Undertone Names Robert Schwartz as President

NEW YORK, NY--(Marketwired - October 13, 2016) - Undertone, a division of Perion Network Ltd. (NASDAQ: PERI), and a leader in high-impact digital advertising solutions for brands, announced today new executive responsibilities for two company veterans. Robert Schwartz is being promoted to President and General Manager, and Eric Franchi is being promoted to Senior Vice President of Business Development.

"I am extremely pleased to announce these two well-deserved promotions," commented Josef Mandelbaum, CEO of Perion. "Both Rob and Eric have in-depth industry knowledge and are very talented and experienced executives. I know that together with the rest of the senior management team, they will help take Undertone to new heights."

Mr. Schwartz joined the company in 2012 and previously served as Chief Strategy and Development Officer. During this time, he led the company's transformation from an ad network into a diversified media and technology platform through strategic acquisitions and the expansion of its mobile, video and, more recently, programmatic offerings. Previously, Schwartz held strategy and operational roles at The Topps Company, Bain & Company, Pepsico and IBM. He graduated magna cum laude from Harvard College and received an MBA from Harvard Business School.

"Through stunning creative, valuable data and innovative technology, Undertone uniquely enables brands to connect with consumers across all screens in a mobile-first world," said Schwartz. "Beyond driving business results for our brand, agency, and publisher partners, Undertone is a special place to work. I am excited and proud to lead such a talented organization into its next chapter of growth."

A respected thought leader in the advertising industry, and co-founder of Undertone, Mr. Franchi played a critical role in Undertone's evolution from a bootstrapped startup in 2001 to its market leading position today. Franchi will now oversee and expand Undertone's business development activities, to fuel organic growth through a wide range of strategic partnerships.

"Strengthening our relationships with both established and emerging digital destinations where consumers spend an ever-increasing amount of time will unlock more opportunities for our clients," said Franchi. "I'm excited to have the opportunity to play an even more active role in reinforcing and enhancing those partnerships."

About Undertone:

Undertone is a leader in high quality, cross-screen digital brand advertising at scale. We build proprietary, cutting-edge solutions for the world's leading brands, that break through the clutter and truly stand out to create Unmissable experiences. Our innovative, award-winning digital ad formats, coupled with beautifully crafted creative, engage consumers through traditional and programmatic methods on top mobile and desktop properties. Learn more at www.undertone.com.

Undertone is a subsidiary of Perion Network Ltd.

About Perion Network Ltd.

Perion is a global technology company that delivers high-quality advertising solutions to brands and publishers. Perion is committed to providing outstanding execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. More information about Perion may be found at http://www.perion.com, and follow Perion on Twitter@perionnetwork.

Forward Looking Statements

This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Perion. The words "will", "believe," "expect," "intend," "plan," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of Perion with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of Perion to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, or financial information, including, among others, the failure to realize the anticipated benefits of companies and businesses we acquired and may acquire in the future, risks entailed in integrating the companies and businesses we acquire, including employee retention and customer acceptance; the risk that such transactions will divert management and other resources from the ongoing operations of the business or otherwise disrupt the conduct of those businesses, potential litigation associated with such transactions, and general risks associated with the business of Perion including intense and frequent changes in the markets in which the businesses operate and in general economic and business conditions, loss of key customers, unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, whether referenced or not referenced in this press release. Various other risks and uncertainties may affect Perion and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time, including its annual report on Form 20-F for the year ended December 31, 2015 filed with the SEC on March 24, 2016. Perion does not assume any obligation to update these forward-looking statements.