Perion Network Ltd (NASDAQ:PERI) is a publicly listed mobile app services company that was part of a reverse merger by Conduit?s Client Connect business last year. Perion Network has acquired an ad aggregation platform called Grow Mobile.
Perion will pay $17 million up front ($10 million in cash and $7 million in equity) along with $25 million in cash and equity over the next two years based on performance. This deal will likely close in early Q3.
Grow Mobile will be integrated in Perion’s Lightspeed mobile marketing division, but its standalone product will continue as is.
Grow Mobile?s co-founders, Brendan Lyall, AJ Yeakel and Minglei Xu will be joining Perion. Grow Mobile launched around a year ago. Grow Mobile is already profitable and has seen advertising campaigns in excess of $20 million. Some of its customers include Blackflip, Gameloft, and GREE.
Grow Mobile raised around $1 million in seed funding from Bessemer Venture Partners and Signia Venture Partners prior to the acquisition.
?This agreement is a milestone event for Grow Mobile and we are excited to become part of the Perion team,? stated Brendan Lyall, co-Founder and CEO of Grow Mobile. ?Today we are part of something bigger. Together we can yield better results for our clients and invest even more efforts in developing tomorrow?s mobile ad solutions.?