AppsFlyer reportedly in final talks for multi-billion dollar acquisition

AppsFlyer, the Israel-based mobile analytics and marketing measurement company, is reportedly entering the final phase of acquisition talks that could value the firm between $2.7 billion and $3 billion, according to Calcalist.

The sale process, led by Goldman Sachs, has drawn interest from four major investment funds, including Fortissimo Capital and Apollo Global Management, which manages over $500 billion in assets. Sources close to the process say Fortissimo has already met with AppsFlyer executives, with final bids expected before the end of the week.

Goldman Sachs is targeting offers roughly $1 billion above AppsFlyer’s 2020 valuation, when the company raised $210 million in a Series D round led by General Atlantic and joined by Salesforce Ventures. If bids fail to meet expectations, the sale could be postponed or canceled.

The reported buyout discussions mark a shift in AppsFlyer’s strategic direction. The company, co-founded by Oren Kaniel and Reshef Mann, had previously explored an IPO on Wall Street, reportedly working with Goldman Sachs, JPMorgan, and Bank of America on a public listing initially slated for early 2025.

Fortissimo’s participation in the tender comes as the Israeli private equity fund is simultaneously bidding for Netafim, a local irrigation systems manufacturer valued at around $1 billion. Industry sources suggest the firm may prioritize the Netafim deal, potentially reducing its commitment to the AppsFlyer acquisition.

AppsFlyer, founded in 2011, has grown into one of the most recognized names in mobile attribution and marketing analytics, serving thousands of enterprise clients globally. The company’s valuation surge follows years of double-digit revenue growth — averaging a 60% compound annual growth rate over the past five years — alongside recent staff reductions in early 2025 affecting roughly 7% of its workforce.

If completed, the acquisition would be one of Israel’s largest private tech buyouts of 2025, signaling continued investor appetite for profitable analytics and data intelligence firms amid broader consolidation in the ad tech and martech industries.