Perion Network lays off 20, moves some US activity to Israel

Israeli ad-tech company Perion Network (Nasdaq: PERI; TASE: PERI) is transferring the New York activities of Content IQ (CIQ), which it acquired in 2020 for $37.8 million, to its Israeli headquarters in Holon.

When it was acquired, Israeli-US company CIQ had 50 employees in New York, Tel Aviv, and Romania. The latest move involves 20 layoffs –19 in New York and 1 in Israel.

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At the end of 2021, Perion had 420 employees, so the round of layoffs represents a 5% cut in the workforce, although the number of employees has probably grown in 2022. News of the layoffs was first published on the “Lastartup” website.

Perion, which is managed by CEO Doron Gerstel, operates in the digital advertising market and provides Internet and advertising search solutions. The company’s share price fell 1.43% on Nasdaq yesterday to $20.66, giving a market cap of $950 million. The share price has risen 8% over the past year.

Perion said, “At the start of 2022, after the period in which CIQ’s founders were employed, Perion appointed Eliran Ben-Yehuda, formerly of Taboola, to manage CIQ, and to transfer management of the acquired company from New York to Israel.

“This move is being done as part of measures routinely taken for business focus, operational performance, integrating automation tools and maximizing synergy in the company’s growing operations. As part of the move to activities in Israel, Perion is laying off 19 employees in New York and one employee in Israel. Perion continues to grow and hire employees, and at this stage has over 30 job vacancies, most of them in Israel.

Published by Globes, Israel business news – en.globes.co.il – on August 8 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.