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Perion Network

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Perion Network Ltd.
Company typePublic
Nasdaq: PERI, TASE: PERI
IndustryInternet
FounderYaron Adler
Ofer Adler
HeadquartersTel Aviv, Israel
Area served
Worldwide
Key people
Tal Jacobson (CEO)
Maoz Sigron (CFO)
RevenueIncrease US$ 743.16 million (2023)
Increase US$117.41 million (2023)
Number of employees
420 (as of June 2024)[1]
Websiteperion.com

Perion Network Ltd. is a global technology company that provides digital advertising products and services.[2] It is headquartered in Tel Aviv, Israel, with offices in Tel Aviv, New York, Los Angeles, London, Chicago, Boston, Atlanta, Toronto, and Kyiv.[3]

History

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Perion was founded in 1999 by cousins Yaron and Ofer Adler.[4][5] Soon after its founding, they raised $3.3 million in funding from private and institutional investors. The company went public on Nasdaq in January 2006 and was listed on the Tel Aviv Stock Exchange in 2007.[4][6]

Perion was under the management of its original founders until August 2010, when Josef Mandelbaum was appointed CEO.[7]

Founded under the name IncrediMail, in November 2011, the company rebranded to Perion, deriving its name from the Hebrew word for productivity.[8]

2014-2017

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In July 2014, Perion collaborated with CYREN, a provider of cloud-based security services, to enhance Perion's security and browsing applications.[9]

In August 2014, Perion extended its agreement with Microsoft's Bing search service, powering search in Perion products for desktop and mobile platforms.[10]

In September 2016, Josef Mandelbaum stepped down as CEO of Perion.[11][12] During his tenure, Perion grew from a single-product company with an annual revenue of $29 million to over $300 million.[11]

In April 2017, Doron Gerstel assumed the role of CEO.[13] Under his leadership, Perion took initiatives to minimize the company's debt and enhance its "operational efficiency".[14] This period also saw the company broaden its reach into the digital television advertising sector.[15]

2018-2020

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In October 2018, Perion's platform, MakeMeReach, received Google certification.[16]

In November 2020, CodeFuel, Perion's Search Technology division, entered into a four-year partnership with Microsoft Advertising.[17]

2021-2022

[edit]

In September 2021, MakeMeReach, a subsidiary of Perion, formed a partnership with Pinterest, allowing ad purchasing and data integration from major social platforms and Google.[18]

In February 2022, Perion received the Microsoft Supply Partner of the Year Advertising Award.[19]

In August 2022, Perion received the Stevie Award in the artificial intelligence category.[20]

In September 2022, Perion disclosed the results of a digital advertising campaign for Mercedes-Benz USA, noting a successful implementation of the cookieless strategy.[21]

2023-2024

[edit]

In February 2023, it was announced that Doron Gerstel would be stepping down as the CEO of the company and would be succeeded by Tal Jacobson, effective from 1 August 2023.[22]

In June 2024, Perion announced significant layoffs as part of a cost-cutting initiative. The decision came after Microsoft's further actions to completely remove several advertisers from its Bing network, which severely harmed Perion's revenues. As a result, Perion decided to eliminate 35 jobs, primarily within its search division in Israel. This reduction represented 15% of the company's Israeli workforce, which numbered 230 employees out of a total of 650 globally.[23]

The impact of Microsoft's decisions was substantial, with Perion's revenue from its collaboration with Microsoft projected to fall to less than 5% of its total revenue in the latter half of 2024. Previously, revenue from Bing had formed a substantial part of Perion's income. For the second quarter of 2024, Perion's revenues were anticipated to be between $106 million and $108 million, with annual revenues expected to decrease to approximately half a billion dollars.[23]

Mergers and acquisitions

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In August 2011, Perion acquired the Redmond-based Smilebox for $25 million.[24] Smilebox was an application designed for creating slideshows, e-cards, invitations, and other digital photo albums.[25][26]

In November 2012, Perion acquired Israel-based SweetPacks (or SweetIM), for approximately $41 million.[27][28] SweetPacks specialized in producing a range of downloadable content for daily use.[29]

