Perion Network Ltd (NASDAQ:PERI) today announced that they have acquired digital advertising company Undertone in a deal that is said to be worth approximately $180 million.
Perion Network Ltd (NASDAQ:PERI) is an Israeli software company headquartered in Holon, Israel, with offices in New York City, San Francisco, Paris, Barcelona, and Redmodn, Washington. With over 400 employees and revenue in excess of $300 million annually, the company saw it fit to acquire Undertone
“We are very excited about this acquisition,” said Perion CEO Josef Mandelbaum. “In Undertone we have found a premium brand company of scale and profitability, with a differentiated sustainable position in the market. Together we firmly establish ourselves as the leader in delivering high-quality advertising solutions for publishers and brands. In addition to providing strong cash flow and revenue diversification, Undertone will add significant depth and talent to our company. With this acquisition we intend to become synonymous with engaging and impactful advertising solutions for brands and publishers.”
The deal was done in cash, and gives Perion a very large footprint in the digital advertising market.
The stock is currently trading higher by 12.92% or $0.31 following the positive news, hitting $2.71 per share at the time of us publishing this article. About 173,923 shares traded hands or up 50.91% from the average. PERI has declined 34.43% since April 29, 2015 and is currently downtrending. It has underperformed the S&P500 by 34.23%.
Perion Network Ltd. is a global performance media and Internet company. The company has a market cap of $176.11 million. The Firm is engaged in providing online publishers and application (app) developers advanced technology and a range of intelligent, data-driven solutions to monetize their application or content and expand their reach to audiences. It currently has negative earnings. The Company’s software monetization platform, Perion Codefuel, enables digital businesses to optimize installs, analyze data and maximize revenue.