Conduit plans to acquire Perion Networks
Toolbar developer Conduit is expected to pay a premium on Perion's $146 million market cap, and carry out a reverse merger.
Conduit is one of Israel's most successful and valuable start ups with a company value of $1.3 billion. The company has raised $9.75 million from Benchmark Capital, Yozma Venture Capital and private investors and had estimated revenue of $800 million in 2012.
Perion, formerly Incredimail, has developed products which help enhance emails and other digital communications. First quarter 2013 revenue was $27.6 million, up 145% from the corresponding quarter, mainly as a result of the $41 million acquisition of emoticon apps maker Sweetpacks last November. Net profit rose 166% in the first quarter to $5.8 million from the corresponding quarter.
Perion declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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