Affle to acquire Perion in $420M all-cash deal for AI ad platform

Affle 3iL, a subsidiary of Affle 3i Limited, will pay $11.70 per share in cash for all Perion shares, including unvested equity awards, valuing Perion at about $420M. The price is a 34.5% premium to Perion's October 30 closing price. Perion will become a wholly owned subsidiary and keep its brand. The agreement was signed on November 1 and needs Perion shareholder approval.

Perion reported 2025 revenue of $439.9M, down 12% from 2024, and its second-quarter 2026 revenue fell 5% to $98.2M. The company has withdrawn financial guidance while the deal is pending. Its Perion One platform includes Outmax, a proprietary AI agent. Affle plans to combine its mobile advertising tools with Perion's retail media, connected TV and digital out-of-home channels.

For AI founders in ad tech, the deal shows consolidators buying AI-native execution platforms for cash, even when the target's top line is shrinking. Builders should judge AI products on the performance they deliver, since buyers are paying for that output.