Perion Network

What Perion Network does

Perion began in 1999 as IncrediMail, an email program. In January 2014 it completed an all-stock deal for ClientConnect, the browser toolbar business of Conduit, and became one of the largest distributors of search ads outside the search engines. Its search unit, CodeFuel, placed search boxes and feeds with publishers and app makers and shared the revenue.

For years most of that revenue came from Microsoft Bing. In April 2024 Perion said changes by Microsoft to pricing and other mechanisms in its search distribution had cut activity, and it lowered its 2024 revenue forecast from about $860 million to about $600 million. Its shares fell by more than a third in a day, and on 10 June 2024 Perion disclosed that Microsoft Bing had decided to exclude a number of publishers from its search distribution marketplace. Investors later sued over the company's disclosures.

Perion's annual report says the Microsoft Bing agreement expired on 31 December 2024, that 2025 was a tail period, and that from 2026 its search business operates primarily with Yahoo. Search advertising revenue fell from $162.7 million in 2024 to $91.0 million in 2025, about 21% of the total. The company now presents itself as a wider advertising platform under the name Perion One.

How it makes money

In search, it receives a share of ad revenue from the search provider and pays most of it on to publishers. The rest of the group earns fees and margins on display, video, connected-TV and digital out-of-home advertising.

Where it meets invalid traffic

Its filings warn that search providers can change their policies on their own and can reject publishers or traffic. The 2024 episode is the standard case study in concentration risk.

Products

• Perion One
• CodeFuel
• Undertone
• Vidazoo
• Hivestack