Affle to acquire Perion for $420 million to expand global adtech business

India-based advertising technology company Affle has entered into a definitive agreement to acquire Perion in an all-cash transaction valued at approximately $420 million, combining Affle’s mobile performance advertising operations with Perion’s capabilities across retail media, connected TV (CTV) and digital out-of-home (DOOH) advertising.

The agreement will see Affle’s Israel-based subsidiary, Affle 3iL, acquire all outstanding Perion shares for $11.70 each, representing a 34.5% premium to Perion’s closing share price on October 30. The transaction has been approved by both companies’ boards of directors and is expected to close in early 2027, subject to shareholder approval, regulatory clearance and other customary conditions.

The acquisition is intended to expand Affle’s presence in developed advertising markets, particularly North America and Europe, where Perion has established operations and relationships with advertisers, agencies and publishers. Affle primarily focuses on performance-based mobile advertising through its cost-per-converted-user (CPCU) business model, while Perion provides advertising technology across multiple digital channels. The companies plan to combine these capabilities to connect consumer acquisition and conversion campaigns with broader omnichannel advertising strategies.

Perion operates Perion One, an advertising technology platform that supports campaign execution across retail media, CTV, DOOH and other digital environments. Its technology portfolio also includes Outmax, an AI-powered advertising agent designed to automate aspects of campaign optimization and media performance. Integrating these products with Affle’s AI-powered Consumer Platform is expected to extend Affle’s advertising capabilities beyond mobile user acquisition into additional stages of the customer journey.

Affle said the transaction supports its strategy to expand its CPCU business across developed markets while maintaining a focus on measurable consumer conversions. The company expects the combined operations to serve advertisers in sectors including e-commerce, retail and healthcare. Affle also plans to review Perion’s existing business contracts and revenue recognition practices as part of a proposed transition toward its performance-based advertising model, although the companies have not provided a detailed integration schedule.

Perion will continue operating under its existing brand following completion of the acquisition, becoming a wholly owned subsidiary of Affle. Its shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange. As of September 30, 2026, Perion held approximately $228.3 million in cash, short-term bank deposits and marketable securities, with no financial debt reported by Affle. The acquisition will be funded through a combination of available cash and committed bank financing, with Citibank providing debt financing support.

The agreement includes a 40-day go-shop period, allowing Perion and its financial advisor to solicit alternative acquisition proposals until December 11, 2026. The provision gives Perion an opportunity to consider competing offers before the transaction proceeds to shareholder approval. Perion’s board has unanimously supported the agreement, although completion remains subject to the required approvals.

Affle expects the acquisition to contribute to earnings per share by the end of the first year following completion and projects a revenue run rate exceeding $700 million in fiscal 2028 for the combined business. These figures are company forecasts rather than confirmed financial outcomes, and their realization will depend on the integration of Perion’s operations and the proposed changes to its business model.

The transaction reflects continued consolidation in advertising technology as companies seek to connect mobile performance marketing with retail media, CTV and other digital advertising channels. For Affle, the proposed acquisition would expand its geographic reach and advertising technology portfolio, while Perion would gain access to Affle’s mobile conversion infrastructure and international operations. The companies will continue operating independently until the transaction is completed.