Perion Enters DOOH With $100M Hivestack Acquisition

Israeli-based global ad-tech company Perion Network has expanded into the programmatic digital out-of-home (DOOH) space by acquiring Montreal-based Hivestack Inc.

Perion is paying $100 million in cash on closing and could pay up to an additional $25 million in cash and equity through a three-year employee retention and performance-based payment plan.

Hivestack’s platform, which is deployed in 32 countries across North America, EMEA, LATAM and APAC. Its DSP, audience planning and campaign measurement tools are designed to manage, deliver and optimize ROI for targeted DOOH campaigns.

Hivestack’s agency, brand, ad-tech partner and media owner clients include GroupM, Dentsu, Uber, Colgate, Lego, InterContinental Hotel Group, Doordash, The Trade Desk, Xandr, Clear Channel, Lamar and Stroër.

The acquisition will enable Perion — which operates in all of the main digital advertising channels, including search, social, display, video and connected TV — to add DOOH capabilities for its clients, which include DraftKings, Kroger, Albertsons, BMW, HBO and Nike.



Perion plans to capitalize on synergies between Hivestack’s technology and Perion’s existing solutions and strategies — including a focus on retail media — to provide clients with “an even more comprehensive, end-to-end offering,” said Tal Jacobson, who became Perion’s CEO in February 2023.

“Hivestack’s DOOH technology platform stands out by offering brands and advertisers what they crave the most: high-visibility creative, precise targeting, immediate impact, wide reach and measurement," Jacobson said. "In addition to advancing our diversification strategy, this transaction aligns with our objective to expand our technological capabilities and product offerings, and we will continue to pursue additional inorganic growth opportunities."

In contrast to many tech players, Perion, which trades in New York and Tel Aviv with a market cap of $1.3 billion, has delivered a positive return for the past five years.

It recorded 18% revenue growth in this year’s first three quarters, and is expected to see 16% growth for the full year, to reach revenues of $730 million to $750 million.

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