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Wishpond Reports Continued Revenue and Adjusted EBITDA Growth in Q3-2023

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Wishpond Technologies Ltd. (TSXV: WISH) (OTCQX: WPNDF) (the “Company” or “Wishpond“), a provider of marketing-focused online business solutions, announces it has filed its interim consolidated financial statements (the “Interim Financial Statements”) and management’s discussion and analysis (the “MD&A“) for Q3-2023, representing the three and nine months ended September 30, 2023. Copies of the Interim Financial Statements and MD&A are available on the Company’s profile on SEDAR at www.sedar.com.

Ali Tajskandar, Wishpond’s Founder and CEO commented, “The first nine months have been a period of transition in which we launched Propel IQ, the Company’s next generation marketing platform, and then re-trained and re-structured our sales team to sell this new bundled product offering. This has resulted in slower growth in 2023; however, we are now experiencing an acceleration of Propel IQ sales and have thus resumed the expansion of our sales team. Over the past two months we averaged over 3% month-over-month growth in MRR driven by increased sales of Propel IQ, which is also having an impact on increasing gross margins and lowering customer churn.

Ali Tajskandar further adds, “In the third quarter we continued our streak of achieving positive Adjusted EBITDA for the fifth quarter in a row. Wishpond’s cost optimization efforts over the past year have contributed to the Company’s continued positive Adjusted EBITDA profile. We maintain a positive outlook for the remainder of 2023 and look forward to next year with renewed optimism based on continued sales growth and improving cash flows. In addition, Wishpond is leading the innovation and development of AI powered marketing tools. We are garnering significant interest for our AI products including AI Website Builder, Braxy AI Ad Manager, Sales Email AI and the soon to be launched SalesCloser AI.”

Third Quarter 2023 Financial Highlights:

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  • Wishpond achieved quarterly revenue of $5,763,847 during Q3-2023, compared to $5,483,256 generated in the same period of 2022 (Q3-2022). Revenue growth was primarily driven by organic growth resulting from stronger product demand, an increase in sales and marketing activities, and new product introductions.
  • Wishpond achieved Gross Profit of $3,825,821 in Q3-2023 (Q3-2022: $3,629,111), driven by an increase in overall revenue.
  • Wishpond achieved a Gross Margin percentage of 66% during Q3-2023 (Q3-2022: 66%).
  • During Q3-2023, Wishpond achieved positive Adjusted EBITDA(1) of $319,001 (Q3-2022: $593,047).
  • Wishpond generated positive cash flow from operations of $225,367 in Q3-2023 (Q3-2022: ($208,054))
  • As at September 30, 2023, Wishpond had $909,796 in cash and no debt (December 31, 2022: cash of $2,692,644 and no debt). The reduction in cash balances was caused in part by earnout payments for businesses acquired in 2022, investment in the business and changes in working capital.

Third Quarter 2023 Business Highlights:

  • On July 27, 2023, the Company announced the launch of a new partnership program introducing a transformative approach to collaboration for affiliates, marketing agencies, and other technology companies to collaborate closely with Wishpond’s marketing platform.
  • On August 11, 2023, the Company successfully renewed its credit facility with a major Canadian bank that was originally entered into on September 21, 2021. The renewed credit facility maintains the secured revolving operating line with a borrowing capacity of up to $6,000,000 based on recurring revenue, an interest rate equal to the Canadian Prime Rate plus 2.0% per annum and is secured against the Company’s assets.
  • On August 16, 2023, the Company announced the upcoming launch of SalesCloser AI, an AI-powered sales rep that can deliver personalized, round-the-clock sales calls and product demos without the need for human intervention. The AI-powered platform is poised to transform industries across the board, particularly benefiting virtual sales professionals, SaaS companies, consultants, and various B2B enterprises that rely on online sales interactions.
  • On September 5, 2023, the Company announced a partnership with Fiverr International Ltd. (“Fiverr”) to be part of its Fiverr Certified program and create a unique and certified freelance marketplace for the Propel IQ platform. The Fiverr Certified team will selectively scout skilled professionals and agencies, both internally and from Wishpond’s existing partner network. Fiverr will then onboard qualified professionals onto the co-branded marketplace, primed to provide exceptional services to Wishpond’s small and medium-sized business “SMB” customers. Wishpond plans to leverage this marketplace to better service its SMB customers and broaden its market presence in regions where the Company does not service users.
  • On September 26, 2023, the Company announced the launch of Sales Email AI. Engineered to deliver tailored responses to emails from potential clients, Wishpond anticipates that Sales Email AI will provide its users a level of personalization that sets it apart from traditional automated responses. Designed to elevate and streamline sales communications, Sales Email AI will be a new feature of PersistIQ, Wishpond’s outbound sales solution.

