Perion shareholders to receive US$ 11.70 per share

The deal values Perion at an implied Equity value of ~US$ 420 million

Combined business strengthens AI-powered consumer conversions, expands global scale, delivers measurable ROI for advertisers and sustained long-term value creation

GURUGRAM, India, Nov. 1, 2026 /PRNewswire/ -- Affle 3i Limited (BSE: 542752) (NSE: AFFLE), a global technology company that delivers premium consumer conversions for advertisers with its verticalized AI-powered Consumer Platform, today announced that its Israel-based step-down subsidiary, Affle 3iL Ltd. ("Affle"), has signed a definitive agreement to acquire all outstanding shares (including unvested equity awards as per vesting schedule) of Perion Network Limited ("Perion") (NASDAQ: PERI) (TASE: PERI) at US$ 11.70 per share in an all cash transaction for an implied equity value of ~US$ 420 million.

Affle has an established track record of acquiring and successfully transforming businesses, complementing its organic growth journey with strategic acquisitions. Our approach focuses on identifying businesses that complement our capabilities, expanding our access to customers and markets, and using our tech to seamlessly integrate their strengths into our broader platform ecosystem. By leveraging our AI-powered Consumer Platform Tech Stack, proprietary audience intelligence and differentiated cost per converted user ("CPCU") business model, we have successfully transformed acquired businesses to unlock high value strategic outcomes and ROI for customers, expanded margins through tech and data synergies, and created long-term value for our shareholders with disciplined execution delivering over 20% annual organic growth and over 20% EBITDA consistently.

Perion is an Israeli technology company headquartered in Tel Aviv, with a strong North American footprint and dual listings on NASDAQ and the Tel Aviv Stock Exchange. It is an AI-powered tech stack providing omnichannel advertising solutions across Retail Media, Connected TV (CTV), DOOH and other digital channels. Over the last three years, the company has undergone a significant transformation, completing three strategic acquisitions and unifying these expanding segments under its Perion One platform.

On completion of the transaction, Affle will be a significant global omnichannel platform delivering premium use cases for driving consumer conversions for thousands of advertisers across diversified industry verticals in 100+ countries. The acquisition underscores Affle's continued commitment to expanding its global footprint, strengthening its technology capabilities and creating sustainable long-term value for its stakeholders.

The proposed acquisition builds on this robust foundation, bringing together Perion's established presence, including in all upper funnel digital advertising channels in developed markets with Affle's leadership in deeper funnel mobile marketing and AI-powered performance-led consumer conversions in emerging markets. This will strategically transform and materially expand the total addressable market opportunity for our CPCU business globally. Affle's CPCU model powered verticalised solutions will be able to drive premium consumer conversions with CTV to Cart and DOOH to Cart based retail commerce outcomes for Perion's advertisers campaigns.

Commenting on this development, Anuj Khanna Sohum, the Chairperson, MD and CEO of Affle said, "We are excited to welcome the Perion family on board as we continue to strengthen the foundations of our AI-powered Consumer Platform Tech Stack. Through this acquisition, we are bringing together our highly complementing tech capabilities, innovation culture and unique IP to global scale. The combination of Affle's strong leadership in mobile marketing with Perion's established presence across Retail Media, CTV, DOOH and other digital channels will enable us to drive greater synergies across the omnichannel consumer journey on intelligent connected devices. With our integrated capabilities, we see opportunities to unlock greater ROI for advertisers and publishers alike, while driving global scale for premium consumer conversions across industry verticals such as e-commerce, retail and healthcare. This is an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision."

Adding to this, Tal Jacobson, CEO of Perion said, "Over the past several years, we have transformed Perion into a differentiated advertising technology company, driven by the strength of our team, technological innovation, and our focus on measurable business outcomes for advertisers. Through Perion One and our Outmax AI agent, we continue to advance how advertising performance is executed and optimized across channels to ensure the best ROI on media investments for our customers. Our agreement with Affle marks an important milestone for Perion. Affle has established a strong position in mobile performance, supported by an experienced team, global reach, and a focus on measurable results. We see significant potential in bringing these complementary capabilities together to create new opportunities for brands, agencies, and media owners worldwide. Throughout this process, our focus remains on executing our strategy, supporting our people, and delivering for the customers and partners who rely on us."

The transaction has been approved by the Boards of Directors of both Affle and Perion and is subject to closing conditions, including receipt of required regulatory approvals and approval by Perion shareholders. This agreement provides for a go-shop period for Perion before seeking shareholders' approval.

Transaction Summary

- Affle will acquire 100% of Perion's issued and outstanding shares including unvested equity awards as per vesting schedule for an equity value of ~ US$ 420 million.

- Perion does not have any financial debt. As on September 30th, 2026, it had a cash balance of ~US$ 228 million.

- As Perion is publicly held, the transaction costs and related expenses would be recorded by Affle in its opening balance sheet.

- Affle plans to fund the acquisition through a combination of committed financing from banks and available cash resources.

- The transaction will be effected by way of a reverse triangular merger, pursuant to which a wholly-owned subsidiary of Affle will merge with and into Perion, with Perion surviving the merger as a wholly-owned subsidiary of Affle. Upon closing, Perion's ordinary shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange. Perion will continue to operate under the Perion brand.

- The transaction is expected to close in early 2027, subject to closing conditions, including regulatory and Perion's shareholder approval.

- Affle would be net debt free immediately post this acquisition and with a FY2028 revenue run rate of over US$ 700 Mn.

Post acquisition, we expect to update Perion's revenue recognition in view of the planned CPCU strategic transformation including review of business contracts leading to a significantly improved bottom line performance based on the immediate strategic synergies. We expect our complementary technologies, planned business model transformation and disciplined focus on profitability to drive sustainable growth to make this acquisition accretive to earnings per share ("EPS") by the end of 1st year following closing.

LUMA Partners LLC is serving as the financial advisor to Affle.

Barnea Jaffa Lande & Co. is serving as the legal advisor to Affle for this transaction.

CitiBank is serving as the financing bank to Affle.

Affle 3i Limited is a global technology company enabling verticalized AI-led consumer conversions for advertisers globally, powered by the differentiated CPCU business model across Mobile, CTV and other agentic/autonomous intelligent connected devices (AICDs).

Affle 3i Consumer Platform enables advertisers to optimize targeting, personalize user engagement and maximize ROI by combining proprietary data, deep audience intelligence and advanced agentic AI capabilities. With innovative technology integrations, Affle maximizes user engagement at every stage of the consumer journey across connected devices with algorithms that go beyond automation and efficiency to deliver next-gen experiences through deep human-vs-non-human data distillation. Affle 3i Limited is listed on the NSE (AFFLE) and BSE (542752).

For more information, visit - www.affle.com

Perion is an advanced technology leader redefining advertising through AI-native infrastructure, delivering real-time media execution across CTV, digital out-of-home, commerce and retail media, social and digital environments. Powered by Outmax, the company's proprietary AI Agent, Perion helps brands, agencies, and retailers optimize spend and performance, driving measurable outcomes at scale.

For more information, visit www.perion.com

This communication contains forward-looking statements within the meaning of the applicable securities laws, including statements regarding the proposed acquisition of Perion Network Limited ("Perion") by Affle 3i Limited ("Affle"), the expected timing and completion of the transaction, the anticipated benefits of the transaction, the proposed merger of an Affle subsidiary with Perion, with Perion surviving as a subsidiary of Affle's subsidiary, and the anticipated delisting of Perion's securities from the Nasdaq Stock Market ("NASDAQ") and the Tel Aviv Stock Exchange ("TASE"). Forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," "will" or "would," or the negative of these terms or other similar expressions.