The hoped for exit that the investors of Israeli mobile marketing analytics company AppsFlyer were anticipating, including Magma VC, Pitango and Atlantic Ventures, continues to stall. AppsFlyer is a veteran, profitable software company that has already been forced to wait 15 years for a buyer.
US private equity firm Apollo Global Management was in talks to acquire AppsFlier together with Israeli private equity firm Fortissimo but in recent weeks has sought to lower the software company’s valuation to between $1.8-2.1 billion, “Globes” has learned. The decline in software stocks has led to concerns about entering into a deal with the Israeli company, and Apollo, which intended to make the acquisition from a hybrid hedge fund combining debt and equity, fears a decline in value.
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Since the beginning of the year, software company stocks have fallen by tens of percent, with the IGV software index falling by about 20%, amid concerns that AI companies like Anthropic and OpenAI would eliminate the need to buy software that can be developed in minutes.
Finally, the Appsflyer board of directors, which includes investors such as Isaac Hillel of Pitango and Boaz Dinte of Qumra Capital, among others, decided to reject the offer, partly due to the opinion of the founders who were not very enthusiastic about the sale from the start. According to the original offer, Apollo was supposed to hold about 70% of the company’s shares and Fortissimo the remaining 30%.
AppsFlyer considered an IPO last year but shelved the plan, apparently because growth was too low at an estimated 10%-15%, for investors in the capital market. AppsFlyer, which has developed software for managing online advertising campaigns, is a profitable company that generates about $500 million in annual revenue. As a cash-generating company, its shareholders can afford to wait for better opportunities and more positive sentiment toward software companies to exit.
No comment has been forthcoming from AppsFlyer.
Published by Globes, Israel business news – en.globes.co.il – on March 5, 2026.
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