Business Highlights Subsequent to September 30, 2023:

  • On October 3, 2023, the Company announced the integration of Brax with Facebook, a strategic enhancement in the way that businesses manage their advertising campaigns on the world’s largest social media platform. This new integration paves the way for advertisers to harness the power of Brax’s advanced ad creation tools and robust rules engine, enhancing their return on investment while streamlining their ad management processes.

Outlook:

Wishpond expects to achieve record revenue and Adjusted EBITDA in 2023, driven by organic growth from increasing sales of the Company’s new Propel IQ bundled product, in addition to ramping up the size of its sales team and launching new AI-powered products. The Company continues to have an active pipeline of sales opportunities and robust demand for its products. Management is pleased to re-iterate the Company’s key goals for 2023:

  • Increase Monthly Recurring Revenue through both organic and inorganic means.
  • Scale the size of the sales team to help achieve the Company’s organic growth profile.
  • Remain Adjusted EBITDA positive by balancing growth with increased positive cash flow from operations.
  • Invest in Research and Development so that the Company can continue to launch new AI powered products and services to increase long-term value for its clients.
  • Leverage the Propel IQ platform to further accelerate the Company’s growth, improve margins, and increase customer retention and long-term customer value.

Wishpond has demonstrated a disciplined capital allocation strategy, having successfully completed and integrated six acquisitions since the Company’s public listing in December of 2020. Given management’s successful acquisition track record, the Company may choose to accelerate its growth in the form of future acquisitions. Management may also choose to reinvest cash flows generated by the Company to accelerate organic growth or in the form of share repurchases.

David Pais, Wishpond’s Chief Financial Officer commented, “Our cash balance at the end of Q3-2023 experienced a small decline compared to the prior quarter Q2-2023, partly due to a cash earn-out of approximately $100K in the quarter. I am pleased to report that the Company’s last cash earn-out payment will be in Q4-2023 and we expect our cash balance to improve in 2024. We feel confident in our ability to fund the Company’s future growth through cash flow from operations. We look forward to reporting higher revenue growth and profitability in 2024.

Webinar Conference Call Details:

As previously announced, Wishpond will be hosting a webinar conference call to discuss its Q3-2023 financial results today at 10:00 AM (PT) / 1:00 PM (ET).

To register for the webinar, please visit the following URL: https://bit.ly/Results_Q3_2023

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Date: 

November 16, 2023

Time:

10:00 AM PT (1:00 PM ET)

Dial-in:

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+1 778 907 2071 (Vancouver local)

+1 647 374 4685 (Toronto local)

Meeting ID #:

851 3340 7536

Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.

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Selected Financial Highlights: 

The tables below set out selected financial information relating to Wishpond and should be read in conjunction with Wishpond’s Interim Financial Statements and MD&A.

Three months
ended

Three months

ended

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Nine months
ended

Nine months
ended

September 30,
2023

September 30,
2022

September 30,
2023

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September 30,
2022

$

$

$

$

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Revenue

5,763,847

5,483,256

17,027,081

14,568,916

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Gross profit

3,825,821

3,629,111

11,195,550

9,526,021

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Gross margin

66 %

66 %

66 %

65 %

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Adjusted EBITDA(1)

319,001

593,047

744,000

(39,668)

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Cash – end of the period

909,796

2,257,127

909,796

2,257,127

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Reconciliation to Adjusted EBITDA

Three months
ended

Three months
ended

Nine months
ended

Nine months
ended

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September 30,
2023

September 30,
2022

September 30,
2023

September 30,

 2022

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$

$

$

$

Income (loss) before
income taxes

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329,154

(145,127)

(1,106,096)

(2,148,921)

Depreciation and
amortization

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390,353

341,681

1,139,504

937,651

Interest income

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(234)

(2,728)

(3,690)

Interest expense

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8,990

8,990

Remeasurement of

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contingent consideration
liability

(49,127)

(22,232)

(40,612)

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Other expenses

111,764

178,127

376,009

453,889

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Stock based

compensation expense

(521,260)

267,727

350,553

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762,015

Adjusted EBITDA

319,001

593,047

744,000

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(39,668)

Footnotes:

(1)

EBITDA and Adjusted EBITDA are not financial measures recognized by International Financial Reporting Standards (“IFRS“), do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other entities. See “Cautionary Statements – Non-GAAP Financial Measures“.

