Perion Network Ltd has today announced that it has progressed its plans to evolve in to a global technology company by acquiring cross-screen advertising solutions company Undertone.

The acquisition aims to create a distinguished independent ad tech platform and improve the company’s mobile footprint, whilst extending its programmatic competencies.

“We are very excited about this acquisition,” said Perion chief executive officer Josef Mandelbaum. “In Undertone we have found a premium brand company of scale and profitability, with a differentiated sustainable position in the market.

“Together we firmly establish ourselves as the leader in delivering high-quality advertising solutions for publishers and brands. In addition to providing strong cash flow and revenue diversification, Undertone will add significant depth and talent to our company.

“With this acquisition we intend to become synonymous with engaging and impactful advertising solutions for brands and publishers.”

The all-cash purchase will be funded at closing with approximately $91m of cash from Perion, with an additional $16m payable in 18 months, $3m payable in instalments over the next 18 months and a final payment of $20m with interest due in 2020.

“We are thrilled to be joining Perion,” said Undertone chief executive officer Corey Ferengul, Undertone. “I am excited that Undertone’s success with high-impact formats and great relationships with brands and agencies have brought us to this point in the company’s evolution.

Ferengul said the acquisition was a credit to all of the hard work of the team.

“It’s not often you find two companies as complementary as Undertone and Perion,” he added. “We share the vision as to the industry’s need for a strong offering, focused on quality.

“I believe the combination of our companies will result in a broad offering of unique capability for brands and agencies to reach consumers and for publishers to monetize their content.”