Private equity firm close to AppsFlyer acquisition for $3b

Israeli unicorn AppsFlyer has been in protracted negotiations to be acquired, which are now close to fruition. “Globes” has learned that the Israeli marketing analytics company is in talks with a consortium led by a large private equity firm, which will buy AppsFlyer for $2.5- $3 billion, with the final figure dependent on meeting business milestones after the sale.

Estimates are that most of the holdings will be in the hands of the acquiring private equity fund. This is a deal that will preserve the organic activity of AppsFlyer and the company’s structure, but for a lower amount than expected. In the past, investors and underwriters had expected to sell the company or hold an IPO at a higher price of $4-$5 billion.

The company’s most recent financing round in 2020 reflected a valuation of $2 billion, which means that the fund that led the round as a new investor, General Atlantic, will record a small return on its investment, as will the Salesforce Ventures fund, which first joined the company’s investment in the same fundraising round. Earlier investors such as Israel’s Qumra Capital, Pitango and Magma (which is no longer active), who invested at a lower valuation, will record a handsome return on their investment, even though it has been a long wait for the exit. The company raised its first capital in 2012 and has raised a total of about $310 million, according to PitchBook. In recent years, AppsFlyer has operated profitably and, according to PitchBook, brought in $500 million in revenue.

Founded in 2011 by CEO Oren Kaniel and CTO Reshef Mann, AppsFlyer provides a software platform for marketing that tracks and monitors online advertising campaigns and provides data on their success across a variety of devices. The company has been profitable in recent years and was seen as set for an IPO.

AppsFlyer said, “The company has ended one of the strongest years in its history, crossing the $500 million threshold in annual recurring revenue (ARR), a threshold that very few Israeli tech companies have reached, together with accelerated growth and a major improvement in profitability. The company has been generating positive, stable and significant cash flow for nearly four years. AppsPlayer is a critical infrastructure company for the global digital ecosystem, and is constantly working to explore strategic opportunities that support the company’s continued long-term growth. The company does not respond to rumors or speculation, and any material updates will be communicated in an orderly manner.”

Published by Globes, Israel business news – en.globes.co.il – on January 6, 2026.

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