Perion

Adtech · Digital Advertising · Mobile Marketing

Acquisition

Affle acquires Israeli adtech firm Perion in $420M all-cash deal

The sale price undercuts the target's own cash and deposits, revealing how Microsoft's Bing policy shifts eroded a once billion-dollar ad business.

• Affle 3iL Ltd, an Israel-based subsidiary of India's Affle 3i, agreed to acquire Perion Network in an all-cash deal at $11.70 per share, a 34.5% premium to Perion's October 30 close, valuing the company at about $420 million.
• Perion is a Tel Aviv-based ad-tech company whose Perion One platform spans retail media, connected TV, and digital out-of-home advertising, with a strong North American footprint.
• The deal is structured as a reverse triangular merger with no financing condition, backed by committed debt financing from Citibank, and includes a 40-day go-shop period running through December 11 for Perion to solicit rival bids.
• Perion's 2025 revenue fell to $439.9 million from $498.3 million a year earlier and it swung to an $8 million net loss, even as it held $228.3 million in cash, deposits and securities as of September 30, 2026.
• Perion's decline traces to 2024, when Microsoft altered Bing's search-ad terms with distribution partners, sharply cutting revenue from a relationship that made up 46% of Perion's total revenue in 2023.
• The transaction is expected to close in early 2027, pending Perion shareholder approval, U.S. antitrust clearance, and the outcome of the go-shop window; upon closing Perion will delist from Nasdaq and the Tel Aviv Stock Exchange.
• The sale shows how quickly an ad-tech company tethered to a single platform partner can lose value, while Affle uses M&A to expand from mobile-first performance marketing into omnichannel formats like CTV and retail media.