AppsVillage jumps 134% after teaming with TikTok

TikTok  / Photo: Shutterstock

The Israeli company will manage ad campaigns for small and medium sized businesses on Tik Tok.

Israeli mobile app development company AppsVillage (ASX: APV) saw its share price rise 134.37% on the Australian Securities Exchange today after announcing an advertising partnership with TikTok. Based in Rishon Lezion, AppsVillage was founded by CEO Max Bluvband and CTO Shahar Hajdu. The company provides SaaS solutions that help small and medium-sized businesses produce and manage mobile apps.

According to the agreement with TikTok, AppsVillage will manage integrated ad campaigns for the video sharing social networking service, and allow small and medium sized businesses to reach their audiences through Tik Tok.

Bluvband said, "This is a game-changer for small and medium businesses interested in accelerating their businesses through the holidays and 2021."

After the announcement trading of AppsVillage shares was temporarily suspended in Sydney, while the ASX management sought clarifications about the deal. The share jumped 134% giving a market cap of A$22 million (NIS 54 million), bringing it back to the same level as its IPO in 2019. The agreement with Tik Tok is valid through to December 2021 with an option to extend for 12 months if both parties agree.

Published by Globes, Israel business news - en.globes.co.il - on December 3, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

TikTok  / Photo: Shutterstock
TikTok / Photo: Shutterstock
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