TORONTO, ONTARIO – April 26, 2021 – Adcore Inc. (the “Company” or “Adcore”) (TSX:ADCO) (FSE:ADQ), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way (“Effortless Advertising“) has announced that it has renewed its advertising contract with the Israeli Government Advertising Agency (“IGAA”) for another year at a potential value of CAD$25 million in ad-spend.
Adcore is currently starting its fourth year of a five-year CAD$125 million contract with the IGAA to manage, jointly with Maple Team Ltd., a potential budget of CAD$25 million in online advertising spend per year subject to the reopening of the Israeli border. The contract is renewable annually without requirement of further government tendering. The Company began managing the IGAA’s online advertising budget in 2017. Between 2017 and 2019, prior to the pandemic, visitor arrivals to Israel increased by 25% to 4.5 million.
“We are excited to renew our contract with the IGAA to manage its online advertising budget for another year,” stated Omri Brill, Adcore’s CEO. “IGAA is a valued long-term client with whom we have had considerable success driving results. We look forward to continuing to work with them to attract more visitors to Israel as the pandemic subsides. While borders remain partially closed, there is general optimism that as vaccine rollouts globally continue to progress, Israel can be one of the first countries to fully reopen its borders to tourists. With this in sight, we anticipate a strong resumption in ad spend from IGAA and other tourism related clients, ultimately driving additional growth in calendar year 2021. This, in conjunction with the accelerated growth of our ecommerce business directly resulting from the pandemic, puts us in a prime position to continue growing by re-engaging industry verticals that exhibited high levels of growth historically but were impacted by COVID-19.”
Adcore is empowering entrepreneurs, advertisers, and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising, and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. In addition to being named numerous times on Deloitte’s Fast 50 Technology list, Adcore is a certified Google Premier Partner, Microsoft Partner, Facebook Partner and TikTok Partner.
Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
For more information about Adcore, please visit https://www.adcore.com/investors/
This press release contains certain forward-looking statements, including statements about the Company. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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