Affle 3i Limited has entered into a definitive agreement to acquire 100% of the outstanding shares of Israel-based Perion Network Ltd. for an implied equity value of approximately US$ 420 million in an all-cash transaction. This strategic acquisition aims to scale Affle’s CPCU business across developed markets and significantly expand its global omnichannel platform capabilities.
Affle 3i Limited to Acquire Perion Network Ltd.
Affle 3i Limited, a global technology company specializing in AI-powered consumer conversions, announced today its definitive agreement to acquire Perion Network Ltd. (“Perion”), an Israeli technology company. The transaction, valued at approximately US$ 420 million, will be an all-cash deal, with Affle acquiring 100% of Perion’s issued and outstanding shares, including unvested equity awards.
Strategic Rationale and Market Expansion
This acquisition is designed to bolster Affle’s Consumer Platform Tech Stack and expand its global footprint. Perion, with its established presence in North America and dual listings on NASDAQ and the Tel Aviv Stock Exchange, offers a strong omnichannel advertising solutions portfolio across Retail Media, Connected TV (CTV), and other digital channels. The combined entity aims to leverage complementary tech capabilities and drive greater synergies across the omnichannel consumer journey.
The transaction is expected to significantly scale Affle’s CPCU (Cost Per Converted User) business, particularly in developed markets. It represents a strategic move to enhance revenue streams and deliver enhanced ROI for advertisers globally. Perion has undergone substantial transformation in recent years, including three strategic acquisitions, and operates under the Perion One platform.
Financial Overview and Deal Structure
Perion Network Ltd. reported revenues of US$ 743.2 million in CY 2023, with a PAT of US$ 115.0 million. The company has no financial debt and had a cash balance of approximately US$ 228 million as of September 30, 2026. Affle plans to fund the acquisition through a combination of committed financing from banks and available cash resources, aiming to be net debt-free post-acquisition with a projected FY2028 revenue run rate of over US$ 700 million.
The transaction is structured as a reverse triangular merger, with Perion surviving as a wholly-owned subsidiary of Affle. Upon closing, Perion’s ordinary shares will be delisted from NASDAQ and the Tel Aviv Stock Exchange. The deal is anticipated to close in early 2027, subject to regulatory approvals and Perion’s shareholder approval.
Leadership Commentary
Anuj Khanna Sohum, Chairperson, MD, and CEO of Affle, expressed excitement about welcoming the Perion family, highlighting the strengthened foundations of their AI-powered Consumer Platform. Tal Jacobson, CEO of Perion, commented on the significant milestone, noting the potential for synergistic growth and enhanced performance for advertisers.
Source: BSE
