Israeli marketing company Perion Networks announced today that it has acquired Undertone, a New York City-based digital ad company in a $180 million cash deal.
According to the release, $91 million will be paid once the acquisition closes, with the rest paid out over the next few years.
Undertone says it brought in $104 million in revenue during the first nine months of 2015, with 75 percent of that coming from “high-impact” cross-device and mobile advertising. Post-acquisition, the combined company will have an estimated $350 million in revenue for 2015 and a headcount of 660 employees.
“In Undertone we have found a premium brand company of scale and profitability, with a differentiated sustainable position in the market,” said CEO Josef Mandelbaum in the acquisition release. “Together we firmly establish ourselves as the leader in delivering high-quality advertising solutions for publishers and brands.”