Perion Network, an Israel based global consumer internet company has recently announced its merger with Conduit Ltd., a privately-held corporation. The Conduit’s “Client Connect” business, which includes its monetization and distribution platform for publishers and developers, will be combined with Perion.
The merger aims at creating a fast-growing search distribution company and will represent more than 260,000 publisher and content partners.
Conduit, founded in 2005, provides cloud-based solutions such as wibiya, quicklaunch, community toolbar, etc. that empower web and mobile publishers to engage users on their browsers. As claimed by the company, Conduit is one of the Israel’s largest Internet company, worth close to $1.5B in the latest valuation.
At present, over 250 million end users along with 2,60,000 publishers in 120 countries are associated with it. Conduit’s major brand partners include Groupon, Fox News, Time Warner Cable, Travelocity and The Weather Channel.
As per the deal, Perion will issue to Conduit shareholders between 57-60 million shares, based on Perion’s fully diluted share count at closing. This will make Perion existing shareholders and option holders left with 19% of the company’s ownership while the remaining 81% ownership will rest with the existing Conduit shareholders and option holders.
However, the combined organization will be led by current CEO and CFO of Perion, Josef Mandelbaum and Yacov Kaufman respectively.
Also, Conduit will continue to operate and invest in its other businesses which are not part of the transaction viz. U browser ecosystem and Conduit Mobile, a fast-growing DIY app-creation platform.
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