Perion Network Ltd, formerly IncrediMail Ltd., incorporated in November 1999, is an Internet content and media company. The Company’s products have been downloaded in more than 100 countries and in 2010, it recorded on average approximately 1.5 million registered downloads each month. The Company generates revenue by advertising, including primarily generating searches and sharing in the revenues with the provider of the search engine; and selling its software products and solutions, licensing its IncrediMail Premium, email software, other add-on subscriptions and licenses and its anti-spam solution. As of December 31, 2010, the Company had approximately 10.7 million active users, and more than 280 million IncrediMail e-mails are sent by its users each month. Through December 31, 2010, the Company has sold more than two million products and content licenses worldwide to its registered users. In August 2011, the Company acquired Smilebox Inc.