Israel’s Perion Network is acquiring San Francisco-based Grow Mobile, which allows businesses to buy mobile ads and keep track of their effectiveness from a single dashboard. The deal, Perion said, could be worth as much as $42 million.

Grow Mobile will become part of the new Perion Lightspeed, created to address the advertising needs of mobile app developers. It will enable Perion Lightspeed to provide a more comprehensive technical and platform solution for app developers, said Tomer Paskal, head of Perion Lightspeed. “The acquisition will help us develop our vision of the mobile advertising market, making it easier for app makers and advertisers to keep track of their products’ and campaigns’ performances.”

“The mobile advertising market from the perspective of app developers and other on-line advertisers has several drawbacks,” he said. “You have to work with dozens of traffic sources, exchanges, and networks, which besides being very difficult to keep track of, requires investing time and money to integrate all the information. In addition, measuring the results of a specific ad and how it impacts on sales of a product is very tricky. Our vision is to unify all these functions in a single interface to make things easier for advertisers. Grow Mobile will help us realize this vision,” Paskal said.

Grow Mobile was founded less than two years ago, and it’s already profitable. This past year, it managed advertising campaigns in excess of $20 million with triple digit year-over-year growth in the last quarter, the company said.

The initial purchase price is $17 million — $10 million in cash and $7 million in equity, Perion announced Sunday. The total tab could reach up to $42 million, based on earnings over the next 24 months that could add $25 million to the deal.

“Acquiring Grow Mobile will accelerate Perion Lightspeed’s time to market, making the vision come to life faster and in a more robust offering,” said Pascal. “Adding Grow Mobile’s toolset to our development efforts positions Perion as a leader in mobile distribution platforms, giving app developers powerful and simple tools and access to real-time data and analytics tools, enabling them to thrive and succeed in the mobile space.”

“This agreement is a milestone event for Grow Mobile, and we are excited to become part of the Perion team,” added Brendan Lyall, Co-Founder and Chief Executive Officer of Grow Mobile. “Today we are part of something bigger. Together we can yield better results for our clients and invest even more efforts in developing tomorrow’s mobile ad solutions.”