Perion Buys Ad Firm Grow Mobile for $42m

perionIsrael-based media firm Perion has bought mobile advertising firm Grow Mobile for up to $42m (£24m) in cash and equity in an effort to expand its offering for mobile application advertising.

Grow Mobile will be integrated into Perion Lightspeed, a division of the company recently established to address the advertising needs of mobile app developers, and will enable the division to provide a more comprehensive technical and platform solution for app developers.

The initial purchase price is $17m in cash and equity, with an additional $25m in cash and equity to be paid as an earn-out component over the next two years, dependent on certain revenue and profit milestones being reached. The entire Grow Mobile team will be remaining with the company.

“Acquiring Grow Mobile will accelerate Perion Lightspeeds time to market, making the vision come to life faster and in a more robust offering,” said Tomer Pascal, general manager of Perion Lightspeed. “Adding Grow Mobiles toolset to our development efforts positions Perion as a leader in mobile distribution platforms, giving app developers powerful and simple tools and access to real-time data and analytics tools, enabling them to thrive and succeed in the mobile space.