December 5, 2022

The Domestikated Life

One Passion

Clearhaven Partners buys Israeli co SundaySky

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Israeli personalised movie platform business SundaySky has declared that it has marketed management in the enterprise to US private fairness agency Clearhaven Partners. At the same 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 skinny on aspects but says that Clearhaven Partners will invest around $100 million in the company with some of the revenue heading to existing shareholders to obtain a stake of far more than 50% and some into the firm’s coffers for foreseeable future investment.

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This quantity is considerably under the $280 million valuation that SundaySky prepared at the commence of the calendar year to acquire in a Tel Aviv Inventory Exchange IPO. The enterprise was reportedly previously 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. Since 2017 the firm’s CEO has been an American – Jim Dicso. The business has raised $75 million to day from traders like Viola Ventures, Comcast Ventures, Classic and NTT Docomo.

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SundaySky will allow organizations to create customized video clips for their prospects including personal details of the purchaser from their title and the use they make of merchandise. So an insurance coverage corporation can make their annual report accessible to all shoppers in a clip that involves facts about the client. Equally on the web ecommerce companies can produce a online video about distinct goods but making use of the identical all round clip – a new feature that SundaySky launched only previous 12 months.

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In accordance to aspects published at the end of previous 12 months, SundasySky had yearly recurring revenue (ARR) of much more than $40 million in 2021. The company’s business enterprise design is crafted all around yearly subscriptions for its software.

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One of SundaySky’s rivals is Israeli firm Idomoo, which held an IPO on the TASE past year at a company valuation of NIS 344 million but has due to the fact observed its share value drop by 80%. Idomoo experienced profits of $13.1 million in 2021.

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Published by Globes, Israel business 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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