On Behalf of the Board of Wishpond
Ali Tajskandar
Chairman and Chief Executive Officer

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Hyperview Revolutionizes Data Center Management with Advanced DCIM Suite

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New Carbon Footprint Reporting Delivers Unmatched Insights, Optimizing Sustainability and Performance
VANCOUVER, British Columbia, Oct. 9, 2024 /PRNewswire/ — Hyperview, the leading cloud-based data center infrastructure management (DCIM) platform, today unveiled a suite of groundbreaking features set to transform data center management through detailed measurement and comprehensive sustainability tools.

At the heart of this is Hyperview’s new carbon footprint reporting system, providing granular insights that surpass traditional location-based methods. The initial offering provides location and rack-level carbon footprint reporting, with future releases set to include carbon footprint reporting down to the asset level. This phased approach enables a level of detailed analysis previously unseen in the industry, allowing for more informed, impactful operational decisions. By offering a holistic view of a data center’s environmental impact, from equipment performance to overall energy consumption, Hyperview is setting a new standard for sustainability management in the digital infrastructure sector.
“The timing of this release is crucial”, says President and CEO Jad Jebara. “As the data center industry faces mounting pressure to address its environmental impact. Data centers currently consume 1.5% of the global energy supply and emit 59 million metric tonnes of CO2 annually. Without significant intervention, experts project this consumption could skyrocket to 8% by 2030. Hyperview’s solutions enable targeted reduction strategies, addressing inefficiencies in IT equipment management and providing detailed emissions analysis.”
Key Highlights:
Phased Reporting Implementation: Initial offering includes location and rack-level carbon footprint reporting, with asset-level insights coming in future releases.Asset-Level Analysis: Enables impactful decision-making through detailed equipment, material, and power data.Predictive Capabilities: Offers current data and future predictions, surpassing competitors’ reliance on historical information.Cost-Effective Solution: Eliminates need for additional professional services through automated data collection and presentation.Regulatory Compliance: Assists in navigating evolving regulations (SB 253, CSRD, EED) while improving ESG performance.Comprehensive Sustainability Tools:Carbon footprint tracking and managementUnlocking stranded power and cooling capacityMonitoring energy usage efficiency and kilowatt hours at rack-levelSetting rack-level thresholds for power and temperatureMonitoring temperature, Delta-T, and humidity”Hyperview’s precision in digital infrastructure management is akin to diagnosing a specific medical condition rather than broadly identifying an illness,” continues Jebara “While competitors might broadly identify issues, Hyperview pinpoints specific causes, enabling our clients to make targeted improvements, significantly reducing their carbon footprint and operational costs.”
These features allow clients to gain a detailed understanding of their energy consumption and identify areas for improvement, contributing to significant carbon footprint reductions. The platform’s detailed data helps clients understand their current situation and make accurate future predictions.
With this advanced DCIM suite, Hyperview reaffirms its position as a leader in data center management solutions, offering unparalleled tools for sustainability, efficiency, and regulatory compliance. As the industry evolves, Hyperview remains at the forefront, driving innovation and enabling data centers to meet the challenges of tomorrow.
To experience Hyperview’s Carbon Footprint Reporting firsthand, schedule a demonstration at https://www.hyperviewhq.com/carbon-footprint/
About Hyperview
Hyperview is the leading cloud-based data center infrastructure management (DCIM) platform that empowers enterprises to optimize capacity, reduce power and energy consumption, lower costs, and avoid outages. The powerful and easy-to-use platform includes Asset Management, Energy Management, Power and Environmental Monitoring, Capacity Planning, and 3D Visualization. Learn more at www.hyperviewhq.com. 
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Recorded Future Unveils AI-Driven Enhancements to Combat Ransomware Threats with Real-Time Intelligence

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AI-Powered Threat Intelligence Delivers Enhanced Visibility, Faster Detection, and Proactive Response Across the Entire Ransomware Lifecycle
BOSTON, Oct. 9, 2024 /PRNewswire/ — Recorded Future, the world’s largest threat intelligence company, today announced new industry-first ransomware detection capabilities to proactively address threats across the entire attack lifecycle. These capabilities provide real-time visibility into the most pressing and unique risks facing organizations, including ransomware group operations and targeted victims within their specific ecosystems. Powered by Recorded Future AI, organizations receive automated, customized ransomware intelligence with AI-driven reporting, providing timely, actionable insights as an extension of their security teams.

