Indian technology company Affle 3i has agreed to acquire Israel-based advertising technology firm Perion Network for approximately $420 million (Rs 3,986 crore) in an all-cash transaction.
The acquisition will be executed through Affle's wholly owned step-down subsidiary, Affle 3iL Ltd, which will purchase all outstanding shares of Perion.
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Under the agreement, Perion shareholders will receive $11.70 per share, valuing the company's equity at approximately $420 million.
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The transaction includes outstanding shares and unvested equity awards, subject to their respective vesting schedules.
The deal is expected to close in early 2027, subject to the required conditions. Following completion, Perion will be delisted from Nasdaq and the Tel Aviv Stock Exchange but will continue operating under its existing brand as an Affle subsidiary.
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Why Is Affle Acquiring Perion Network?
The acquisition will expand Affle's advertising technology business in developed markets, particularly North America.
While Affle has a strong presence in mobile marketing, Perion brings capabilities across retail media, connected TV (CTV), digital out-of-home (DOOH) advertising and other digital channels.
Affle said the combination would strengthen its cost per converted user (CPCU) model, under which advertisers pay for actual user conversions rather than simply advertising exposure.
Perion reported revenue of $439.9 million and a net loss of $7.9 million in 2025. It had no financial debt and held approximately $228 million in cash as of September 30, 2026.
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Affle Targets $700 Million Revenue Run Rate
Affle expects the acquisition to strengthen its global operations and expand opportunities across e-commerce, retail and healthcare advertising.
The company said it would remain net-debt free immediately after completing the transaction.
It also expects to achieve a revenue run rate exceeding $700 million in FY28, marking a significant step towards its long-term 10X growth ambition.
(With PTI Inputs)
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