Clearhaven Partners buys Israeli co SundaySky

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Israeli customized video system organization SundaySky has declared that it has sold manage in the business to US private equity company Clearhaven Associates. At the identical time SundaySky has introduced that it is laying off 13% of its workforce totaling 24 workforce in Israel, the US and Japan.

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SundaySky’s announcement is slender on details but claims that Clearhaven Companions will make investments over $100 million in the organization with some of the income going to existing shareholders to buy a stake of a lot more than 50% and some into the firm’s coffers for potential investment.

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This sum is far beneath the $280 million valuation that SundaySky planned at the get started of the 12 months to receive in a Tel Aviv Stock Trade IPO. The organization was reportedly by now drawing up its prospectus and hoped to increase $70-100 million.

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

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SundaySky lets businesses to make individualized movie clips for their buyers together with private specifics of the consumer from their title and the use they make of products. So an insurance coverage firm can make their yearly report available to all shoppers in a clip that involves particulars about the consumer. Equally on the internet ecommerce companies can deliver a video clip about different solutions but making use of the identical overall clip – a new attribute that SundaySky released only very last calendar year.

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In accordance to aspects posted at the close of very last year, SundasySky had annual recurring earnings (ARR) of additional than $40 million in 2021. The company’s enterprise product is designed about once-a-year subscriptions for its computer software.

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Just one of SundaySky’s rivals is Israeli company Idomoo, which held an IPO on the TASE previous calendar year at a firm valuation of NIS 344 million but has because found its share price fall by 80%. Idomoo had income of $13.1 million in 2021.

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

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

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