Affle 3i to acquire Israel's Perion Network for $420 million

Technology company Affle 3i has signed an agreement to acquire all outstanding shares of Perion Network at $11.70 per share, in an all-cash transaction for $420 million.

Perion is an Israeli technology company headquartered in Tel Aviv, with a North American footprint and dual listings on NASDAQ and the Tel Aviv Stock Exchange. It provides omnichannel advertising solutions across channels like retail media, connected TV (CTV) and DOOH (digital-out-of-home).

Perion’s website says that the company’s “AI-powered technologies operate across the media ecosystem, removing executional friction and unlocking more precision advertising at scale”. Over the last three years, the Israeli company evolved under three acquisitions under its platform. The company is debt free as on 30 September 2026 with a cash balance of $228 million.

Affle expects its CPCU (Cost Per Converted User) model, powered by verticalised solutions, to drive consumer conversions and retail commerce outcomes for Perion’s advertisers.

Affle had posted consolidated total income of ₹2,787.56 crore in financial year 2025-26 against a net profit of ₹454.85 crore. On completion of the transaction, the company aims to become a “global omnichannel platform delivering premium use cases for driving consumer conversions for thousands of advertisers across diversified industry verticals in 100+ countries”.

LUMA Partners LLC served as financial advisor, Barnea Jaffa Lande & Co. served as as legal advisor, and CitiBank served as financing bank to Affle.