AppsFlyer deal on hold after Apollo seeks new bid terms

The sale of AppsFlyer has been put on hold after US investment firm Apollo Global Management attempted to add new terms to its joint bid with Israeli private equity fund Fortissimo to acquire the company.

The bidders offered to buy 50% to 60% of AppsFlyer at a US$1.9 billion valuation, with the total deal value expected around US$1 billion.

The deal would have used an Apollo debt fund, with Apollo holding about 70% of the acquired stake and Fortissimo holding 30%.

AppsFlyer last raised US$210 million in 2020 at a US$2 billion valuation and had targeted a sale valuation of US$2.7 to US$3 billion and an IPO at US$4 to US$5 billion before market shifts.

The company, founded in 2011, generated about US$500 million in annual revenue and was profitable.

🔗 Source: Calcalist

🧠 Food for thought

Implications, context, and why it matters.

The failed deal belies a surging mobile ad market

AppsFlyer operates in a fast-growing market; the Gulf Cooperation Council (GCC) region alone is projected to rise from $195 million in 2024 to $1.17 billion by 2033 1.
Global app marketing spend reached $109 billion in 2025, while iOS user acquisition outlays climbed 35% year over year 2.
Non-gaming categories are gaining share; shopping spend jumped 70% overall, and casinos and gambling rose 127% year over year 2.
In early 2025, AppsFlyer also weighed an initial public offering (IPO) that could have aimed to raise $300 million, according to Bloomberg, though it had not made a final call 3.

A valuation reality check signals a tough road for tech unicorns

The breakdown underscores a widening gap between private tech valuations and what cautious buyers will pay in a shifting market.
AppsFlyer’s board turned down a $1.9 billion offer, far below the $4 to $5 billion IPO valuation it once pursued.
Other late-stage unicorns (private startups valued at $1 billion or more), especially in ad-tech, may face delayed exits as buyers press for better terms plus added protections 4.
Some private companies may pause IPO or sale plans, then concentrate on profitability and efficiency while waiting for conditions to improve 3.