Adcore Announces One Year Renewal with Israel Government Advertising Agency with a Potential Annual Budget of $25 Million
Adcore Inc. , 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.
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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.
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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.”