Ransomware continues to rank as the top cybersecurity threat, with attacks rising over 70% in 2023 and $1 billion paid in ransoms. Attackers are shifting further from simple data encryption to more sophisticated extortion tactics, forcing organizations to deal with financial losses, operational disruptions, and reputational damage. Despite major investments in cybersecurity, early detection continues to be a challenge, leaving networks exposed to ransomware. Recorded Future strengthens defenses in areas where EDR, MFA, and other detection tools fall short, providing critical coverage for more complete protection. To address these issues, Recorded Future is enhancing its existing capabilities to offer more comprehensive visibility, real-time insights, and early-stage threat detection through new features:
Ransomware Risk Profiles: Organizations can now monitor customized ransomware risk profiles that offer an end-to-end view of ransomware exposure, that are specific to their organization, helping to identify vulnerabilities and potential attack surface risks early. This empowers security teams to prioritize action and address threats before they escalate.Victimology & Actor Insights: Recorded Future provides real-time insights into ransomware groups’ activities, their victims, and targeted sectors such as specific industries, geographies, or supply chains. These insights are based on MITRE ATT&CK mappings and deep research from Recorded Future’s Insikt Group, enabling security teams to better understand threat actor operations and make proactive defense decisions.AI-Generated Reporting: With the power of Recorded Future AI, organizations can now automatically generate detailed, audience-specific ransomware intelligence reports. These reports provide leadership and security teams with timely, actionable insights, reducing manual effort and accelerating decision-making.”Recorded Future’s AI-powered Intelligence Cloud allows us to take a proactive stance to combating ransomware actors. With Recorded Future’s Threat Intelligence module we will be able to produce reports using AI Reporting with actionable insights on the highest priority threats to inform stakeholders across the organization. This will help us know how to best protect our organization, and increase our resilience.” – Jeremy Miller, Cyber Threat Intelligence Analyst, Nelnet
Ransomware attacks represent a complex and evolving challenge for organizations today. Despite extensive investments in detection tools, security teams often lack the visibility and early detection needed to thwart attacks. Recorded Future’s enhanced Threat Intelligence Module provides organizations with comprehensive visibility across the ransomware lifecycle, empowering them to take a proactive approach to defending against ransomware thereby improving resilience, and mitigating the financial, operational, and reputational damage caused by these attacks.
“While proactive defense and resilience to ransomware attacks are achievable with the right intelligence, an AI-driven approach puts security teams ahead of their adversaries’ next move. We’ve looked at the ransomware lifecycle and applied Recorded Future AI, combined with our threat intelligence and client telemetry, to create a single source of truth, defeating ransomware early for each one of our clients.” – Dr. Christopher Ahlberg, Co-founder and CEO, Recorded Future
For more information or to request a demo, visit: https://www.recordedfuture.com/outcomes/ransomware
To learn more about Recorded Future’s Ransomware Detection Capabilities, visit:https://www.recordedfuture.com/blog/enhanced-ransomware-solution-announcement 
About Recorded FutureRecorded Future is the world’s largest threat intelligence company. Recorded Future’s Intelligence Cloud provides end-to-end intelligence across adversaries, infrastructure, and targets. Indexing the internet across the open web, dark web, and technical sources, Recorded Future provides real-time visibility into an expanding attack surface and threat landscape, empowering clients to act with speed and confidence to reduce risk and securely drive business forward. Headquartered in Boston with offices and employees around the world, Recorded Future works with over 1,800 businesses and government organizations across more than 75 countries to provide real-time, unbiased and actionable intelligence. Learn more at recordedfuture.com.
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IMPROVATE brings the world’s most advanced smart city technology from Israel to all over the world

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An international “smart cities” powerhouse
BUDAPEST, Hungary, Oct. 9, 2024 /PRNewswire/ — IMPROVATE brought together 15 major cities from across Europe for a Smart Cities conference in Budapest, during which the cities were introduced to the latest and most advanced technological developments by leading Israeli companies in the field, including – Tondo Smart, Juganu, Gadfin, IPlus Cyber, IPgallery, Ok2go, Wise Mon, Atmosfir, Giv Solutions, Ortech , Safer Place, Raizit, Galileo Navigation.