In January 2014, Perion took over Conduit's ClientConnect business in an all-stock transaction valued at $660 million.[30][31][32] Later, in June 2014, Perion acquired San Francisco-based Grow Mobile as it repositioned itself to emphasize business-to-business services.[33][34][35] After the acquisition, Grow Mobile was integrated into Perion Lightspeed, a platform that serves the advertising requirements of mobile app developers.[36]

In February 2015, Perion acquired MakeMeReach, a platform that helped app developers with social media advertising, for $15 million.[37][38] Later, in December 2015, Perion acquired the digital advertising firm, Undertone, for $180 million.[39][40]

In 2019, Perion acquired Septa Communications, a Kyiv-based AI company that provided ad performance analytics service, for $3.5 million.[41][42]

By January 2020, Perion acquired Content IQ, a New York-based startup that focused on optimizing digital advertising through cookie-less tracking and analytics.[43] Later, in July 2020, Perion acquired assets from a digital publisher-centric ad-tech firm named Pub Ocean and subsequently integrated them into Content IQ.[44]

In 2021, Perion acquired a Tel Aviv-based video monetization platform, Vidazoo, for $93.5 million.[45][46]

Services

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Perion Network Ltd. provides digital advertising technology services for advertisers and publishers across various channels and platforms. Their key offerings include:

Publisher Platform

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Perion's Wildfire Publisher Platform sources web traffic from multiple platforms including Facebook, Taboola, and Yahoo.[47] The company also collaborates with Microsoft Bing on search monetization services.[48]

High Impact Advertising

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Perion offers a tool called High Impact Advertising (HIA) that utilizes immersive media formats to enhance advertising experiences.[49]

Social Media Advertising

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In response to the growth of social media advertising, Perion developed the Actionable Performance Monitoring (APM) platform. This tool consolidates data from multiple social platforms to assist in campaign management.[50] The APM platform is compatible with social networks such as Facebook and TikTok.[50]

