ISRAEL, November 3, 2026 – Mumbai-based consumer intelligence and mobile advertising company Affle 3i has agreed to acquire Perion Networks, an Israeli business, in a transaction worth approximately $420 million or Rs 3,983 crores in cash. Both organizations have already cleared the deal, which would make Perion Networks private and integrate its ads technology with the global platform owned by Affle.
It’s an audacious step by Affle since the Singapore-based sovereign wealth company GIC owns a stake of 5.9 per cent in it. Affle is paying $11.70 per Perion share, including unvested equity awards, at a premium of 34.5 per cent to the closing price of the stock of the latter on 30 October.
What Affle is buying
Perion isn’t just a small start-up. The Nasdaq- and Tel Aviv-listed company connects advertisers, agencies, and publishers in the digital space, especially in North America. Perion’s technologies allow allocating budgets for advertising and optimizing campaigns on the Internet in the segments of search, social, retail media, connected TV, and digital outdoor.
However, the financial situation of the company is ambiguous. Perion earned $439.9 million in revenue in 2025, compared to $498.3 million in the previous year, with the net loss equal to $8 million. Nevertheless, the company had no debt, while its cash position was equal to $228 million as of 30 September 2026.
This buffer on the balance sheet is significant. According to Affle, it will finance the acquisition with committed bank financing and cash on hand, and will stay debt-free on a net basis after closing the deal. In other words, Affle acquires a company with declining revenues, but with cash, distribution and technology that Affle can integrate with its own.
Why the deal makes sense
Affle’s core strength has been mobile performance marketing—helping advertisers find and convert users on connected devices. Perion brings scale in channels Affle has less direct exposure to: retail media, connected TV, digital out-of-home and other omnichannel advertising.
Affle chief executive Anuj Khanna Sohum described the combination as bringing together “highly complementary tech capabilities, innovation culture and unique IP” at global scale. He argued that pairing Affle’s mobile-marketing leadership with Perion’s presence across retail media, CTV and DOOH would create synergies across the consumer journey.
Perion CEO Tal Jacobson struck a similarly confident note, saying Affle’s mobile-performance expertise and global reach could create opportunities for brands, agencies and media owners worldwide. Whether those synergies materialise is, of course, another matter—adtech integrations often look cleaner in investor presentations than in integration plans.
How the transaction works
The purchase will be made through a reverse triangular merger, whereby a wholly-owned Affle subsidiary merges with Perion, resulting in Perion becoming a wholly-owned subsidiary of Affle. Post-acquisition, the shares of Perion will be delisted from Nasdaq and the Tel Aviv Stock Exchange, even though the Perion brand will live on.
The deal is still subject to customary closing conditions, which include regulatory approvals and approval by Perion shareholders. This means that though the deal has been approved by both company boards, the $420 million is an agreed-upon deal value, not actual payment at this point.
What to watch
The strategic challenge here is whether Affle can turn around the downward pressure on revenue at Perion and extract value through the omnichannel platform.
This is an ambitious statement. However, there are two advantages to this deal that organic growth won’t provide: immediate access to North America’s demand, premium publishers, and technology throughout the customer lifecycle. For India’s adtech industry, it’s a sign that native platforms can do more than compete in their backyards—now they’re throwing down nine-figure cheques for global reach.