Ronit Hassin Hochman, CEO of IMPROVATE: “Even while the State of Israel is facing a multi-front conflict, the Israeli high-tech industry continues to lead in innovation and technology, helping to maintain the resilience of the Israeli economy.”
The conference, held this week at the Ritz-Carlton in Hungary’s capital, was attended by representatives and mayors of prominent cities across Europe, including Budapest, Sofia, Larnaca, Skopje, Tirana, and others.
While Israel is fighting on multiple fronts, the local high-tech industry continues to achieve outstanding results and maintain the resilience of the Israeli economy. This week, the IMPROVATE Smart Cities Conference took place in Budapest, Hungary. It brought together leading mayors from across Europe.
The aim of the conference was to introduce the world to new and advanced technologies in the field of “smart cities” developed by the Israeli high-tech industry. The mayors met with the leading and most innovative Israeli companies in the field, with the goal of getting to know and implementing new technologies for city management in the cities they govern. Among the Israeli companies that participated in the conference are:
Juganu
Juganu transforms physical spaces into smart, digitized environments through its AI-driven platform that is simple to deploy. By replacing existing light fixtures, Juganu creates adaptable smart spaces that collect and process data, empowering organizations to efficiently manage, monitor, and evolve their environments for future needs.
 Ortech
Ortech Defence Systems Ltd. specializes in protection and hardening of existing structures, providing mobile shelters, and developing innovative applications based on composite materials for protection against explosions, blast waves, and shrapnel. The company offers modular protection solutions, comprehensive Turnkey services, survivability reports, and field testing – all to deliver a professional and complete solutions for structural and strategic site protection needs. Ortech has leading protection systems that are Home Front Command approved, including the Ortech Safe Room system, which protects existing rooms in homes and apartments without a secure shelter for emergency situations.
Safer Place
Safer Place unique video based technology platform enables police, municipalities and law enforcement agencies to streamline traffic enforcement operations, increase road safety, drive productivity and generate surplus revenue from traffic and parking fines focusing on life risking traffic violations.
With over 12 years’ experience in the traffic enforcement domain, Safer Place has gained a solid reputation as a trusted solution provider based on dozens of large-scale installations for Tier 1 municipal authorities and police organizations in EMEA including Tel Aviv municipality, Jerusalem municipality, Ayalon Highways, Napels Police, Torino Police and more.
Clean2Go
Clean2Go proudly participated in the Smart Cities Conference in Budapest, showcasing its innovative platform that centralizes waste collection and street cleaning services into one comprehensive system.
With advanced AI capabilities, Clean2Go enhances data accuracy and operational efficiency, making cities smarter and cleaner. During the event, we engaged with deputy mayors from Larnaka, Nikola Barbutov from Sofia, and other cities, as well as key integrators, to explore collaborative opportunities for improving urban management.
Tondo Smart
Tondo Smart develops smart outdoor lighting solutions that serve as a platform for a data-driven, smart public space. With Tondo’s system, cities can add and manage applications that use AI insights to optimize public space management, making it more efficient, eco-friendly, and user-friendly for residents. Tondo Smart develops smart outdoor lighting solutions that serve as a platform for a data-driven, smart public space. With Tondo’s system, cities can add and manage applications that use AI insights to optimize public space management, making it more efficient, eco-friendly, and user-friendly for residents.
Raizit
Raizit is a startup company that develops and operates the leading digital public participation platform in Israel. The platform has been chosen by most government ministries, including the Ministries of Health, Education, Justice, Labor, Prime Minister’s Office, and more. It has also been adopted by statutory authorities such as the Tax Authority, Planning Administration, Water Authority, and others, as well as municipalities like Tel Aviv, Herzliya, Netanya, and more. Raizit’s clients engage in qualitative and meaningful communication with their stakeholders through questionnaires, surveys, online discussions, and innovative tools like participatory maps. The system analyzes the results using a unique AI model, producing accurate and rapid conclusions and recommendations.
Wise-Mon LTD
Wise-Mon Ltd specializes in network cyber solutions, providing a Next generation NAC for securing networks and IOT devices. The company has dozens of clients in Israel and abroad in various sectors of the economy. As part of the Smart Cities Conference, the company presented TruNAC – their flagship product.
Galileo Navigation
