Perion acquires venture capital-backed Grow Mobile for up to $42m


grow mobileThe venture backers of Grow Mobile have exited the mobile advertising specialist to Nasdaq-listed software group Perion Network for up to $42m.

Grow Mobile’s technology enables developers to buy, track, optimize, and scale user acquisition campaigns from a single dashboard.

The company, which was backed by Signia Venture Partners and Bessemer Venture Partners, will now become part of Perion Network’s recently launched unit, Perion Lightspeed.

Grow Mobile was launched two years ago and it is already profitable. Last year the company managed advertising campaigns of over $20m and posted with triple digit year-over-year top-line growth in the last quarter.

The initial purchase price is $17m including $7m worth of equity and the total consideration could reach $42m if the company hits certain revenue and profit milestones in the next two years.

Earlier this month one of Grow Mobile’s backers, Bessemer, led a $6m funding round for encryption software company Virtru.

Copyright © 2014 AltAssets