AppsFlyer reportedly nearing a $3bn buyout

• Bidders include Fortissimo Capital and Apollo Global Management.
• Goldman Sachs is targeting offers between $2.7bn and $3bn.
• Fortissimo has already met with AppsFlyer executives.
• Final bids are expected by the end of the week.

Ad tech firm AppsFlyer is reportedly nearing a buyout with a valuation of up to $3 billion.

As reported by Calcalist, Israeli private equity fund Fortissimo Capital and US-based Apollo Global Management are said to be in the bidding for the company. The tender is being led by Goldman Sachs.

Fortissimo is simultaneously bidding for AppsFlyer and for Israeli irrigation firm Netafim, valued at around $1bn. The firm reportedly favours the Netafim deal and may drop out of the AppsFlyer buyout if it wins that tender.

Goldman Sachs aims to secure bids valuing AppsFlyer between $2.7bn and $3bn, about $1bn above its 2020 valuation. If offers come in lower, the sale is likely to be cancelled.

Bidding race 

Four investment funds have entered the bidding process for AppsFlyer, including Fortissimo Capital and Apollo Global Management, which oversees more than $500 billion in assets. 

Fortissimo has already met with company executives and final bids are expected by the end of the week.

The news comes after it was reported in August that AppsFlyer could be sold to a private equity firm in a deal worth an estimated $3.5bn to $4bn.

In 2020, AppsFlyer raised $210 million in a Series D funding round, which was later joined by Salesforce.

Last year, Bloomberg reported that the company was considering an IPO with $300m. It was suggested that the firm was working with Goldman, JPMorgan and BofA to go public in early 2025, which failed to transpire.

Earlier this year in February, AppsFlyer laid off 100 employees, representing approximately 7% of its workforce.