Inventory Exchange IPO. The firm was reportedly presently drawing up its prospectus and hoped to increase $70-100 million.

SundaySky was founded 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 organization has raised $75 million to day from investors like Viola Ventures, Comcast Ventures, Classic and NTT Docomo.

SundaySky makes it possible for organizations to generate customized video clips for their clients like personalized facts of the purchaser from their identify and the use they make of goods. So an insurance policy business can make their yearly report available to all clients in a clip that includes aspects about the shopper. Likewise on the net ecommerce organizations can deliver a video clip about distinct products but working with the exact general clip – a new characteristic that SundaySky released only previous yr.

According to aspects printed at the conclusion of past year, SundasySky had once-a-year recurring revenue (ARR) of more than $40 million in 2021. The company’s business enterprise model is created about once-a-year subscriptions for its software.

One particular of SundaySky’s rivals is Israeli corporation Idomoo, which held an IPO on the TASE final calendar year at a organization valuation of NIS 344 million but has given that viewed its share price slide by 80%. Idomoo experienced income of $13.1 million in 2021.

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

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


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