Perion buying ad management platform Grow Mobile

|About: Perion Network Ltd. (PERI)|By:, SA News Editor

Grow Mobile's platform offers app developers an integrated dashboard for launching, optimizing, and tracking the performance of ad campaigns campaign across multiple ad networks/exchanges. Clients include major mobile game developers such as Gameloft and Gree.

Perion (PERI -0.8%) states Grow is already profitable and posted triple-digit Y/Y revenue growth last quarter. It's paying $17M up-front ($10M cash, $7M stock), and could pay up to $25M in performance earn-outs over the next 24 months.

Grow's offerings will be added to Perion's newly-launched Lightspeed platform, which provides a slew of tools for developers looking to promote their apps. The purchase comes amid booming demand for mobile app install ads - Facebook's ads have been especially popular - from developers struggling to get noticed on the App Store and Google Play.