Key Takeaways
- • AppsFlyer abandoned a sale to Apollo Global Management and Israel's Fortissimo Capital, which had been valued at $2.5 billion to $3 billion, after Apollo sought added downside protections as software valuations fell. The talks collapsed in March, according to Calcalistech.
- • On June 22, AppsFlyer closed a Series E of more than $1 billion at a post-money valuation of roughly $2.7 billion, per Axios.
- • Google, Meta, Unity, and Moloco each took minority, non-controlling stakes. AppsFlyer says the investors receive no preferential access to its data.
- • The investors are the ad platforms whose campaigns AppsFlyer measures for more than 15,000 brands, which makes the round unusual on competitive grounds.
Summary
AppsFlyer, the Tel Aviv-founded ad-tech company, spent much of 2025 and early 2026 negotiating a sale to private equity. Goldman Sachs ran the auction, and Apollo Global Management and Fortissimo Capital were bidding for a combined 50% to 60% stake at a company valuation near $1.9 billion, according to Calcalistech. Reported buyout values ranged from $2.5 billion to $3 billion. The talks collapsed in March after Apollo pushed to add new downside protections to the joint offer once software valuations across the sector declined. AppsFlyer's board declined to accept those terms.
Three months later, the company announced a markedly different transaction. On June 22, AppsFlyer closed a Series E of more than $1 billion at a post-money valuation of roughly $2.7 billion, Axios reported. The round drew in Google, Meta, Unity, and Moloco, each acquiring a minority, non-controlling stake, according to the company's announcement as covered by Dealroom and AI Weekly. The company described the agreement as a step toward advancing independent ad measurement for the AI era. AppsFlyer has said investors receive no preferential access to its data.
The structure is notable because AppsFlyer does not sell advertising. It measures whether ads purchased on Google, Meta, Unity, and Moloco produced results, tracking installs, in-app purchases, and attribution across more than 15,000 brands. Those four platforms are therefore among the parties whose performance AppsFlyer reports, and they are now its investors. Market commentary has described the round as one of the week's largest, with the strategic backing from the ad platforms positioned as a central feature of the deal. Some reports have also noted a valuation gap between the failed private equity talks, near $1.9 billion, and the $2.7 billion post-money valuation of the new round.
Three months later, the company announced a markedly different transaction. On June 22, AppsFlyer closed a Series E of more than $1 billion at a post-money valuation of roughly $2.7 billion, Axios reported. The round drew in Google, Meta, Unity, and Moloco, each acquiring a minority, non-controlling stake, according to the company's announcement as covered by Dealroom and AI Weekly. The company described the agreement as a step toward advancing independent ad measurement for the AI era. AppsFlyer has said investors receive no preferential access to its data.
The structure is notable because AppsFlyer does not sell advertising. It measures whether ads purchased on Google, Meta, Unity, and Moloco produced results, tracking installs, in-app purchases, and attribution across more than 15,000 brands. Those four platforms are therefore among the parties whose performance AppsFlyer reports, and they are now its investors. Market commentary has described the round as one of the week's largest, with the strategic backing from the ad platforms positioned as a central feature of the deal. Some reports have also noted a valuation gap between the failed private equity talks, near $1.9 billion, and the $2.7 billion post-money valuation of the new round.
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