Perion Network

Last updated

Perion Network Ltd.
Company type Public
Nasdaq:  PERI, TASE:  PERI
IndustryInternet
FounderYaron Adler
Ofer Adler
Headquarters Tel Aviv, Israel
Area served
Worldwide
Key people
Tal Jacobson (CEO)
Maoz Sigron (CFO)
RevenueIncrease2.svg US$ 743.16 million (2023)
Increase2.svg US$117.41 million (2023)
Number of employees
420 (as of June 2024) [1]
Website perion.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]

Contents

History

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

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

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

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

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

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

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

Publisher Platform

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

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

Social Media Advertising

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

  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. 1 2 "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. 1 2 "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. 1 2 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. 1 2 "Actionable Performance Monitoring". Perion.
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