Perion Network closes acquisition of SweetIM

theflyonthewall.com

Perion Network announced that it has closed its previously announced acquisition of SweetIM, a consumer internet company that produces a variety of free, fun and safe apps for everyday use. Josef Mandelbaum, Perion’s CEO, says "Based on the continued strength of our organic business, and the incremental contribution of one month of SweetPacks, we will exceed our full-year guidance, and are well positioned for significant growth in both revenue and profitability in 2013. This acquisition will provide us with meaningful scale and increased profitability and will strengthen our competitive advantage." Previous guidance on a non-GAAP basis for 2012 was: revenues of $55M, EBITDA of $12M and Net Income of $9M.

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