Mumbai-listed advertising technology company Affle 3i Ltd has agreed to acquire Israel-based Perion Network Ltd, which is listed on the Nasdaq and Tel Aviv Stock Exchange, in a deal valued at about $420 million (Rs 3,983 crore).
Affle, in which Singapore sovereign wealth fund GIC owns a 5.9% stake, said the acquisition would strengthen its presence in global advertising markets and expand its technology capabilities across digital channels.
As part of the deal, Affle, through its Israel-based step-down subsidiary Affle 3iL Ltd, will acquire all of Perion’s outstanding shares, including unvested equity awards, for $11.70 apiece in an all-cash transaction. The offer represents a 34.5% premium to Perion’s closing share price on October 30.
Affle plans to finance the acquisition through a combination of committed bank financing and available cash resources.
The transaction will be structured as a reverse triangular merger, under which a wholly-owned subsidiary of Affle will merge with Perion, with the latter surviving as Affle’s wholly-owned subsidiary.
Following the completion of the deal, Perion’s shares will be delisted from the Nasdaq and Tel Aviv Stock Exchange, although the company will continue to operate under the Perion brand.
Perion reported revenue of $439.9 million in 2025, down from $498.3 million a year ago. It also slipped into a net loss of $8 million in 2025. It had no debt and held cash of $228 million as of September 30, 2026.
Affle said it would be debt-free on a net basis immediately after completing the acquisition.
“Through this acquisition, we are bringing together our highly complementing tech capabilities, innovation culture and unique IP to global scale,” said Affle CEO Anuj Khanna Sohum. “The combination of Affle’s strong leadership in mobile marketing with Perion’s established presence across retail media, CTV (connected TV), DOOH (digital out-of-home) and other digital channels will enable us to drive greater synergies across the omnichannel consumer journey on intelligent connected devices.”
Perion is a digital advertising technology company that connects brands, agencies and publishers across online channels, with a strong presence in North America. Its platform helps customers optimise advertising expenditure and improve campaign performance.
“With our integrated capabilities, we see opportunities to unlock greater RoI for advertisers and publishers alike, while driving global scale for premium consumer conversions across industry verticals such as e-commerce, retail and healthcare. This is an important step in strengthening our CPCU (cost per converted user) business across developed markets and advancing our 10x decadal growth vision,” Sohum said.
The transaction has been approved by the boards of both companies and is subject to customary closing conditions, including regulatory clearances and approval from Perion shareholders.
“Affle has established a strong position in mobile performance, supported by an experienced team, global reach, and a focus on measurable results. We see significant potential in bringing these complementary capabilities together to create new opportunities for brands, agencies, and media owners worldwide,” said Tal Jacobson, CEO of Perion.
Affle 3i is a global technology company focussed on enabling AI-led consumer conversions for advertisers. It combines proprietary data, audience intelligence and agentic AI capabilities to help advertisers optimise targeting, personalise user engagement and improve returns on advertising expenditure.
