15 information and communications technology and software. We need to keep pace with our global peers in this area and with the advent of AI, this means much more investment in technology across all sectors of the economy.” “We are seeing lots of investment both ways between Canada and Israel in the IT and software spaces. In December 2023, Perion Network Ltd., an Israeli ad tech company acquired Hivestack Inc., a leading Canadian digital out-of-home platform for USD125 million. Earlier last year, AudioCodes Ltd. a leading Israeli provider of Voice over Packet technologies, acquired UAS Product Group from Nortel Networks. In March 2024, a Toronto-based and an Israel-based tech company announced a business combination to create a North American technology company with an AI-driven fintech marketplace.” Fintech a natural area of collaboration “The fintech sector would seem like a natural area for collaboration between Israeli and Canadian companies,” adds Noam at DLA. “Unlike the U.S., Canada has a concentration of financial institutions and an easier market to target, and Canadian financial institutions have adopted cutting-edge technology and a number have expanded into the U.S. market. For Israeli companies, establishing a new business in Canada is easy and fast and a bridge into the U.S. from Canada could also be attractive if the Israeli company is not already in the U.S. market.“ Nili at Aird & Berlis points out: “Israelis are always looking for safe investment opportunities. Canada is the fastest growing country in the G7 by population and provides great benefits to investors through its strong economy, global market access, highly skilled and educated workforce, political stability, safe banking system and low corruption.” While David Azrieli left a legacy in both countries, there is huge scope and variety for more entrepreneurs to follow suit.
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