Clearhaven Partners, a software investment firm founded in 2019, has committed more than $100 million to a controlling stake in video-platform operator SundaySky Inc.
The investment will give SundaySky capital to fund growth and will allow earlier investors to exit their stakes, Clearhaven said on Monday. SundaySky backers in earlier investment rounds include Viola Group’s growth and venture strategies, Globespan Capital Partners, Norwest Venture Partners and others.
SundaySky, which was founded in 2007 in Israel and is headquartered in New York, provides a software-as-a-service program that allows businesses to create and share customized videos, said Michelle Noon, Clearhaven’s co-founder and managing partner.
“We are excited to partner very closely with the management team not only to maintain an innovation edge, but also execute operationally to achieve maximum effectiveness as a software business,” Ms. Noon said.
The technology sector was a major focus of private-equity dealmaking last year and appears to be maintaining momentum in 2022 despite a decline in the number of deals. Overall dealmaking in the tech sector—by private-equity firms and other investors—totaled $272.4 billion this year through May 15, rising about 57% from $172.8 billion in the first half of 2021 thanks to several large deals early this year, according to consulting firm PricewaterhouseCoopers LLP.
Clearhaven Partners
Clearhaven invests in lower midmarket software companies, typically those with $20 million to $100 million in annual revenue, Ms. Noon said. She said the firm invests in accordance with several themes in the software and technology sectors: data, customer engagement, cloud technology and critical business systems.
Clearhaven has made four platform investments so far from its roughly $312 million debut fund, which closed last year. They include Wowza Media Systems LLP, a video-software company, and TimeTrade Systems Inc., which operates as Engageware and makes software for scheduling and interacting with customers.
Clearhaven was founded by Ms. Noon, who previously worked at private-equity firms Thoma Bravo and Riverside Partners.
Appeared in the July 12, 2022, print edition as 'Investor Clearhaven to Take Key Stake in Video Platform'.
