Perion to Acquire Pub Ocean, an Innovative Publisher Technology Platform, for up to $22 Million
Accretive and Synergistic Acquisition Expected to Generate an Incremental $25 Million in Revenues and $5 Million in Adjusted EBITDA over the Next 12 Months
Perion Network Ltd, a global technology company that delivers its Synchronized Digital Branding solution across the three main pillars of digital advertising – ad search, social media and display / video – signed an agreement to acquire the assets of Pub Ocean, a rapidly-growing digital publisher-focused technology company with scalable content distribution and real-time revenue analytics technology. Pub Ocean offers significant and immediate synergies to ContentIQ (CIQ), which Perion acquired in January, driving incremental revenue opportunities and enhanced profitability.
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“We see meaningful synergies between CIQ and Pub Ocean. We could not be more thrilled to welcome Pub Ocean and its founder Chris into the Perion and CIQ family.”
The acquisition, which is expected to close in the coming days, is for an aggregate cash consideration of up to $22 million, of which $4 million will be paid upon signing, $17 million as earn-out tied to financial targets over a two-year period and $1 million for two years of retention. The acquisition is expected to be immediately accretive and contribute more than $25 million in revenues and $5 million in Adjusted EBITDA to Perion in the first 12 months.
Chris Ingham Brooke, who founded Pub Ocean, will become Executive Vice President at CIQ. Pub Ocean will be integrated into CIQ with the express intent of building a “new media supply chain.” As a leading digital publishing orchestration system, driven by proprietary data algorithms that enable brands to scale to highly relevant audiences, CIQ stands to immediately benefit from Pub Ocean’s automated recommendations and analytics which sit between brands and channels in the “media supply chain.”
“Pub Ocean is a strategically important acquisition for Perion, as we advance the buildout of a Synchronized Digital Branding solution across all digital channels,” said Doron Gerstel, CEO of Perion. “We see meaningful synergies between CIQ and Pub Ocean. We could not be more thrilled to welcome Pub Ocean and its founder Chris into the Perion and CIQ family.”