Perion Network

Ad-Tech · Digital Advertising

Acquisition

Affle to acquire Perion Network for $420M, paying 34.5% premium

The Israeli ad-tech firm's value collapsed roughly 80% after Microsoft altered its Bing search-advertising terms.

• Affle 3i's Israel-based subsidiary Affle 3iL signed a definitive all-cash merger agreement to acquire all outstanding shares of Perion Network at $11.70 per share, an implied equity value of about $420 million.
• Perion, headquartered in Tel Aviv with a strong North American footprint, runs an AI-powered ad-tech stack spanning retail media, connected TV and digital out-of-home under its unified Perion One platform.
• The deal, structured as a reverse triangular merger with Citibank providing debt financing, includes a 40-day go-shop window through December 11 letting Perion field rival bids before closing in early 2027.
• Perion reported $439.9 million in 2025 revenue, down from $498.3 million the prior year, swinging to an $8 million net loss despite holding $228 million in cash and marketable securities.
• Perion's market cap exceeded $1 billion just three years ago before Microsoft repeatedly changed Bing's ad-distribution pricing and publisher terms, gutting a search-ad business that once drove nearly half its revenue.
• The sale shows how dependence on a single platform partner's policy decisions can erode a once-billion-dollar ad-tech company's value faster than it was built, even while retaining strong cash reserves and revenue.