Affle 3i Limited has signed a definitive agreement to acquire Perion Network Limited in an all-cash transaction with an implied equity value of approximately $420 million. The deal will be executed through Affle’s Israel-based step-down subsidiary, Affle 3iL Ltd., and covers all outstanding shares of Perion. Under the agreement, Perion shareholders will receive $11.70 per share, while unvested equity awards will be handled in accordance with their respective vesting schedules.
Headquartered in Tel Aviv, Perion is an advertising technology company with a significant presence in North America and listings on the Nasdaq and Tel Aviv Stock Exchange. Its omnichannel advertising platform spans retail media, connected TV (CTV), digital out-of-home (DOOH) and other digital channels. Over the past three years, Perion has completed three strategic acquisitions and consolidated its expanding business segments under the Perion One platform, strengthening its capabilities across the digital advertising ecosystem.
The proposed acquisition is expected to bring together Perion’s capabilities across upper-funnel digital advertising channels in developed markets with Affle’s expertise in mobile marketing and performance-led consumer conversions, particularly in emerging markets. The combined platform is expected to expand Affle’s addressable market and strengthen its presence across the omnichannel advertising landscape. It also aims to connect advertising exposure across channels such as CTV and DOOH with retail commerce outcomes, supported by Affle’s cost per converted user (CPCU) model.
Commenting on the transaction, Anuj Khanna Sohum, Chairperson, Managing Director and CEO of Affle, said the acquisition would strengthen the company’s AI-powered Consumer Platform Tech Stack by combining complementary technology capabilities, innovation and intellectual property. He highlighted the potential to integrate Affle’s mobile marketing expertise with Perion’s established presence across retail media, CTV, DOOH and other digital channels. According to Sohum, the combined capabilities could help improve returns for advertisers and publishers while expanding premium consumer conversions across sectors such as e-commerce, retail and healthcare. He also described the deal as an important step towards strengthening Affle’s CPCU business in developed markets and advancing its long-term 10X growth vision.
Tal Jacobson, CEO of Perion, said the agreement marked an important milestone for the company following its transformation into an advertising technology business focused on innovation and measurable outcomes. He highlighted Perion One and its Outmax AI agent as key components of its approach to executing and optimising advertising performance across channels. Jacobson said Affle’s position in mobile performance marketing, global reach and focus on measurable results offered opportunities to combine complementary capabilities and create new possibilities for brands, agencies and media owners worldwide. He added that Perion would remain focused on executing its strategy and supporting its employees, customers and partners throughout the process.
Affle has historically combined organic growth with strategic acquisitions to expand its technology capabilities, customer base and market access. The company said its AI-powered platform, audience intelligence and CPCU model would play important roles in integrating acquired businesses and scaling its operations. The proposed acquisition is expected to support its ambitions to reach more advertisers, industry verticals and markets through an expanded omnichannel offering.
The transaction has been approved by the boards of both companies and remains subject to customary closing conditions, including regulatory clearances and approval from Perion shareholders. The agreement also includes a go-shop period, during which Perion can solicit and evaluate alternative proposals before proceeding to the shareholder approval process. The acquisition will move forward subject to the completion of these requirements.