Public (Nasdaq: PERI); lost its Microsoft Bing search business
The rise & fall
6 moments · 1999–2026
The key moments, with employee sentiment along the way.
1999
🌱
1999
Founded in Tel Aviv as IncrediMail
An email-software maker that reinvents itself as an ad-tech company, renamed Perion in 2011.
Wikipedia
2020
2020
All-in on Microsoft search
A multiyear Bing search-ads pact becomes Perion's growth engine — eventually about 35% of revenue.
Calcalist
Mar 2023
📈
Mar 2023
The peak: $1.8B on Bing money$1.8B
Search revenue from the Microsoft partnership drives the market cap to a record — briefly lifting the adtech veteran into unicorn territory.
Calcalist
Apr 2024
Apr 2024
Bing pulls the rug: −40% in a day
Perion warns that Microsoft's ad-model change will shrink Microsoft from ~35% of revenue to ~5%; the stock loses 40% in a single session.
Calcalist
2024
💔
2024
Slips out of the club
The market cap sinks toward $0.4B — roughly a fifth of the peak — as the search hole proves hard to fill.
Macrotrends
2024–26
💬
From the inside · Glassdoor reviews, 2024–26
Glassdoor reviews afterward tracked the fallout: employees described leadership churn, repeated rounds of workforce cuts, pay and equity frozen for roughly two years, and a direction reviewers said kept shifting as the company hunted for revenue to replace the lost search business.
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Perion Network is an Israeli digital-advertising company spanning search, social and retail-media ad tech, whose market value climbed to roughly $1.8B in early 2023 on a lucrative Microsoft Bing search-ad partnership.
When Microsoft changed its Bing ad model in 2023-24, Perion warned that Microsoft — about 35% of its 2023 revenue — would drop to roughly 5%, and the stock plunged 40% in a single day; by 2026 its value had fallen to around $0.4B.
Source: Calcalist / Macrotrends / stockanalysis (peak ~$1.8B March 2023; Microsoft Bing model change cut Microsoft from 35% to ~5% of revenue, -40% in a day April 2024; ~$0.37-0.45B by 2026)
Who ran it
Tal Jacobson
CEO
Still there — Chief Executive Officer · LinkedIn ↗
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
