Adcore Inc (TSX:ADCO) announced that it has renewed its advertising contract with the Israeli Government Advertising Agency (IGAA) for the fifth year at a potential value of C$25 million in ad spend.
Adcore won in 2018 a tender of the IGAA to manage, jointly with Maple Team Ltd., a potential budget of C$125 million in online advertising spend over five years. The contract is renewable annually without the requirement of further government tendering.
During that time, Adcore managed the IGAA's international digital marketing activity, and prior to the pandemic, visitor arrivals to Israel increased by 25% to a yearly record of 4.5 million.
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On January 9, 2022, Israel reopened its borders to vaccinated Americans and other vaccinated tourists from several other key countries.
"We are extremely pleased to announce the renewal of our contract with the IGAA, a highly valued client of ours,” said Adcore CEO Omri Brill in a statement. “Israel has long been a favorite vacation and tourism destination and we're pleased to support the IGAA's digital marketing effort bringing tourists to Israel."
Brill added: "The renewal of the contract for the fifth year is a clear vote of confidence by the IGAA in Adcore's technological solutions and level of service. We are optimistic that the recent reopening of Israel's borders will be reflected in the IGAA ad spend and lead to a wide growth in tourist entries throughout 2022."
By combining extensive industry knowledge and experience with its proprietary artificial intelligence (AI) 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.
Established in 2006, the company employs over 50 people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong, and Shanghai, China.
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