See also

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References

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  1. ^ Habib-Valdhorn, Shiri (14 March 2021). "770% of the downturn: Perion is supported by the recovery of the digital advertising market and technological hype". Globes (in Hebrew). Retrieved 8 July 2021.
  2. ^ Shamah, David. "Perion extends Microsoft deal, ups mobile business". Times of Israel.
  3. ^ Rubin, Ben Fox (3 March 2014). "Perion Sees Soaring 2014 Earnings Following Merger". Wall Street Journal – via WSJ.
  4. ^ a b "IncrediMail - Israel's incredible story". The Jerusalem Post | JPost.com. 30 August 2009.
  5. ^ "IncrediMail to forge ahead on new products - Globes". en.globes.co.il. 10 August 2009.
  6. ^ "Israel's IncrediMail raises $18.8m in Nasdaq IPO - Globes". en.globes.co.il. 31 January 2006.
  7. ^ "Josef Mandelbaum, Nili Capital Partners: Profile and Biography". Bloomberg.com.
  8. ^ "IncrediMail to change name to Perion Interactive - Globes". en.globes.co.il. 18 September 2011.
  9. ^ "Perion teams with cloud-based security co CYREN - Globes". en.globes.co.il. 8 July 2014.
  10. ^ Shamah, David (1 August 2014). "Perion extends Microsoft deal, ups mobile business". Times of Israel.
  11. ^ a b "Josef Mandelbaum to step down as Perion CEO". Globes. 27 September 2016.
  12. ^ "BRIEF-Josef Mandelbaum to step down as CEO of Perion". 27 September 2016 – via www.reuters.com.
  13. ^ "Perion Networks names Doron Gerstel CEO". Globes. 24 January 2017.
  14. ^ "Perion Network: Google changes won't harm us". Globes. 14 March 2021.
  15. ^ "Link-up with TVadSync boosts Perion Network". Globes. 12 October 2019.
  16. ^ "Perion social campaign platform awarded Google certification". Globes. 16 October 2018.
  17. ^ "Microsoft renews tie with Perion Network". Globes. 11 March 2020.
  18. ^ "Ad-tech co Perion unit partners with Pinterest". Globes. 23 September 2019.
  19. ^ "Perion Network wins Microsoft Advertising award". Globes. 14 February 2022.
  20. ^ "Perion מתרחבת ומגייסת עובדים - וואלה! כסף". וואלה!. 22 September 2022.
  21. ^ "Perion claims success for cookieless Mercedes campaign". Globes. 21 September 2022.
  22. ^ "Outgoing CEO boosted Perion's market cap twelvefold". Globes. 3 February 2023.
  23. ^ a b Shulman, Sophie. "Perion embarks on layoffs after revenue takes hit." Calcalistech, 25 June 2024. https://www.calcalistech.com/ctechnews/article/sjdai5d8r
  24. ^ "Incredimail buys photo-sharing co Smilebox for $25m - Globes". en.globes.co.il. 2 August 2011.
  25. ^ "Smilebox to be acquired by IncrediMail for up to $40 million - Puget Sound Business Journal". 3 July 2012. Archived from the original on 3 July 2012. Retrieved 26 December 2023.
  26. ^ "IncrediMail Buys Online Photo Album And Slideshow Creator Smilebox For Up To $40 Million". 1 August 2011.
  27. ^ "Perion buys SweetPacks for up to $41m - Globes". en.globes.co.il. 8 November 2012.
  28. ^ "חברת Perion רכשה את SweetIM ב-41 מיליון דולר". כלכליסט - www.calcalist.co.il. 8 November 2012.
  29. ^ Butcher, Mike (8 November 2012). "Holy Emoticons Batman! — Perion Network Acquires SweetPacks For $41M".
  30. ^ "Perion Completes Acquisition of Conduit's ClientConnect". Haaretz.
  31. ^ Butcher, Mike (16 September 2013). "Conduit, Worth $1.4BN, Merges With Email Giant Perion (Worth $153M) To Take Its Place On NASDAQ".
  32. ^ "Perion completes Conduit ClientConnect acquisition - Globes". en.globes.co.il. 2 January 2014.
  33. ^ Lunden, Ingrid (30 June 2014). "Perion Buys Grow Mobile For Up To $42M To Build Out Its Marketing Business".
  34. ^ "Perion acquires US mobile ad co Grow Mobile - Globes". en.globes.co.il. 30 June 2014.
  35. ^ "Israel's Perion buys mobile advertising firm Grow Mobile". 30 June 2014 – via www.reuters.com.
  36. ^ Shamah, David. "Israel's Perion buys US firm for up to $42 million". www.timesofisrael.com.
  37. ^ "Perion Networks acquires MakeMeReach for $15m - Globes". en.globes.co.il. 11 February 2015.
  38. ^ Lunden, Ingrid (11 February 2015). "Perion Buys France's MakeMeReach For Up To $13M To Expand In Social Ads And Europe".
  39. ^ "Israeli co Perion buys digital ad co Undertone for $180m - Globes". en.globes.co.il. 1 December 2015.
  40. ^ Shields, Mike (1 December 2015). "Israeli Firm Perion Acquires Undertone for $180 Million". Wall Street Journal – via www.wsj.com.
  41. ^ "Perion buys Ukrainian AI startup". Globes. 4 January 2019.
  42. ^ "Nasdaq-Listed Adtech Company Perion Acquires Marketing Startup Captain Growth". CTECH - www.calcalistech.com. 1 April 2019.
  43. ^ "Perion buys Content IQ as web goes cookie-less". Globes. 14 January 2020.
  44. ^ "Perion buys digital publishing tech co Pub Ocean". Globes. 22 July 2020.
  45. ^ "Perion Network buys Israeli co Vidazoo for $93.5m". Globes. 10 April 2021.
  46. ^ Sternlicht, Hezi (4 October 2021). "Perion acquires video monetization platform Vidazoo for up to $93.5 million". CTECH - www.calcalistech.com.
  47. ^ "Publisher Platform". Perion.
  48. ^ "Search Monetization". Perion.
  49. ^ "High Impact Creative". Perion.
  50. ^ a b "Actionable Performance Monitoring". Perion.
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