The Perion connection

Based in Israel, Perion is a fast-growing ad-tech company, valued at $1.3 billion. It's best known for its Intelligent Hub, which efficiently connects ad buyers and sellers to optimize ad placements. However, the company also has a relationship with Microsoft's Bing.

Perion has had a strategic partnership with Microsoft for over a decade in which it essentially repackages ad spots on Bing for its customers, adding premium features and enhanced targeting. In Nov. 2020, the two companies renewed their partnership for four years. They expanded from six countries to 34, added new collaborative features, and gave Perion better terms. At the time, Perion projected the partnership would drive an incremental $800 million in revenue over four years.

Last year, Microsoft named CodeFuel, Perion's search advertising business unit, its 2021 "Global Supply Partner of the Year," showing the strength of their relationship. That relationship is likely to continue even after the four-year extension lapses next year.

Through the first three quarters of 2022, Perion brought in $193.7 million in search advertising, up 25% from the year earlier, for 45% of its total revenue. The vast majority of that search revenue comes from Bing. $Microsoft(MSFT.US)$ $Perion Network(PERI.US)$