SundaySky, an Israeli startup that offers a platform for video optimization at scale, has been acquired by the American firm Clearhaven Partners for $100 million. The deal comes after SundaySky was forced to back out of a planned IPO that the company expected would give it a $300 Million valuation.
A number of companies from Israel Startup Nation dropped plans for IPOS recently. eToro, the Israeli startup that offers its clients a trading platform, has finally scrapped its planned IPO and will instead try to raise another $1 billion in investment. But even if eToro succeeds in that endeavor it will still see a valuation of only half of the $10 billion originally anticipated from an IPO.
Clearhaven Partners is a Boston-based private equity firm focused exclusively on software- and technology-focused investments. Clearhaven was founded by an investor-operator team to partner with growing, differentiated companies with at least $20 million in recurring revenue.
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Founded in 2007, SundaySky declares that it is transforming CX engagement for Fortune 500 B2C brands, enabling them to deliver video-powered experiences at critical moments along customer journeys that engage, educate and inspire consumers. CX engagement refers to customer experience, or how a business engages with its customers at every point of their buying journey. This applies from marketing to sales to customer service and at all steps in between.
“This partnership marks the start of an exciting new chapter at SundaySky,” said Jim Dicso, CEO of SundaySky. “Since launching our next generation platform in 2021, the market’s response has exceeded even our most ambitious forecasts and underscored the need to have the right partner on board to fully realize our potential. With Clearhaven’s investment thesis in the video space and proven track record of profitably scaling SaaS companies, we will accelerate our growth trajectory, reach new levels of scale, and better execute on our mission to empower organizations to unleash the power of video. In these economically challenging times, business leaders need a more efficient way to use video when compared to legacy methods which are traditionally slow, difficult, and costly.”
“The proliferation of video as a medium of communication is self-evident today. Historically, however, the creation and distribution of compelling video communications required significant time and resources, which made it prohibitive for organizations to utilize at scale. What excites us about SundaySky is the elegance by which the Company’s innovative SaaS platform enables businesses to efficiently scale their use of video communications to customers, employees and other constituents through the platform’s ease of production, personalization and distribution,” said Michelle Noon, Co-Founder and Managing Partner at Clearhaven Partners.
Powering over a billion unique video experiences per year, SundaySky’s SaaS platform features patented technology that allows business professionals, regardless of creative skill level, to efficiently create, personalize, manage, distribute and optimize captivating videos to reach their valuable constituents. SundaySky’s technology platform empowers businesses to reduce their reliance on traditional resource-intensive video production models and services that incur significant costs, time and require specialized creative and technical skills.