AppsFlyer nears $2 billion sale to Apollo and Fortissimo
Private equity funds step in as valuation matches company’s last funding round.
The Israeli company AppsFlyer is on the verge of being sold at a valuation of approximately $2 billion to a group of private equity funds. According to estimates, the buyers are two private equity funds: the American Apollo Global Management and the Israeli Fortissimo. Apollo, one of the world’s largest investment funds managing around $900 billion, is expected to take the larger share. Fortissimo, headed by Yuval Cohen, is currently investing its sixth fund, which raised $1.1 billion in 2021.
If the deal goes through, it will match the company’s last known valuation, as AppsFlyer has not raised capital since 2020, when it secured $210 million in funding at a $2 billion valuation, led by the American investment fund General Atlantic. The process is being advised by investment bank Goldman Sachs. According to estimates, the funds have already completed the inking process, and ongoing negotiations are mainly focused on valuation, with General Atlantic reportedly seeking an amount closer to $3 billion.
The sale process has been underway for six months. Goldman Sachs initially attracted interest from multiple investment funds, but ultimately only Apollo and Fortissimo remained in the final round. AppsFlyer had originally planned to go public on Wall Street, but its growth rate has slowed in recent years, currently estimated at 9-15%, which is considered insufficient to excite Nasdaq investors. From the funds’ perspective, the acquisition is expected to accelerate AppsFlyer’s growth while improving operations. The company, however, is already profitable, following the layoff of approximately 100 employees in 2025, representing 7% of its workforce.
Founded in 2011 by Oren Kaniel, who currently serves as CEO, AppsFlyer employs around 1,300 people. The company has developed technology that allows app owners to identify the sources of their most profitable users, whether from Google search, Facebook or Twitter ads, direct mail, SMS campaigns, or television advertising. In recent years, AppsFlyer has made several acquisitions to expand its product portfolio. To date, it has raised around $300 million, with shareholders including General Atlantic, which led the last funding round, Salesforce’s investment fund, Goldman Sachs’ growth fund, Israel’s Qumra Capital, Pitango, and Europe’s DTCP.
AppsFlyer said in a statement:
"AppsFlyer does not respond to rumors or speculation, and any material updates will be communicated in an orderly manner. AppsFlyer is a critical infrastructure company for the global digital ecosystem and is constantly exploring strategic opportunities that support the company’s continued long-term growth. The company concluded one of the strongest years in its history, surpassing the $500 million revenue mark, a milestone that very few Israeli companies have reached, alongside accelerated growth and significant improvement in profitability. AppsFlyer has been generating stable and significant positive cash flow for nearly four years."
