Ad-tech firm Perion Network lays off 20, moves New York activities to Holon

Israeli ad-tech company Perion Network 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 one in Israel.

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 on Monday to $20.66, giving a market cap of $950m. The share price has risen 8% over the past year.

“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,” Perion said.

“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.”

(Globes/TNS)