According to Globes, Perion was valued at about NIS 7 billion in April 2023 and has since lost 82% of its value; its market cap before the announcement was about NIS 1.05 billion (about $360 million). Over the past year it was hit by two moves by Microsoft: a change to Bing search ad pricing in February, and the removal of some publishers from its distribution network in June. Perion then cut its guidance and said Bing would account for less than 5% of its revenue in the second half of the year.
Perion CEO Tal Jacobson said Affle has a strong position in mobile performance advertising and that the combination will create opportunities for brands, agencies and media owners. Affle chairperson Anuj Khanna Sohum said combining with Perion's retail media, connected TV (CTV) and digital out-of-home (DOOH) businesses will expand the company's presence in developed markets.