Perion Network Ltd (NASDAQ:PERI) is an Israeli consumer Internet company that has merged with Conduit’s “Client Connect” business in an all-stock transaction. Conduit is going to spin off the Client Connect business, which includes a monetization and distribution platform for developers and publishers.
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Perion Network is acquiring SweetIM for $41 million. Around $2 million will be paid for with shares and the rest will be in cash. SweetIM is known for developing the SweetPacks IM product. SweetIM’s founders will get $32.5 million up-front and $7.5 million based on performance.