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Israel-based app network Perion has just acquired a fledgling mobile marketing firm called Grow Mobile. Perion’s mobile advertising platform, Perion Lightspeed, will immediately absorb Grow.

The barely two-year old Grow Mobile may be young, but according to a press release, it’s growing quickly and already managing $20 million ad campaigns. Perion paid $17 million upfront, but is willing to pay as much as $42 million in total if Grow helps the company reach certain benchmarks.

Perion is definitely looking to grow. Last fall the company merged with browser tool Conduit’s Client Connect business. Now the company is looking to boost ad revenue through mobile advertising — a very popular arena these days.

Grow Mobile is based in San Francisco. Its employees will be staying on following the acquisition.

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