Adcore is a leading ecommerce advertising management and automation platform that provides digital advertisers with the tools to improve the effectiveness of online advertising.
- Provides software solutions and search engine marketing services through automation and machine learning technologies
- Targets three key segments of the digital advertising market: search engine marketing, social media marketing and shopping
- Customers include businesses and small and medium-sized businesses in Asia-Pacific, Europe, the Middle East and North America
What Adcore does:
() (OTCQX: ADCOF) (FRA: ADQ) provides search engine marketing software solutions and services through automation and machine learning technologies.
Using proprietary artificial intelligence (AI) machine-learning technology, the suite of software-as-a-service (SaaS) products from the publicly-traded Israeli OTC and Canadian company provides digital advertisers with the tools to intelligent automation based on algorithms. and reports and analytics to help them improve the effectiveness of online advertising, maximize their advertising return on investment, and scale up their digital campaigns.
Adcore has targeted three key digital advertising market segments with its products and technologies: search engine marketing, social media marketing and shopping.
The company’s customers include businesses and small and medium-sized businesses in Asia-Pacific, Europe, the Middle East and North America.
By combining in-depth industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that enables entrepreneurs and advertisers to manage and automate their e-commerce store advertising, as well as than to monitor and analyze the performance of their advertising budget to ensure maximum
In addition to being named several times to Deloitte’s Fast 50 Technology list, Adcore is a certified Google Premier, Microsoft Partner, Facebook Partner and TikTok Partner.
Founded in 2006, the company employs more than fifty people at its headquarters in Tel Aviv, Israel, and at its satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
How’s it going :
Adcore has made solid progress so far in 2021, signing new contracts, raising new capital and seeing strong revenue and profit growth.
Most importantly, on July 21, Adcore kicked off the launch of Amphy, the world’s most diverse and largest online learning marketplace.
The company said it was “committed” to supporting Amphy’s expansion through “capital investments, technical support and marketing expertise” to ensure its successful launch and continued development.
Amphy launched in beta just six months ago and has already selected and onboarded “over 200 teachers and actively offers 800 courses in 70 categories” to thousands of students, the company said.
On the contract front, Adcore announced in May that it had reached an agreement to provide its digital marketing technologies and services to Israel’s largest department store chain, Hamashbir Lazarchan Department Stores Ltd.
The company will provide digital marketing services to the chain’s 36 outlets across Israel and will also support the chain’s new e-commerce site. The contract is valued at C $ 1.5 million.
Earlier in the same month, Adcore revealed it had signed a contract, renewable annually, to provide digital marketing technology and services to the MySale Group’s OzSale and NZSale websites. MySale is a leading international off-price online marketplace platform in Australia, New Zealand and South East Asia with over 20 million customers. The Group operates 12 websites offering fashion, home goods, health and beauty at reduced prices.
And in April, Adcore announced that it had renewed its advertising contract with the Government of Israel Advertising Agency (IGAA) for another year at a potential value of C $ 25 million in advertising spend. The company is now entering its fourth year of a five-year C $ 125 million contract with the IGAA to jointly manage with Maple Team Ltd. a potential C $ 25 million budget in online advertising spending. per year, subject to the reopening of the Israeli border. The contract is renewable each year without a new government call for tenders being required.
Regarding its fundraising, Adcore announced on June 17 that it had closed a marketed offer of 3.1 million units at a price of $ 1.33 per unit, raising gross proceeds of $ 4.12 million. . Each unit consists of one common share of the company and half a warrant. Each warrant may be exercised in one common share for a period of 24 months from the closing of the offering at an exercise price of $ 1.80 subject to adjustment in certain circumstances. The warrants trade on the Toronto Stock Exchange under the symbol “ADCO.WT”.
Looking at its financial data, on August 11, the company said total revenue increased 250% year-on-year to C $ 7 million in its second quarter ended June 30, 2021.
Adcore also said its gross margin saw a significant sequential increase to 46% from 23% in the first quarter of 2021 and that its adjusted EBITDA for the quarter was Cdn $ 1.5 million from C $ 0.5. million Canadian dollars for the same quarter in 2020, an increase of 189%. .
As of June 30, 2021, Adcore said its total working capital was C $ 13.1 million, compared to C $ 7.8 million as of December 31, 2020.
The company said it continues to experience strong growth in its direct channel revenue stream, driven by a high level of e-commerce, digital transformation and international expansion.
Also in the second quarter, Adcore started trading on the cheapest OTCQX in the US and gained Depository Trust Company (DTC) eligibility.
In the boardroom on July 27, Adcore announced the appointment of Oded Orgil as an independent director to the company’s board, replacing Jason Saltzman, who will continue to act as as Canadian legal advisor to Adcore through the law firm Gowling WLG. Orgil is the President of the Canada Israel Chamber of Commerce and was previously Senior Vice President at.
- More news on the launch of Amphy
- Other expansion movements
- More customers earn
What the boss says:
“I could not be more pleased with our second quarter results, which reflect the strong momentum we are seeing in our business as we leverage our capabilities and innovative technology for e-commerce marketing as the online retail continues to grow exponentially, ”Adcore CEO Omri Brill said in a statement.
“Globally, consumers have increasingly shifted their shopping activity to adopt online shopping during the pandemic and even as the global economy reopens, e-commerce activity remains robust. Adcore’s technologies enable our retail partners to effectively reach their target audiences to drive product interest and sales and recognition of Adcore in the market as a leading MarTech resource for online retailers, large and small, continues to increase.
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