Israeli personalised video platform firm SundaySky has introduced that it has marketed command in the organization to US non-public fairness agency Clearhaven Partners. At the exact same time SundaySky has declared that it is laying off 13% of its workforce totaling 24 staff members in Israel, the US and Japan.

SundaySky’s announcement is slender on particulars but says that Clearhaven Companions will make investments about $100 million in the organization with some of the revenue likely to present shareholders to obtain a stake of extra than 50% and some into the firm’s coffers for future expenditure.




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This sum is far underneath the $280 million valuation that SundaySky planned at the start off of the year to receive in a Tel Aviv Inventory Exchange IPO. The company was reportedly previously 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 company’s CEO has been an American – Jim Dicso. The business has elevated $75 million to day from investors which include Viola Ventures, Comcast Ventures, Classic and NTT Docomo.

SundaySky enables organizations to produce personalized online video clips for their clients including individual specifics of the purchaser from their identify and the use they make of solutions. So an coverage business can make their yearly report available to all shoppers in a clip that incorporates specifics about the purchaser. Likewise on the internet ecommerce businesses can deliver a movie about different goods but using the same all round clip – a new function that SundaySky introduced only previous yr.

In accordance to aspects printed at the close of last 12 months, SundasySky had once-a-year recurring revenue (ARR) of a lot more than $40 million in 2021. The company’s business enterprise product is crafted all-around annual subscriptions for its program.

Just one of SundaySky’s rivals is Israeli firm Idomoo, which held an IPO on the TASE past year at a corporation valuation of NIS 344 million but has since observed its share price tag slide by 80%. Idomoo had income of $13.1 million in 2021.

Posted by Globes, Israel company news – en.globes.co.il – on July 11, 2022.

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