Galileo indoor turn by turn GPS navigation and data collection. Saving time, saving money, making money and saving lives.
Iplus Cyber
Many cities are increasingly vulnerable to cyber threats, yet often lack the budget for top-tier security measures. At I Plus Cyber, we created Attackwatch to empower municipalities in safeguarding their critical infrastructure. Our solution offers advanced threat intelligence, breach detection, and attack surface management—all at an affordable price—ensuring the protection of the communities they serve.
IPgallery
IPgallery delivers AI-driven software solutions, enhancing urban life. Our technologies, designed for safety, sustainability, and resilience, provide vital tools for managing daily operations and emergencies. We empower city stakeholders across interconnected sectors including transportation and mobility, environment, air quality, citizen engagement, power and energy, public safety, and urban planning.
 GIV-solutions
Established in 2021, GIV-solutions is among the world’s leading Asset intensive management software solution providers, with over twenty years of experience in delivering large-scale software projects for the Smart city, transportation, Health care, campus, energy and real estate sectors.
GIV-CITY™ offers a powerful and holistic management system – the digital brain and beating heart of the smart city. By consolidating disparate data sources into a single unified platform, GIV-CITY™ ensures seamless communication and compatibility among different systems and devices. It empowers city officials to collaborate, make timely, data-driven decisions, minimize risks, and continuously improve management processes and government transparency.
Atmosfir
Atmosfir, an Israeli R&D integrator for advanced environmental solutions, presented HaZapp, a social application for reporting and managing environmental hazards globally, covering all types of hazards.
Additionally, the company introduced the D-fenceline system, which measures air pollutants in real-time along the fences of chemical plants, under ISO 17025 accreditation.
Gadfin
Gadfin Aerologistics System develops, manufactures and operates long range (>250Km), Heavy duty (8-150Kg), unmanned eVTOL’s for B2B logistics. Gadfin has an unprecedented backlog of orders reaching more $350M. The biggest in its segment.
Among the cities that participated were prominent cities in Central and Eastern Europe, including Larnaca in Cyprus, Sofia in Bulgaria, Burgas, Plovdiv, Vratsa, and more.
Ronit Hassin Hochman, CEO of IMPROVATE: “Even while the State of Israel is in a multi-front conflict, the Israeli high-tech industry continues to lead in innovation and technology, helping to maintain the resilience of the Israeli economy. Israel is becoming a global power in the field of ‘smart cities,’ and today’s conference demonstrates its strength, as mayors from across the continent come to be exposed to, learn, and implement Israeli technologies in major European cities.”
Larnaca Mayor, Andreas Vyras, said at the conference: “The IMPROVATE Smart Cities conference is an excellent opportunity for us to enter the field of smart cities, which we have been aiming for for a long time. Additionally, the opportunity to collaborate with Israeli companies in the field intrigued us, and we hope to start cooperation between the parties.” On the conference content, the Larnaca Mayor said: “Participation in the professional panels allowed us to present the challenges we face, such as smart transportation, waste management, traffic, and cybersecurity, and to begin to learn and become familiar with the systems and developments that can help us deal with these challenges.”
The field of “smart cities” is one of the fastest-growing and most significant fields in technology and innovation today. More and more cities around the globe are implementing advanced technologies based on artificial intelligence or big data to improve the quality of life, safety, and security of their residents. As a result, the field is experiencing remarkable growth, with estimates suggesting there are currently thousands of active smart city projects worldwide. From major cities like Barcelona, New York, Tel Aviv, and Stockholm, which have technological systems helping manage and improve the lives of millions of residents, to smaller communities implementing smart technologies to address various urban challenges. Consequently, global investments in the field are expected to break records in the coming years, turning it into a market estimated to be worth tens of billions of dollars.
Alongside technological success comes economic growth
Investments in the field of smart cities continue to grow rapidly, becoming a global magnet for investors and technology companies recognizing the need and potential of smart technologies to improve quality of life in cities. In light of all this, it is estimated that in the coming decade, the number of new cities worldwide expected to implement smart city systems will increase significantly. The prominent fields leading this area include traffic and public transportation management, renewable energy, and systems for reducing crime and enhancing personal security.
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