Perion Network Acquires Video Monetization Platform Vidazoo For $93.5M

Advertising technology company Perion Network Ltd PERI acquired video technology company Vidazoo for $93.5 million, consisting of $35.0 million in cash and $58.5 million in earn-out.
Vidazoo, founded in 2014 and headquartered in Tel Aviv, is a video monetization platform that allows digital publishers to generate new, incremental revenue through its video products.
Just as Shopify Inc's SHOP platform enables thousands of stores to compete with Amazon.com Inc AMZN and Walmart Inc WMT, Vidazoo empowers hundreds of video-hungry publishers with a simple, highly scalable, plug-and-play video solution, Perion CEO Doron Gerstel.
Perion raised its guidance to account for the expected contribution from the Vidazoo acquisition, which is expected to be earnings accretive immediately.
Revised Outlooks: Perion raised the 2021 revenue outlook from $415 million - $430 million to $430 million - $445 million.
Perion increased the FY22 revenue guidance from $490 million - $520 million to $545 million - $575 million.
Perion held $141.2 million in cash and equivalents.
Price Action: PERI shares traded higher by 5.90% at $19.04 in the premarket session on the last check Monday.