Perion Network Ltd said it was targeting annual revenue of $1 billion in the next five years following the acquisition of Conduit Ltd's ClientConnect business. Israel-based Perion on Thursday completed the purchase in an all-stock deal worth $660 million, giving the company a platform designed to give mobile application (app) publishers and developers a way of improving their distribution and money-making capabilities.Josef Mandelbaum, Perion's chief executive, said about a quarter of mobile apps never get downloaded - except perhaps by the developer's friends and family - while 98 percent of apps earn less than $5,000 a year.Citing studies, Perion also said 76 percent of consumers find free versions of apps sufficient."The toughest thing is getting traffic and making money," Mandelbaum said in an interview with Reuters.
Perion Network Ltd is a digital media company. The Company's products include: IncrediMail, a communication client; Smilebox, a photo sharing and social expression product and service; and Sweet IM, an instant messaging application. Shares of PERI traded higher by 4.3% or $0.52/share to $12.61. In the past year, the shares have traded as low as $8.19 and as high as $14.94. On average, 236403 shares of PERI exchange hands on a given day and today's volume is recorded at 216805.
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