Perion buying ad management platform Grow Mobile

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.

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